BVN: CBN Governor Summoned By House Of Reps

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele has been summoned by the House of Representatives committee on banking and currency. 

Godwin Emefiele, CBN Governor

Godwin Emefiele, CBN Governor

The committee demanded the presence of the apex bank boss to explain to it why there is a directive by the CBN for Ni­gerians to disclose their Bank Verification Number (BVN) to every Bureau de Change operator upon transaction.

READ ALSO: How CBN Defends Naira

The resolution by the lower house  followed a motion sponsored by Hon. Dan- buram Nuhu, en­titled “motion against prolif­eration of Bank Verification Numbers” raised as an urgent matter of public importance.

According to Nuhu,  the CBN’s  move to stabilise foreign exchange market by making it compulsory for all Bureau de Change to have the BVN of all customers in the bid to stem money laundering will make financial records easily accessible to fraudulent people.

He said: ”All customers desiring foreign exchange through any channel would be forced to give their BVN to those with whom they are doing transactions (with).

”In this era of internet fraud, this will endanger our people’s hard earned money and cause even more prob­lems than it was meant to solve.” 

The lower chamber adopted Nuhu’s motion after it was put to a voice vote and was presided over by the Deputy Speaker, Hon. Yusuff Lasun.

The house then mandated its committee on telecommunications to investigate the extent of compliance by all telecommunication companies oper­ating in the country.

READ ALSO: Naira Regains Strength Amid CBN Intervention

Meanwhile, the apex bank governor, has stated that the CBN won’t devalue the country’s currency again. The CBN governor stated this today, October 30, while speaking to state house correspondents at the presidential villa, Aso Rock, Abuja.

Emefiele, had earlier given a hint that he will consider easing restrictions on currency trading if demand for foreign exchange drops further.

The post BVN: CBN Governor Summoned By House Of Reps appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.

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