Bank Charges: Lawmakers Give Major Directive To CBN

By Ikenga Chronicles September 20, 2019

Bank Charges: Lawmakers Give Major Directive To CBN

The House of Representatives on Thursday took a decision against the charges placed on Nigerians by the Central Bank of Nigeria(CBN) under its new cashless policy, giving a directive that it be suspended with immediate effect.

The CBN had directed commercial banks to increase charges on withdrawals and deposits exceeding N500,000, which has raised reactions from Nigerians.

But in a plenary, the Lower House agreed that the CBN stand down 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 @HouseNGR has urged the @cenbank to suspend it recent directive to banks on cashless policy, which seek have individuals and corporate organisations charged for deposits and withdrawals respectively.

“The suspension is until appropriate and comprehensive consultation is made and the outcome of the interface of the House on the matter is concluded,” the tweet reads