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Lawmakers suspend CBN new directive on cash deposits and withdrawals

Lawmakers suspend CBN new directive on cash deposits and withdrawals 


The new directive by CBN as thrown the public into pandemonium over new charges to be imposed by banks on withdrawals and savings above 500k. In a bid to protect public interest from exploit, as a result of excess charges on transactions, the lawmakers unanimously as directed the CBN to hold on with the policy.

CBN had announced an increase in charges on withdrawals and deposits exceeding N500,000, however, in a plenary session, the Lower chamber of the national assembly as ordered the apex bank to suspend the policy until appropriate consultations have been concluded.

This was affirmed via a series of tweets on the official Twitter handle of the House of Representatives.

The tweets read: “The @HouseNGR has urged the @cenbank to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organizations charged for deposits and withdrawals respectively.

According to the Speaker of the House of Representatives, at Twitter handle @NGRSpeaker), “the suspension is until appropriate and comprehensive consultation is made and the outcome of the interface of the House on the matter is concluded.”


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