On Thursday, 19th September 2019 the House of Representatives had during its plenary, directed the Central Bank of Nigeria (CBN) to review its cashless policy by suspending the proposed charges imposed on cash deposits into Deposit Money Banks (DMBs) of individuals and corporate bodies.
The development was necessitated by public outcry for the suspension as contained in a motion entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria (CBN)’ which was moved by Chairman of the House Committee on Media and Public Affairs, Mr. Benjamin Kalu and was unanimously adopted by the House during its Thursday’s plenary.
Members also resolved to mandate the House Committee on Banking and Currency to interface with the 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 four weeks.
While moving for the motion, Kalu stated that “the House is deeply worried that the implementation of cashless policy on withdrawals has negative impacts on micro, mini, small and medium scale enterprises, which 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.
It also capable of forcing more traders and micro investors to carry cash about with its attendant security challenges" Kalu opined.