Transaction charges: Reps direct CBN to suspend cashless policy

Godwin Emefiele
Godwin Emefiele

The House of Representatives has directed the Central Bank of Nigeria to immediately suspend the new charges placed on Nigerians under its new cashless policy.

The apex bank had announced an increase in charges on withdrawals and deposits exceeding N500,000.

But in a plenary session on Thursday, the lower legislative chamber ordered the apex bank to suspend the policy until appropriate consultations were made.

A tweet on the official Twitter handle of the House of Representatives reads, “The @HouseNGR has urged the Central Bank of Nigeria to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively.

“The suspension is until appropriate and comprehensive consultations are made and the outcome of the interface of the House on the matter is concluded.”

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