Politics
Reps direct CBN to suspend planned Cashless policy
The House of Representatives on Thursday directed the Central Bank of Nigeria (CBN) to suspend the recently re-introduced cashless policy.
The House resolved to mandate the committee on banking to investigate the policy and report to the House in 4 weeks.
The decision followed a motion of urgent public importance moved by Benjamin Kalu
Recall that the Central Bank of Nigeria (CBN) announced this week that the full implementation of the cashless policy will become effective from March 31, 2020.
The Cable reports that, at the plenary session on Thursday, the lower legislative chamber said the policy will lead to a significant decrease in credit extension by Nigerian money deposit banks.
The lawmakers further said the policy will have negative impacts on small and medium enterprises “which are clearly the engine room for growth of the economy”.
In a circular released on Tuesday, the CBN had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500, 000 for individual accounts.
Corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.
The directive was, however, criticised by some Nigerians for various reasons.
-
News23 hours ago
[ICYMI] NNPC denies fuel price adjustment
-
Metro22 hours ago
Police neutralise two notorious bandits in Benue
-
News22 hours ago
Two bodies recovered from submerged truck in US bridge collapse
-
News23 hours ago
X users to get free premium, premium+ subscriptions – Elon Musk
-
Entertainment21 hours ago
Actress Eniola Ajao apologizes over Bobrisky’s best-dressed female saga
-
News18 hours ago
Military frees abducted Lagos editor Segun Olatunji
-
featured8 hours ago
Song lyrics are now simpler, angrier, more self-obsessed – Study
-
News11 hours ago
Easter: IGP assures police commitment to public safety