Suspend Cashless Policy Now, Reps Tell CBN

The House of Representatives today has directed the Central Bank of Nigeria (CBN) to suspend the recently introduced cashless policy.

At the plenary session on Thursday, the green chamber said the policy will lead to a significant decrease in credit extension by Nigerian money deposit banks.

The lawmakers also said the policy will have negative impacts on small and medium enterprises “which are clearly the engine room for growth of the economy”.

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.

The directive has been generating criticism by some Nigerians. Some people also said that the members of the house of representatives are doing that for their own selfish reasons.

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