The House of
Representatives has asked the Central Bank of Nigeria to suspend the planned
cashless policy. 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.
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.
Corporate account holders will be charged 5%
processing fees for withdrawals and 3% for deposits of amounts above N3
million.
The directive was, however, criticised by some
Nigerians for various reasons.
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