Cashless policy: Reps ask CBN to suspend charges on deposits

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 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 is concluded.”

They also resolved to mandate the House Committee on Banking and Currency 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.”

Kalu, while moving the motion, said the House was against implementation of the policy as it would cause more hardships for Nigerians.

“The House is concerned that this overbearing burden aimed at closing down majority of micro, mini, small and medium businesses in Nigeria, is also aimed at enriching Nigeria’s Money Deposit Banks owned by a privileged few without any known financial contribution to the Consolidated Revenue Fund of the Federation.”

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