Reps to CBN: Suspend new charges on deposits, withdrawals

CBN Governor, Godwin Emefiele

The House of Representatives has asked the Central Bank of Nigeria to suspend the implementation of its recently re-introduced cashless policy.

The federal lawmakers gave the call after the adoption of a motion by Benjamin Kalu entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria.’

The Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu, said, “The House is aggrieved that while the impact of the cashless policy on withdrawals is still staring us all in our faces, as well as other numerous burdensome charges by Nigeria Money Deposit Banks heavily impacting on businesses, the CBN deemed it necessary to impose the implementation of cashless policy on depositors ,without due consultations with all shades of stakeholders who will be impacted by the policy.”

The House said the suspension remain until consultations with all relevant stakeholders are made.

“Suspend the implementation of the cashless policy on deposits which has taken effect from Wednesday, 18th September, 2019, until appropriate and extensive consultative process are concluded.”

Recall that the Central Bank of Nigeria on Tuesday, September 17 announced the introduction of new charges on deposits and withdrawals above N500,000 to promote a cashless economy.

This was contained in a circular issued to all Deposit Money Banks in the country.

The Deposit Money Banks were directed to charge 3% for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.

For corporate account holders, they will be charged 5% for withdrawals and 3% for deposits of amounts above N3 million.

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