Rep Orders CBN To Suspend New Charges On Transactions

The federal house of representatives has asked the Central Bank of Nigeria to suspend all newly introduced charges imposed on bank transactions.

According to the lawmakers, the policy is bound to have negative impacts on small and medium enterprises which they say is the “engine room for growth of the economy”.

The CBN had on Wednesday in a secular, introduced it’s cashless policy by directing 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.

It also said corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.

This directives was followed with a backlash from well meaning Nigerians .

Hon. Benjamin Kalu called for the suspension of the policy saying its implementation would have negative impacts on micro, small, and medium enterprises “thereby throwing many of them out of business and sending more Nigerians into poverty”.

The house therefore directed the CBN to suspend the policy ,“until the appropriate and extensive consultative process is concluded”.