ShareTweetEmail0sharesFor the fact that it will have negative impacts on small and medium scale enterprises, “which are clearly the engine room for growth of... Why House of Reps Ordered CBN to Suspend  Cashless Policy

9th hiuse of RepsFor the fact that it will have negative impacts on small and medium scale enterprises, “which are clearly the engine room for growth of the economy’’  , the House of Representatives has  directed the Central Bank of Nigeria (CBN) to suspend the recently re-introduced cashless policy.

At the Plenary session yesterday, the House had also given the order to the Apex Bank  based on its reason that the policy would lead to a significant decrease in credit extension by Nigerian money deposit banks

It would be recalled that, 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 has  however been  criticised by some Nigerians for various reasons.

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