The House of Representatives on Thursday directed Central Bank of Nigeria (CBN) to put on hold the implementation of the cashless policy on deposits and withdrawals above N500,000 by individuals and N3 million for corporate organisation.
The resolution followed the adoption of a motion sponsored by Hon. Benjamin Kalu, chairman, House Committee on Media and Public Affairs titled “Need to suspend the implementation of the cashless policy on deposits by the Central Bank of Nigeria, CBN”.
Consequently, the House mandated the Committee on Banking and Currency to interface with the CBN to ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time considering the prevailing economic situation of the country.
The House of Representatives on Thursday directed Central Bank of Nigeria (CBN) to put on hold the implementation of the cashless policy on deposits and withdrawals above N500,000 by individuals and N3 million for corporate organisation.
The resolution followed the adoption of a motion sponsored by Hon. Benjamin Kalu, chairman, House Committee on Media and Public Affairs titled “Need to suspend the implementation of the cashless policy on deposits by the Central Bank of Nigeria, CBN”.
Consequently, the House mandated the Committee on Banking and Currency to interface with the CBN to ascertain the propriety, relevance and the actual need for the implementation of that aspect of the cashless policy at this time considering the prevailing economic situation of the country.
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