The House of Representatives has urged the Central Bank of Nigeria, CBN, to suspend the implementation of its new policy which increase Charges on ATM withdrawals.
In an urgent motion of Public importance sponsored by the member representing Essan West Essan Central Federal Constituency of Edo State, Mr. Marcus Onobun, the House noted that the action would lead to economic distress to the citizens.
According to Mr. Onobun, Nigerians are battling with increased in electricity tarrif, increase in telecommunications tarrif and other tarrif and this increase in withdrawals charges would add more burdens to the already existing difficulties being faced by Nigerians.
The Green Chamber expressed concerns that the implementation of the policy by the apex Bank would further limit financial inclusion for low income earners.
Adopting the motion the House referred the motion to the Committees on Banking institutions and Finance for further legislative action.
