No going back on cashless policy, CBN dares N/A
The Central Bank of Nigeria (CBN) on Friday said it would continue to implement the cashless policy in line with its mandate to ensure an efficient payment system.
The CBN Governor, Mr Godwin Emefiele, said this while briefing journalists shortly after the Monetary Policy Committee meeting.
He said that contrary to claims in some quarters that many Nigerians would suffer the negative impact of the policy, only about five to ten per cent of bank customers would be affected.
He said if the Nigerian economy is to compete effectively with those of developed countries, then a payment system that encourages the use of other non-cash channel was desirable.
Meanwhile, the House of Representatives on Thursday asked the Central Bank of Nigeria to suspend the charges imposed on cash deposits in the implementation of its cashless policy.
The suspension, according to the federal parliament, should remain until the apex had made due consultations with all relevant stakeholders.
Call for the suspension was contained in a motion unanimously adopted during Thursday’s plenary, which was moved by Chairman of the House Committee on Media and Public Affairs, Mr Benjamin Kalu.
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 is concluded.”
They also resolved to mandate the House 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 and to report back to the House within four weeks.”