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House Of Representatives Orders CBN To Suspend New Cashless Policy

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House of Representatives Orders CBN To Suspend Cashless Policy

The House of Representatives has asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy.

Africa News24 understands the call for the suspension was contained in a motion unanimously adopted during Thursday’s plenary, which was moved by Chairman of the House Committee on Media and Public Affairs, Mr Benjamin Kalu.

According to the federal parliament, the suspension should remain until the apex has made due consultations with all relevant stakeholders.

READ ALSO: Experts, Stakeholders Fault New CBN Cashless Policy

It would be recalled that in a circular released on Tuesday, the CBN had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500, 000 for individual accounts.

Corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million

Adopting the motion, the lawmakers resolved to urge the CBN to “suspend the implementation of the cashless policy on deposits which has taken effect from Wednesday, 18th September, 2019, until appropriate and extensive consultative process is concluded.”

They also resolved to mandate the House Committee on Banking and Currency to interface with the CBN to “ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time, considering the prevailing economic situation of the country and to report back to the House within four weeks.”

 

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