Cashless Policy: Reps Ask CBN To Suspend Charges On Bank Deposits

House Of Reps Orders CBN To Suspend Cashless Policy

House of reps ?File Photo

The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to suspend the implementation of a new cashless policy.

Concise News reports that the apex bank had on Tuesday said customers making cash deposits or withdrawals above N500,000 would pay charges starting from Wednesday, September 18, in line with its new policy.

According to the CBN, the “transaction fees” is to give vent to the bank’s policy designed to reduce cash in use.

The CBN said, “The transactions will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments above N500, 000 for individual accounts.

“Corporate accounts will attract five per cent processing fees for withdrawals and three per cent processing fee for lodgments above N3 million.”

But many Nigerians condemned the policy.

As a result, a motion of urgent public importance was moved by Hon. Benjamin Kalu.

He said that the policy may have “negative impacts on micro, mini, small and medium enterprises.”

Concise News also learned that the transactions will attract three percent processing fees for withdrawals; as well as two percent processing fees for lodgments above N500,000 for individual accounts.

Corporate accounts will attract five percent processing fees for withdrawals and a three percent processing fee for lodgments above N3 million.

The CBN revealed that the charges will only apply in Lagos; Ogun; Kano; Abia; Anambra; Rivers; as well as the Federal Capital Territory (FCT).

But Kalu (APC, Abia) said that the policy “is aimed at enriching Nigerian Money Deposit Banks owned by a privileged few; without any known financial contribution to the consolidated revenue fund of the federation.”

The House of Reps further criticized the CBN of not prioritizing the needs of the citizenry before promulgating the directive “even as Section 14(2)(b) of the Constitution provides for the security and welfare of the people.”

As a result; the House urged the CBN to “suspend the implementation of the cashless policy on deposits until the extensive consultative process is concluded.”

It also mandated the Committee on Banking and Currency to interface with the CBN.

This is to ascertain the actual need and relevance of the policy considering the prevailing economic condition of the country.


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Babatunde Adedayo Oluwafunmilayo is a Mass Communication graduate of Nigerian Institute of Journalism (NIJ). She is also an Associate Member of Nigeria Institute of Public Relations (NIPR). Adedayo loves writing motivational stories and poetry.


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