OPS seeks suspension of charges on cash deposit, embargo on cheque clearance

With the volume of cash transactions that is on-going across the country during the lockdown period, the organised private sector has urged the Central Bank of Nigeria (CBN) to suspend charges on cash deposit.

They also urged that the CBN relaxes embargo on cheque clearance, that even as most of the banks are offering skeletal services, it has hindered smooth business operations.

At the second virtual meeting of about 28 managing directors and chief executive officers of organised businesses and companies in Nigeria, with Lagos State Governor, Babajide Sanwo-Olu and Commissioner of Finance, Dr. Rabiu Olowo, on COVID-19 business challenges held on Wednesday, the operators urged the governor to discuss with the Governor of the CBN, Godwin Emefiele, to suspend the charges as well as the need for banks to scale up and increase their operation scope.

The meeting, which was co-ordinated by the Director-General of Nigeria Employers’ Consultative Association (NECA), Dr. Timothy Olawale, under the umbrella of NECA, Olawale, who expressed appreciation to the governor for making out time to speak with the business community, also commended him for taking proactive steps to address the challenges of businesses in Lagos State.

Olawale, who spoke about some of the challenges faced by businesses in the state during the lockdown, mentioned the issues of worsening security situation and risk of escalated civil disturbance.

He spoke about the risks of attacks on branded company trucks by hoodlums in highly populated areas and the need to protect staff and company properties as well as dwindling supply to retail malls and outlets.

According to him, for the retail markets, the inability of suppliers to transport supplies to shopping malls and retail outlets remain a big concern, in view of the worsening security situation.