CBN ignores Reps: moves on with cashless policy

Central Bank of Nigeria (CBN) on Friday said it was going ahead with its decision to impose charges on cash deposits and withdrawals in banks in excess of N500,000 for individuals and N3 million for corporate entities. Although the policy became effective on Wednesday, The House of Representatives on Thursday told the apex bank through a resolution to suspend it. CBN Governor, Godwin Emefiele said the policy was not new as it was first introduced in 2012. He stated that nationwide implementation beyond the current six pilot states would commence in March 2020. Speaking at the bi-quarterly Monetary Policy Committee (MPC) meeting in Abuja, the governor said he was sympathetic to the pains Nigerians were subjected to with regards to the new programmes, even as he appealed for total support and understanding. The CBN governor assured that the citizens will be best for it in no distant time. He said: “The federal government has to fend for everyone and has to generate f...