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TRENDING: CBN Ordered By House Of Reps To Suspend Cashless Policy

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

The decision followed a motion of urgent public importance moved by Benjamin Kalu.

It would be recalled that in a circular released on Tuesday, the CBN had directed all deposit money banks in the country to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500, 000 for individual accounts.

Corporate account holders will be charged 5% processing fees for withdrawals and 3% for deposits of amounts above N3 million.

The directive was, however, criticised by some Nigerians for various reasons.

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