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House Of Representatives Orders CBN To Suspend Cashless Policy - Politics - Nairaland

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House Of Representatives Orders CBN To Suspend Cashless Policy by DaSleak: 5:30pm On Sep 19, 2019
The House of Representatives has 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.”

Kalu, while moving the motion, said the House was against implementation of the policy as it would cause more hardships for Nigerians.

He said, “The House is deeply worried that the implementation of cashless policy on withdrawals has negative impacts on micro, mini, small and medium scale enterprises, which are clearly the engine room for growth of the economy and employment generation, thereby throwing many of them out of business and sending more Nigerians into poverty. forcing more traders and micro investors to carry cash about with its attendant security challenges.

“The House is aggrieved that while the impact of the cashless policy on withdrawals is still staring us all in our faces as well as other numerous burdensome charges by Nigeria’s Money Deposit Banks heavily impacting on businesses, the CBN deemed it necessary to impose the implementation of cashless policy on depositors ,without due consultations with all shades of stakeholders who will be impacted by the policy.

“The House is concerned that this overbearing burden aimed at closing down majority of micro, mini, small and medium businesses in Nigeria, is also aimed at enriching Nigeria’s Money Deposit Banks owned by a privileged few without any known financial contribution to the Consolidated Revenue Fund of the Federation.”

The lawmaker noted that the policy on cash-based transactions (withdrawals) in banks was aimed at reducing and not eliminating the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions, including payments for goods and services, and transfers.

The lawmaker explained that the cashless policy was introduced for a number of key reasons, including the need to drive development and modernisation of the country’s payment system, in line with Nigeria’s Vision 2020 goal of being amongst the top 20 economies by the year 2020.

The goal, according to Kalu, is to reduce the cost of banking services, including cost of credit, and drive financial inclusion by providing more efficient transaction options and greater reach.

https://www.google.com/amp/s/punchng.com/cashless-policy-reps-ask-cbn-to-suspend-charges-on-deposits/amp/

11 Likes 2 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by MusaChukwudi: 5:36pm On Sep 19, 2019
MusaChukwudi:


Benjamin Kalu!!!!!

These muddy people and their quest for 'mucky' dealings

Its a good response from the House actually! Kudos Omunna Kalu!

42 Likes 3 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Olanipekun1: 5:37pm On Sep 19, 2019
MusaChukwudi:


Its a good response from the House actually! Kudos Omunna Kalu!

4 Likes 3 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by daddytime(m): 5:37pm On Sep 19, 2019
Lol

Ghana Must Go Ambassadors no go like make anything affect their economy lailai

37 Likes 1 Share

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Olanipekun1: 5:38pm On Sep 19, 2019
MusaChukwudi:


Benjamin Kalu!!!!!

These muddy people and their quest for 'mucky' dealings

7 Likes 2 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by JONNYSPUTE(m): 5:39pm On Sep 19, 2019
Cashless banking is good but are we ready for it?

9 Likes 1 Share

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Olanipekun1: 5:42pm On Sep 19, 2019
MusaChukwudi:


Benjamin Kalu!!!!!

These muddy people and their quest for 'mucky' dealings

3 Likes 1 Share

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Adicsonbaba(m): 5:47pm On Sep 19, 2019
Good
Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Freehuman(m): 5:47pm On Sep 19, 2019
That cashless policy could have turned everything around in 2023 election tribunals.
Imagine a scenario where all a lawyer needs to do to support his claim that a politician was involved in votes buying is to present the politician's bank details showing history of numerous 5000 Naira transfers on election day.
Secondly, how do they bribe those in rural areas. If it didn't threaten the existence of the selfish legislature at Abuja, it would be a welcomed development.

11 Likes 3 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by rerhji(m): 5:48pm On Sep 19, 2019
i think they re not rubber stamp afterall

4 Likes 1 Share

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by pat077: 5:48pm On Sep 19, 2019
with immediate effect
Re: House Of Representatives Orders CBN To Suspend Cashless Policy by obi4eze: 5:48pm On Sep 19, 2019
angry

Because it would affect them a lot

8 Likes

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Destined2win: 5:49pm On Sep 19, 2019
grin

The looting must go on
Re: House Of Representatives Orders CBN To Suspend Cashless Policy by ForeThinker: 5:49pm On Sep 19, 2019
Senate still dey ?

1 Like

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by AgentNairaland: 5:49pm On Sep 19, 2019
No Suspend Am Oooo, We're Enjoying This NEXT LEVEL Of A Thing

4 Likes 2 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Afiahomes(m): 5:50pm On Sep 19, 2019
grin grin
Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Gideoniteprime4: 5:50pm On Sep 19, 2019
finally
some people are reasoning with there brains
i actually thought that all those people up there we`re group of goats
they just want to rush into sumtin that they can`t handle
greedy bafoons

3 Likes

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by ednut1(m): 5:51pm On Sep 19, 2019
This is a country where pos dey fail

8 Likes

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Olominira(m): 5:51pm On Sep 19, 2019
Nearly everything in this life has advantages and disadvantages, in making decisions we must make sure that advantages overweight its disadvantages. This is my personal observation about the cashless policy;

1. More than 40 percent of Nigerians do not handle such cash in 6 months

2. The policy would help government monitor financial services by the companies that evade taxes, judges, civil servants, politicians etc that are are involved in corruption.

3. It would drive fintech startups that are capable of generating thousands of jobs, easy transactions for businesses etc. In China it's very possible not to touch cash for a whole year as everyone uses either wechat or alipay. However, Nigeria is confronted with shortage of electricity.

4. It would save government money used in reprinting dirty money in circulation.

Lastly, Nigerians must come to term that the country is not working at the moment and for the country to work we must be ready to make some sacrifices. Also, government should try and carry the citizens along by highlighting the benefits of new policies.

35 Likes 2 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by DonTattaglia: 5:51pm On Sep 19, 2019
Obviously d policy does not favor them.Its not as if they are fighting for d interest of common man.

16 Likes 2 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by MANNABBQGRILLS: 5:51pm On Sep 19, 2019
Anything for our darling nation to move forward

1 Like 2 Shares

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Clean2016: 5:51pm On Sep 19, 2019
These are the people that needs 5o million cash

2 Likes 1 Share

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Kingspin(m): 5:52pm On Sep 19, 2019
Jumping into cashless with our shapeless regulations and aimless policy is wickedness.

What about the bank's charges here and there?

I can say the govt wants more money to steal it never for development purposes.

1 Like

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by RexTramadol1: 5:53pm On Sep 19, 2019
Cashless policy wey be like poverty policy





Cash sef no dey to deposit for many people





How you want make dem interprete am?

1 Like

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Sleevia: 5:53pm On Sep 19, 2019
Akin Alabi had planned to speak against it and promised to solicit the help of like minds...

2 Likes

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by carbony4red(m): 5:53pm On Sep 19, 2019
House of reps needed some bribe here I think cool cool cool
Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Jamesilvar(m): 5:54pm On Sep 19, 2019
They are shouting cashless upandan.
The one you will pay for an item via POS and you will be debited without approval of the payment.
You will now start going to bank to complain upandan. angry

4 Likes 1 Share

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Olanipekun1: 5:54pm On Sep 19, 2019
MANNABBQGRILLS:
Anything for our darling nation to move forward
Re: House Of Representatives Orders CBN To Suspend Cashless Policy by Bunnatex(m): 5:54pm On Sep 19, 2019
I've emancipated to read between lines and critically analyze the moves of our politicians. Ultimately in their interests.
Who does the move affect more? If they adopt internet banking it will be easy to track their looting.
Before we support or oppose the move let's first know who benefits from the said policy and who doesn't...

11 Likes

Re: House Of Representatives Orders CBN To Suspend Cashless Policy by naijadrivablog: 5:54pm On Sep 19, 2019
Good news!

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