The Federal House of Representatives have asked the Central Bank of Nigeria, CBN, to suspend their cashless policy which sees a deduction from cash deposits at banks.
The order was given during plenary on the 19th of September in a motion moved by Benjamin Kalu, Chairman of the House Committee on Media and Public Affairs.
The motion was entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria.’
This is coming a day after the CBN rolled out of the policy which ordered banks to demand 3% on withdrawals and 2% on deposits above N500,00/.
The lawmakers urge the CBN to “suspend the implementation of the cashless policy on deposits which has taken effect from Wednesday, 18th September, 2019, until appropriate and extensive consultative process is concluded.”
The House Committee on Banking and Currency was also urged to interface with the CBN to “ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time, considering the prevailing economic situation of the country and to report back to the House within four weeks.”