The House of Representatives have asked the Central Bank of Nigeria (CBN) to halt the planned cashless policy which mandates financial institutions to levy charges on cash-based transactions.
The 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.
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.
It was gathered that the objective of the “transaction fees” is to give vent to the Central Bank’s policy designed to reduce cash in use.
This was disclosed by the CBN Director, Payments System Management, Sam Okojere on Tuesday.
It was also learnt that the transactions will attract three per cent processing fees for withdrawals; as well as 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.
The CBN revealed that the charges will only apply in Lagos; Ogun; Kano; Abia; Anambra; Rivers; as well as the Federal Capital Territory (FCT).