NEWS

Reps Orders CBN To Suspend New Charges On Transaction

Reps Orders CBN To Suspend New Charges On Transaction

The cashless policy recently re-introduced by the Central Bank of Nigeria (CBN) hit the rock on Thursday, September 19, as the lower legislative chamber asked the apex bank in the country to put a halt to the policy.

TheCable reports that the green chamber said the policy would lead to a significant decrease in credit extension by money deposit banks.

Legit.ng gathered that the lawmakers also said the policy would have negative impacts on small and medium enterprises which according to them, are clearly the engine room for growth of the economy.

It would be recalled that in a circular released on Tuesday, September 17, the CBN 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.

According to the directive, corporate account holders would 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.

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