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Reps ask CBN to halt implementation of cashless policy on individual, corporate accounts

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From Jonas Ike, Abuja
The House of Representatives on Thursday asked the Central Bank of Nigeria CBN to suspend the implementation of its cashless policy on individual and corporate accounts until all the relevant stakeholders are consulted in the country
This was sequel to the adoption of a motion of urgent public importance by Hon.Benjamin O.Kalu (Abia,APC) on the matter on the floor of the House.
Kalu while debating the motion noted that the CBN on Wednesday September, 18, 2019 imposed 3 per cent processing fee charge on withdrawals on individual deposits above 500,000.00 and 2 per cent charge as processing for lodgements.
He also hinted that the policy also entails 5% processing fees for withdrawals and 3 per cent processing fee for lodgements on corporate deposits above 3,000,000.00 across board.
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The lawmaker expressed worries noting that the CBN did not consult stakeholders in the banking sector before the new policy took effect.
He further expressed worries that the implementation had left sour taste in the mouth of bank customers and affected deposits.
The All Progressives Congress lawmaker also said that the bank policy which kicked-off in 2012 has affected the growth of small and medium enterprises in the country.
He therefore urged the House to immediately ask the CBN to suspend the implementation of the policy until there is proper consultation of all stakeholders.
He added that the implementation of the cashless policy has not contributed to the Consolidated Revenue Fund CRF of the federation.
Other lawmakers notably Hon. Uzoma Nkem Abonta (Abia,PDP) and Hon.Gudaji Kazure (Jigawa,APC) spoke in support of the motion saying that it is an anti people’s policy.
Consequently, the House presided by the Speaker Hon.Femi Gbajabimilla passed the motion unanimously.
The Speaker thereafter mandated the House Committee on Banking and Currency to interface with the CBN with a view to ensuring that consultation of stakeholders are sought for its proper implementation.
The Committee is to report to the House within 4 weeks for further actions

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