A day after take-off, Reps demand halt of new charges on bank transactions

The House of Representatives has demanded a halt to the new charges on bank transactions imposed by the Central Bank of Nigeria (CBN).

The request is coming a day after the charges took effect in some selected states across the federation.

The lawmakers took the resolution after adopting a motion brought under matters of urgent national importance by its spokesperson, Benjamin Kalu.

The CBN had announced that from Wednesday, September 18, certain cash deposits and withdrawals from individual bank accounts are to attract additional charges.


In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, it said henceforth 3 per cent processing fees would be paid for withdrawals and 2 per cent for deposits of amounts above N500,000 for individual accounts.

The apex bank also said corporate accounts will attract 5 per cent processing fees for withdrawals and 3 per cent processing fee for lodgments of amounts above N3 million.

The CBN said the charges would be in addition to already existing ones on withdrawals and is aimed at encouraging its cashless policy.

The new directive has already started generating heated arguments in the polity.


At plenary Thursday, the lower legislative chamber urged the apex financial institution to halt the implementation of the policy pending the involvement of stakeholders.

“The @HouseNGR has urged the @cenbank to suspend its recent directive to banks on cashless policy, which seeks to have individuals and corporate organisations charged for deposits and withdrawals respectively,” reads series of tweets on the Twitter handle of the green chamber.

“The suspension is until appropriate and comprehensive consultation is made and the outcome of the interface of the House on the matter is concluded,” the house resolved.

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