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CBN Shuns Reps: moves on with cashless policy

Central Bank of Nigeria (CBN) on Friday said it was going ahead with its decision to impose charges on cash deposits and withdrawals in banks in excess of N500,000 for individuals and N3 million for corporate entities.

Although the policy became effective on Wednesday, The House of Representatives on Thursday told the apex bank through a resolution to suspend it.

CBN Governor, Godwin Emefiele said the policy was not new as it was first introduced in 2012.

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