The House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, over the apex bank’s decision to bar deposit banks from accepting cash dollar deposits.
The House resolution simply directed Emefiele to appear before the House to “explain the confusing policy.”
It was a day the House passed a separate motion seeking to investigate and “ascertain the state of Nigeria’s economy.”
A member from Akwa Ibom State, Mr. Emmanuel Ekon, who drew the attention of the House to the foreign exchange policy under matters of urgent public importance, said different actors in the finance sector were giving interpretations to the policy as it suited them.
Ekon cited a situation in which he claimed that banks were rejecting deposits for transfers for medical purposes.
“It is a very serious issue; you cannot even transfer money for medical services abroad,” he added.
Another lawmaker from Anambra State, Mr. Chris Azubogu, complained that his brothers in Nnewi, who engaged in import business, had been bombarding him with telephone calls since the policy was announced by the CBN.
According to him, the banks too did not seem to understand what the directive implies as they “resort to measures that are entirely unnecessary.”
Azubogu also alleged that some firms could be forced to lay off workers if delays in moving funds meant that they could not finalise their import transactions.
On his part, the Deputy Whip of the House, Mr. Pally Iriase, told the House that he did not see how the policy would shore up the value of the naira.
“The policy is so confusing to virtually everybody.
“How does it impact on the foreign exchange rate?” Iriase asked.
A move by some members to stop the motion on the grounds that it was not important was halted by the Speaker, Mr. Yakubu Dogara.
The Speaker, like some of his colleagues, also admitted that he was confused about the policy.
“Myself, I must say that honestly I am confused too. Let the CBN governor come and explain what this is about,” he ruled on an order seeking to stop the motion.
But Abubakar Blata argued that anybody describing the policy as confusing was not telling the truth.
Blata recalled that the CBN merely invoked the powers conferred on it pursuant to its Act by introducing a policy that could possibly shore up the value of the naira against the US dollar.
“There is no confusion in this policy.
“The CBN is looking for ways to rescue the naira from total collapse,” he said.
The House Whip, Mr. Alhassan Ado-Doguwa, advised members to support the motion and allow Emefiele to come and give explanations.
“There is no problem in allowing him to come and make the explanations.
“The explanations may lay the confusion to rest. Recall that when the CBN came up with the cashless policy, similar reservations were expressed.
“But after the former CBN governor (Lamido Sanusi) came here to speak on it, a lot of nerves became calmed,” Ado-Doguwa added.
JUST IN: Popular Nigerian Celebrity Arrested by Police, See What He Did (Details below)
IMPORTANT: All Nigerians Should Take Note Of This Announcement by the Federal Government (Details below)
North- South West Relation: The Yoruba Nation Must Educate Sunday Igboho To Prevent Regional Conflicts (Details below)
How Nigerians Use Crude Oil To ‘Cure’ Malaria, Chase Evil Spirits (Video below)
We Brought In Fulani From Mali, Sierra Leone, Senegal, Others To Win 2015 Election, After Election, They Refused To Leave — Kawu Baraje (Details below)
“Please Don’t Run Away”- Boko Haram Terrorists Pleads With Residents After Taking Over Town (Details below)
Another Lady Runs Mad After Suspected Yahoo Boy Drops Her on The Street (Video below)
Tinubu in Serious Trouble, See What EFCC is Planning Against Him (Details below)
- Love & Relationship20 hours ago
Man Caught His Friend Cheating In Bed With His Fiancee, What The Man Did Next Is Unbelievable (Details below)
- News2 days ago
Instead Of Stopping The Distribution Of Oil To The North, Here’s What The Southeast Should Do (Details below)
- News2 days ago
Finally, A Southwest Governor Is Ready To Fight Herdsmen, See What He Did (Details below)
- News2 days ago
EFCC Tells CCB To Produce Tinubu’s Asset Declaration Form As Probe Deepens (Details below)