Suspend Deposit Charges – Reps tell CBN

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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 consultations with all relevant stakeholders are made.

The call for the suspension was contained in a motion unanimously adopted during Thursday’s plenary which was moved by the 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 are concluded.”

They also resolved to mandate the House Committee on Banking and Currency to interface with the CBN to ascertain the relevance of the CBN’s move.

Earlier, 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.”

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