The lawmakers believe that the development would help reduce hardship in the country.

The CBN recently reduced charges applicable to bank accounts, electronic transfers, and Automated Teller Machines (ATM) to N50 per quarter.

Electronic transfers below N5,000 will now attract a maximum charge of N10; transfer from N5001 — N50,000 — N25; and transfers above N50,000- N50.

Reacting to the development, Chairman of the House Committee on Banking and Currency, Victor Nwokolo said the move by the CBN was due to the House’s intervention.

He said, “Remember that there was a motion where the House mandated the committee to discuss with the CBN, to see how they could ameliorate and listen to the Nigerians who were complaining about the charges. Again, the CBN Governor (Godwin Emefiele) has always made commitments that what he is doing is in the interest of Nigeria and Nigerians.

“So, what we are seeing today is due to his commitments and as a result of the interface between the National Assembly and the CBN. Of course, Nigerians are happy. It is a very welcome development. That shows you that with time, things will be better and the burden of charges on Nigerians will be reduced.

“Of course, the CBN and the governor are also listening to the yearnings of Nigerians. As Nigerians were complaining to the National Assembly, they were also writing on social media and through you (the media). So, this is due to everybody’s contribution. In any case, it is a response to the demands by Nigerians.”