Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

CBN Cashless Policy: Reps eye reversal

Joseph Olaoluwa by Joseph Olaoluwa
September 30, 2019
in Business News
CBN Cashless Policy: Reps eye reversal, Finance Bill: Reps to hold separate hearing today , 40% of Nigeria’s national budget must be voted to capital expenditure - Gbajabiamila , Why Reps will probe Glo, 9mobile, others, House of Representatives postpones President Buhari’s $22.79 billion loan request indefinitely,COVID-19: House of Reps to consider bill for 2-months free electricity supply
Share on FacebookShare on TwitterShare on Linkedin

The newly introduced policy of the Central Bank of Nigeria (CBN) which allows bank customers to be charged for cash deposits has left a bitter taste in the mouth of the lawmakers, as members of the lower legislative chamber of the National Assembly are bent on reversing the order announced by CBN Governor, Godwin Emefiele. 

The Details: Recall that a motion was moved by the Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu to examine the relevance of the new policy as it affects Nigerians, immediately the policy was announced. 

[READ ALSO: CBN issues disclaimer: Warns public to beware of false loan empowerment scheme] 

RelatedPosts

Nigeria’s central bank urges manufacturers to approach development financing institutions for loans

Central Bank of Nigeria’s July 2022 Treasury Bills auction records 23% oversubscription

Nairametrics gathered that lawmakers had gone ahead to schedule a meeting with the CBN Governor later this Wednesday with a view to changing his mind on the matter.  

SEEPCO, local content laws, CBN Cashless Policy: Reps eye policy reversal, court Emiefele approval  

News continues after this ad


Hon. Victor Nwokolo, Chairman House Committee on Banking & Currency said the CBN Governor Godwin Emefiele was summoned by the lawmakers but didn’t honour the invitation as he had to proceed on official assignment to the United Kingdom. Nwokolo added that Emefiele gave assurances that the parley would address the grey areas with regards to the policy. 

“I can tell you that the Reps would meet with the CBN management later this week with a view to take a decision on the new policy on cash deposit,” Nwokolo said. 

What you should know: The CBN had disclosed its intention to charge bank customers making cash deposits and withdrawals from Thursday, September 19, 2019. The charges, according to the Central Bank, would attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for individual accounts.  

News continues after this ad


[READ FURTHER: CBN offers clarification on cashless policy, but Nigerians aren’t having it]  

CBN also made known that for corporate accounts, the Deposits Money Banks (DMBs) would charge 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3,000,000. 

  

Related

Tags: Benjamin KaluCentral Bank of NigeriaGodwin EmefieleVictor Nwokolo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • SERAP threatens to sue INEC if 7 million Nigerians are not allowed to complete voters’ registration
    • Bitcoin on 5th day winning streak, hits highest level since June 13
    • Nigeria’s central bank, Africa Fintech Foundry to support 10 startups to boost eNaira adoption

    Follow us on social media:

    Recent News

    INEC plans e-transmission of results in Anambra poll, massive voter turnout in central zone

    SERAP threatens to sue INEC if 7 million Nigerians are not allowed to complete voters’ registration

    August 14, 2022
    Depegging sees Bitcoin hit $138,000 per token in UST

    Bitcoin on 5th day winning streak, hits highest level since June 13

    August 14, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com