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Reps tells CBN, Suspend cashless policy

Reps tells CBN, Suspend cashless policy

The House of Representatives on Thursday directed the Central Bank of Nigeria (CBN) to droop the not too long ago re-introduced cashless coverage.

The Cable experiences that on the plenary session on Thursday, the decrease legislative chamber mentioned the coverage will result in a major lower in credit score extension by Nigerian cash deposit banks.

Cable additionally experiences that the lawmakers additionally mentioned the coverage may have destructive impacts on small and medium enterprises “which are clearly the engine room for growth of the economy”.

It can be recalled that in a round launched on Tuesday, the CBN had directed all deposit cash banks within the nation to cost 3% processing charges for withdrawals and a couple of% for deposits of quantities above N500, 000 for particular person accounts.

Corporate account holders will likely be charged 5% processing charges for withdrawals and three% for deposits of quantities above N3 million.

The directive was, nevertheless, criticised by some Nigerians for varied causes.

1 Comment

  1. CBN is rich over other bank in the world

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