House of Reps Ask CBN to Halt Planned Cashless Policy

The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to suspend the planned cashless policy.

The decision was taken following the motion of urgent public importance, moved by Benjamin Kalu representing Bende Federal Constituency on Thursday in the green chamber.

The motion was entitled, ‘Need to Suspend the Implementation of the Cashless Policy on Deposits by the Central Bank of Nigeria.’

Adopting the motion, the lawmakers resolved to urge the CBN to “suspend the implementation of the cashless policy on deposits which has taken effect from Wednesday, 18th September, 2019, until appropriate and extensive consultative process are concluded.”

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

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