The House of Representatives on Thursday has ordered that the Central Bank of Nigeria, CBN, should suspend the planned Cashless policy.
The House of Representative in their sitting have resolved to mandate the committee on banking to investigate the proposed policy and report to back the House in 4 weeks.
The decision followed a motion of urgent public importance moved by Benjamin Kalu
Earlier this week, the Central Bank of Nigeria (CBN) had announced the full implementation of the cashless policy will become effective from March 31, 2020.
The cashless policy entails cash handling charges on daily cash withdrawals which exceed N500,000 for Individuals and N3,000,000 for Corporate bodies.
The new policy on cash-based transactions (withdrawals) in banks, aims at reducing, however not eliminating the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.), CBN.