ADVERTISEMENT

House of Reps summon CBN Governor over ban on foreign currency deposits

This followed the unanimous adoption of a motion under Matters of Urgent Public Importance sponsored by Rep. Emmanuel Ekon (Akwa-Ibom, PDP).

 

The House of Representatives on Tuesday, August 11, summoned the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to explain the recent policy directing commercial banks to reject foreign currency deposits.

This followed the unanimous adoption of a motion under Matters of Urgent Public Importance sponsored by Rep. Emmanuel Ekon (Akwa-Ibom, PDP).

Ekon said that although the CBN Act of 2007 confers it with the power to devise suitable mechanism for the exchange of the Naira periodically, Nigerians need to understand the merits of the policy.

"Though the policy may have both short and long term economic benefits for the country, Nigerians do not have any explanation from the CBN on the merits or otherwise of the said policy.

ADVERTISEMENT

"The apex bank has not created avenues to address the fears of parents wishing to remit money for their children's education or manufacturers placing orders for goods abroad.

"The explanation of the said policy to members of this House by the Governor of the Central Bank will enable us to disseminate the information to our respective constituents,’’ Ekon said.

The lawmaker further explained that if CBN fails to sensitise Nigerians, the policy might become counterproductive as it appears to have been misunderstood already by the public.

"There are lots of panic within the economy as we speak.

"People don't know what becomes of their businesses which largely depend on foreign exchange for transaction.

ADVERTISEMENT

"Banks are crying, Bureau De-Change (BDC) operators are crying and importers are also crying.

"There is need for the CBN to carry out adequate sensitisation of the public regarding this policy by way of explaining the policy and its benefits, otherwise, the nation's economy may suffer for it.’’

Also, Rep. Chris Azubogu (Anambra-PDP) said Nigerians need to be properly informed and educated about the policy.

He said, "when we get better explanations, people will know what it is all about.

"Also, bank customers will know the limit of borrowing and take into cognisance the need to prepare their minds for what they want to embark on,’’ Azubogu said.

ADVERTISEMENT

The Deputy Whip of the House, Rep. Pally Iriase also expressed his support for the motion.

He said, "domiciliary account is one asset that a country that does not have a viable foreign exchange market uses to transact business abroad.

"We should be able to sit down with the CBN to find out what the CBN has done with this policy so we can make informed decisions,’’ Iriase said.

However, Rep. Obinna Chidoka’s (Anambra-PDP) , was ruled out of order in his submission that the CBN boss had already been summoned by the Senate on the same matter.

According to him, the motion is unnecessary as its concerns will be addressed when the CBN governor appears before the Senate which has already summoned him on the state of the economy.

ADVERTISEMENT

The Speaker of the House, Yakubu Dogara, in his ruling, stressed the need for interaction with the bank's management for the purpose of informing Nigerians.

He said, "if you look at the last motion in the Senate, this is very different.

"As we speak, there is serious confusion out there.

"The reason for allowing the presentation of this motion is that we all have to be sensitised on what the CBN is doing.’’

The motion was thereafter unanimously adopted by the House.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

Dr Bello appointed chairman of Code of Conduct Bureau (CCB) by Tinubu

Dr Bello appointed chairman of Code of Conduct Bureau (CCB) by Tinubu

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT