House Of Reps Orders CBN To Suspend Planned Cashless Policy

House Of Reps Orders CBN To Suspend Planned Cashless Policy

The House of Representatives has asked the Central Bank of Nigeria to suspend the planned Cashless policy.

The House resolved to mandate the committee on banking to investigate the policy and report to the House in 4 weeks.

The decision followed a motion of urgent public importance moved by Benjamin Kalu

Recall that the Central Bank of Nigeria (CBN) announced this week that the full implementation of the cashless policy will become effective from March 31, 2020.

However, in the circular titled: “Re: Implementation of the Cashless Policy,” that was addressed to all banks, it announced that September 18 was for the commencement of payment of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges would attract three per cent processing fees for withdrawals and two per cent processing fees for lodgements of amounts above N500,000 for individual accounts.