By Jennifer Y Omiloli
The lower legislative chamber, on Thursday, September 19 has asked the Central Bank of Nigeria (CBN) to put a halt to a cashless policy recently re-introduced by the Apex bank.
The green chamber said the policy would lead to a significant decrease in credit extension by Nigerian money deposit banks.
The lawmakers also said the policy would have negative impacts on small and medium enterprises which according to them, are clearly the engine room for growth of the economy.
It would be recalled that in a circular released on Tuesday, September 17, the CBN 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.
According to the directive, corporate account holders would be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.
