CBN order on cash deposit may be revised

Indications are that the lower legislative chamber of the National Assembly may impress on the Central Bank of Nigeria (CBN) the need to revise the new policy regime on cash deposit order, The Nation learnt at the weekend.

Speaking in a telephone with Hon. Victor Nwokolo, Chairman House Committee on Banking & Currency, he told our correspondent that the CBN governor Godwin Emefiele was summoned by the lawmakers but didn’t honour the invitation as he had to proceed on official assignment to the United Kingdom.

According to him, the lawmakers have since scheduled a meeting with the CBN governor later this Wednesday, even as he gave assurances that the parley would help to address the grey areas with regards to the policy.

“I can tell you that the Reps would meet with the CBN management later this week with a view to take a decision on the new policy on cash deposit,” he stressed.

The leadership of the House of Representative had last week requested the CBN governor to appear before it to explain the rationale behind the cash deposit order and possibly halt the implementation of the charges on deposit and withdrawals.

It would be recalled that the apex bank had through a circular on Sept. 17 stated that from Sept. 18 transactions will attract three per cent processing fees for withdrawal and two per cent processing fees for lodgement of amounts above N500, 000 for individual and N3million for corporate accounts with six pilot states including the FCT, namely: Lagos, Ogun, Kano, Abia, Anambra and Rivers states, while the nationwide implementation of the cashless policy will begin by March 2020.

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