The House of Representatives on Thursday directed the Central Bank of Nigeria to suspend the new charges placed on Nigerians under its new cashless policy, with immediate effect.

CBN had announced an increase in charges on withdrawals and deposits exceeding N500,000, however, in a plenary session, the Lower House ordered the apex bank to suspend the policy until appropriate consultations have been concluded.

This was affirmed via a series of tweets on the official Twitter handle of the House of Representatives.

The tweets read: “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.

According to the Speaker of the House of Representatives, at Twitter handle @NGRSpeaker), “the suspension is until appropriate and comprehensive consultation is made and the outcome of the interface of the House on the matter is concluded.” (Channels TV)