NASS seem caught by surprise following CBN directive on cashless policy

Better late than never they say. But in truth, the latest directive by the CBN on the implementation of its cashless policy which would see the introduction of deposits charges on amounts over N500,000, caught Nigerians by surprise especially at a time the country is struggling with lots of issues.



As expected, the news divided opinions in two between those who see the new policy as a welcome development, and those who see it as yet another trademark of a tyrannical government which seem to find joy in the afflictions of its citizens.




A policy as important as this shouldn't catch the legislative arm by surprise but it seemed so going by its own response on the matter. The urgency of the directive is also an issue of its own entirely.

However, the intervention by the House of Representatives albeit tardy, is still a welcome development.


The House following its plenary session on Thursday, ordered the apex bank to suspend the policy until appropriate consultations were made.

The @HouseNGR has urged the @cenbank to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively.

📸 @Ayoxtreme pic.twitter.com/oKUlwQpZG3

— Speaker of the House of Representatives (@NGRSpeaker) September 19, 2019

A tweet on the official Twitter handle of the Speaker of the House of Representatives @NGRSpeaker, reads:


“The @HouseNGR has urged the Central Bank of Nigeria to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively.



“The suspension is until appropriate and comprehensive consultations are made and the outcome of the interface of the House on the matter is concluded.”