Reps. summon CBN Governor over ban on foreign currency deposits

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Speaker, House of Representatives, Yakubu Dogara
The House of Representatives on Tuesday 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.
“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 failed to sensitise Nigerians, the policy might become counterproductive as it appeared 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.
“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 needed to be properly informed and educated about the policy.
He said “when we get better explanations, people will know what …Read More

Source:: PM Newspaper