For 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.