The House of Representatives has called on the Central bank of Nigeria to suspend the implementation of its cash handling charges on daily cash transactions which impose charges on withdrawals exceeding five hundred thousand Naira in some states of the country.
The House via a motion moved by Honourable Benjamin Kalu from Abia state says the CBN did not consult stakeholders before it commenced implementation of the policy, which will strangle small and medium enterprises and reduce deposits in banks.
The House while mandating the Governor of the Central Bank of Nigeria to appear before its relevant committee says the policy will improve crime rate as it will make cash more readily available to criminals who will take advantage of the bank deposit apathy now being witnessed nationwide.