Reps insist on reversal of new charges on Bank deposit, withdrawal

Members of the lower legislative chamber of the National Assembly are hell bent on reversing the order announced by the Central Bank of Nigeria (CBN) which allows bank customers to be charged for cash deposits and withdrawals.

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.

The lawmakers, it was gathered had gone ahead to schedule a meeting with the CBN Governor later this Wednesday with a view to changing his mind on the matter.

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.

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.

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.