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BREAKING: Reps mandates CBN to suspend cashless policy

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The House of Representatives has reportedly asked the Central Bank of Nigeria to suspend the overheated planned Cashless policy.

The House, on Thursday resolved to mandate the committee on banking to swiftly investigate the policy and report to the House in 4 weeks.

The decision followed a motion of urgent public importance moved by Benjamin Kalu.

The policy a point of criticism over the week on all social platforms, pointing at the All Progressive Congress Nextlevel agend.

Meanwhile, Following reports, all bank account operators in Nigeria will begin to pay charges for deposits and withdrawals, Starting from March 2020.

While diclosing this on Tuesday, the Nigerian apex bank, CBN, said that the nationwide implementation of the cashless policy takes effect from March 2020.

The Central Bank of Nigeria noted that implementation of the policy would signal the imposition of charges on deposits in addition to already existing charges on withdrawals.

The circular further stressed that charges will attract three per cent (3%) processing fees for withdrawals and two per cent (2%) processing fees for lodgments of amounts above N500,000 for individual accounts.

The apex bank, regards to corporate accounts disclosed in the circular that DMBs would charge five per cent processing fee for withdrawals and three per cent for lodgments of amounts above N3m.

It, however, noted that the charge on deposits would apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers states as well as the Federal Capital Territory.

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