What’s wrong with CBN?

On my ill-tempered days, I tend to align with a theory that the education of the elite Nigerian professional is like a helmet that’s loosely worn on the outside but never really gets inside and changes anything in the mind of the individual.

The CBN Governor Godwin Emefiele appears to have taken his own helmet off his head and kept it in a basket at Buhari’s feet to make sure that nothing related to reason or morality is close enough to influence his ideas and actions.

How do we explain the reports that the Central Bank of Nigeria (CBN) has instructed banks to start fining customers for failed direct debit transactions caused by the customer’s failure to fund their account?

A direct debit is an authorisation given to a bank by its customer allowing the bank to make payments from their accounts on fixed dates.
The information available suggests that account holders will be charged 1% of the transaction amount, or N5,000, whichever is higher for failed direct debits. This would have been a tad bearable if it was limited to the 1% of the transaction.

At least that would mean you get fined N100 for a failed debit of N10,000, but instead what it means is that you would be fined N5000 for a failed direct debit of N500.

What this means is that if an Apple Music direct debit of N900 hits an unfunded account, the account owner gets fined N5000.

What this means is that you get a 25 thousand Naira fine if your salary is delayed and you have 5 failed direct debits slated for a payday that bounce simply because there’s a delay in salaries being paid.

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It doesn’t matter if these direct debits had a total worth of N1000. You would get fined N25,000. I’m tempted to ask if it’s crack but this is more likely to be congenitally or mentally sourced.

What is wrong with the Central Bank of Nigeria??

We know Buhari demands that everything around him sink to a certain level but Godwin Emefiele seems to relish in the absurdity. If he’s not shutting down accounts of young peaceful protest organisers, he’s calling them terrorists or doing some other absurdly moronic thing.

One can only hope that this report is untrue or would be reversed. People were alerted to this when Stanbic IBTC emailed its customers on Thursday, November 19 saying that it was ready to start obeying the directive that had been given almost a year ago.

So the CBN looked at the current economic situation and felt it made sense to push forward now? With no consideration given to how it could hamper a nationwide transition to the online and cashless economy? They are really thinking deeply in Abuja.


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