Reps want pol­icy sus­pended for BDCs

Daily Trust - - BUSINESS - By Musa Ab­dul­lahi Kr­ishi

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.

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