House Of Reps Orders CBN To Suspend Cashless Policy

The 9th House of Representatives has ordered the Central Bank of Nigeria to suspend its plan on the cashless policy.

Recall that Naija News had reported 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.

CBN had in a circular, dated September 17, through the CBN’s Director of Payments System Management Department, Sam Okojere, 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 house called on 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.