Economy Politics

Reps Has Resolved Inviting CBN Governor And Finance Minister

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House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria and the Minister of Finance and National Planning and Budget to brief the house on the inability of Commercial Banks to paying customers over the counter and at ATM Machines.

This was part of the prayers adopted in a motion by a member from Bauchi State Alh. Mohammed Dan Abba Shehu, on the immediate need to curb the menace of Sale of Naira Notes by the Point of Sale (POS) Operators in Nigeria.

Presenting the motion, Alh. Muhammad Dan Abba, explained noted that Act 2007 has empowers the government to utilize its relevant authorities under the Central Bank of Nigeria to supervise the operations of Commercial Banks, advice and regulate Point of Sale operators, to validate public confidence and address the hardships faced by Nigerians during financial transactions.

Mover of the motion maintained that the Point of sale machines have been adopted in advanced countries like the US, UK, South Africa later the innovation was adopted in Nigeria few years ago to alliviate financial hook-ups and address the challenges faced by customers while access funds.

Alh Muhammad Dan Abba, expressed worried that the POS operators are currently abusing the system by selling naira notes at exorbitant prices of one thousand for three to four hundred naira, while ten thousand naira goes for four thousand naira, thus, causing concern a great concern on the masses who are currently experiencing economic hardship.

He further called on the Central Bank of Nigeria to immediately commence proper monitoring and supervision of
Commercial Banks activities on daily basis to ascertain the extent of counter payment to customers and directs POS Operators to immediately remove excessive charges to customers across the country.

After deliberation the motion has been referred to the house Committees on Banking Regulations, Digital and Electronic Banking for further investigation and report back to the house for necessary legislative consideration.

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