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Don’t send more Nigerians into poverty, Reps tells CBN

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Don't send more Nigerians into poverty, Reps tells CBN

The Nigeria’s House of Representatives has urged the Central Bank of Nigeria to suspend the implementation of the cashless policy on deposits which took effect from Wednesday, 18th September, 2019 with immediate effect to avoid making more Nigerians poor.

The Assembly expressed worry that the implementation of cashless policy on withdrawals has negative impacts on micro, mini, small, and medium enterprises which it said are clearly the engine room for growth of the economy and employment generation, thereby throwing many of them out of business and sending more Nigerians into poverty, forcing more traders and micro investors to carry cash about with its attendant security challenges.

This is contained in a release signed by the chairman House committee on Media and Public affairs, Hon. Benjamin Kalu.

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The policy which will attract 3% processing fees for withdrawals and 2% per cent processing fees for lodgments of amounts above N500,000 for individual accounts; 5% processing fees for withdrawals and 3% per cent processing fee for lodgments of amounts above N3,000,000 for corporate accounts according to House of Reps in not coming at a right time.

The Assembly therefore mandated the Committee on Banking and Currency to interface with the Central Bank of Nigeria (CBN) to ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time considering the prevailing economic situation of the country and to report back to the House within 4 weeks.

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