House Of Reps Orders CBN To Suspend Cashless Policy

The House of Representatives has ordered the Central Bank of Nigeria (CBN) led by Godwin Emefiele, to suspend its plan on the cashless policy.

YaahooJournalist had reported earlier that CBN ordered the implementation of a new phase of its cashless policy which will see Nigerians charged for certain categories of deposits and withdrawals.

In a circular, dated September 17, through the CBN’s Director of Payments System Management Department, Sam Okojere, the apex bank instructed deposit money banks to implement the policy starting from September 18.

“Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective September 18, 2019,” the statement read.

The lower legislative chamber called on the committee on banking to investigate the Cashless Policy and report to the House in 4 weeks.

YaahooJournalist reports that the decision of the House to order the suspension of the CBN Cashless Policy followed a motion of urgent public importance moved by Benjamin Kalu.