Reps want policy suspended for BDCs
The House of Representatives yesterday asked the Central Bank of Nigeria (CBN) to suspend the implementation of the Bank Verification Number (BVN) on all Bureau De Changes (BDCs) in the country.
The House consequently summoned CBN Governor Godwin Emefiele to appear before its Banking and Currency Committee to explain the rationale behind compelling BDCs to provide BVN of their customers before any transaction could take place.
Adopting a motion by Rep Danburam Abubakar Nuhu (APC, Kano), the House directed the CBN to immediately suspend its policy that says BVN application would affect all BDCs by November 1.
The House said there was no way the CBN would come out with the policy on October 21 and expect it to take off on November 1, when the apex bank had given conventional banks ample time to prepare on the BVN policy, while that of BDCs is just nine days.
Rep Daburam said there was no way the CBN could penalize the 2,765 BDCs it approved, saying the new policy might expose bank account owners to serious financial danger as fraudsters could cash in on that.
Additionally, he said the new policy would put many Nigerians who might want to travel for medical treatment abroad in serious danger as over 120 million Nigerians do not have bank accounts let alone to get BVN.
The motion was unanimously adopted and referred to theBanking and Currency Committee for further legislative action.