House of Rep orders CBN to suspend the planned Cashless policy

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Central Bank of Nigeria (CBN) has been ordered by the House of representatives to suspend the planned cashless policy, DailyPost reports.

The House of Representatives resolved to mandate the committee on banking to investigate the policy and report to the House in 4 weeks.

The motion of urgent public importance was reportedly moved by Benjamin Kalu, this led to the decision concluded on.

Recall that on Tuesday, CBN announced that customers making cash deposits or withdrawals above N500,000 will pay charges starting from Wednesday, September 18, in line with its new policy even though it did not seat well with most Nigerians.

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Many Nigerians took to their social media pages to react to the news after it was announced by CBN, including celebrities like Don Jazzy who called it a desperate move by the government to generate revenue.

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