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Cashless Policy: House Of Reps Orders CBN To Suspend New Charges On Transactions

The house of reps Call for the suspension of cashless policy, saying it would lead to a significant decrease in credit extension by Nigerian money deposit banks.

The House of Representatives has asked the Central Bank of Nigeria (CBN) to suspend the planned Cashless policy that imposes new charges on withdrawal and deposit of funds above N500,000.

KanyiDaily had reported that the CBN 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.

However, during Thursday’s plenary, the green chamber Call for the suspension of the policy, saying it would lead to a significant decrease in credit extension by Nigerian money deposit banks.

According to the lawmakers, the policy would have negative impacts on small and medium enterprises which according to them, are clearly the engine room for growth of the economy.

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.

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