*** Describes Policy as “Anti-People
By Mercy Gadia Adi
The House of Representatives on Tuesday to halted the implementation of the Central Bank of Nigeria’s (CBN) new ATM transaction charges, describing the policy as “anti-people”.
The decision was taken after an urgent motion of public importance sponsored by Hon. Marcus Onobun was raised on the floor of the House, he argued that the new charges would further impoverish Nigerians.
Speaking with journalists during an interview, Onobun Explained that, “The new policy will take a toll on the already distressed situation across the country. Every withdrawal by ordinary Nigerians will attract a charge of N100 per N20,000. This is in addition to the charges already imposed by financial institutions and Point of Sale (POS) operators.”
Onobun expressed concern that the new charges would discourage people from using banking services, thereby defeating the government’s cashless policy.
“If you think that getting N20,000 into your account will attract charges, you’d rather keep the money. People will begin to reject transfers and transactions, and instead, prefer to carry cash, which will put pressure on the financial system.”
He argued that the financial institutions are already making huge profits from charges, and that the new policy would only exacerbate the situation.
“When you make transfers, you’ll see that even if you’re transferring N500, there’s a certain amount that’s deducted from your account. So, you can’t get the value of the same amount that you’ve withdrawn.”
The House of Representatives has therefore resolved to invite the CBN to explain the rationale behind the new policy, and to interface with the House Committee on Banking and Financial regulations. The committee will examine the implications of the policy on ordinary Nigerians and the economy as a whole.
As the lawmaker noted, “We’re waiting for the CBN to come and interface with the House Committee on Banking and Financial regulations, to hear their reasons. And again, to take a decision that’s in the best interest of Nigerians.”
“This policy does not make sense, especially at a time when there’s a hike in fuel prices, electricity tariff, and other essential commodities.”
The House of Representatives has demonstrated its commitment to protecting the interests of Nigerians, and it is expected that the CBN will take a second look at the policy and consider the concerns of the lawmakers, he concluded.