Nigeria, Sept. 19 -- The House of Representatives has asked the Central Bank of Nigeria (CBN) to immediately suspend the implementation of the new aspect of the cashless policy on deposits which has taken effect today.

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 ...