House of Representatives urges the Central Bank of Nigeria to suspend charges imposed on cash deposits

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The House of Representatives has asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy.

The suspension, according to the federal parliament, should remain until the apex bank had made due consultations with all relevant stakeholders.

Call for the suspension was contained in a motion unanimously adopted during Thursday’s plenary, which was moved by Chairman of the House Committee on Media and Public Affairs, Mr Benjamin Kalu.

The motion was entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria.’

Adopting the motion, the lawmakers resolved to 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 was concluded.