IN the last three weeks, the oppressive impact of the myriad charges on the transactions of every owner of a bank account in Nigeria was the subject of discussion.
Several media reports, lately also suggest that these charges, possibly contribute banks income by trillions of Naira in Nigeria annually; indeed, income from retained stamp duty charges, alone, may well exceed N1 trillion annually, if the figures suggested by NIPOST and their agents are ultimately verified.
The substantial incomes from bank charges, therefore, compound hundreds of billions of Naira income from the regular, and very profitable business of banks also lending to CBN, States and Federal Governments and several businesses and a host of individuals nationwide.
The above title “How Banks make Free Money from Government Funds” was first published barely a week, after the key decisions made at CBN’s MPC No. 90 of July 22/23, 2013, were…