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Monday, May 27, 2024

Overhaul The Entire E-Banking System – Reps Urges CBN

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The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct banks to immediately overhaul their electronic transaction platforms.

CBN

According to the House, the move has become necessary in the aftermath of the recent CBN policies, which have put pressure on online and electronic banking.

The CBN had set lower limits for cash withdrawal and redesigned the N1,000, N500 and N200 noted, policies that caused chaos in the country.

A member of the House, Sergius Ogun, at the plenary on Thursday, moved a motion demanding reinforcement and upgrade of banking systems, especially those of the Deposit Money Banks also known as commercial banks.

The motion was titled ‘Call on the Central Bank of Nigeria to Direct All Commercial Banks to Overhaul their Online Banking Service Platforms to Ease Electronic Banking Operations.’

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Moving the motion, Ogun noted that Section 88 (1) and (2) of the 1999 Constitution empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly, like the CBN.

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The lawmaker also noted that the CBN was established under Section 1 of the Central Bank of Nigeria Act, Cap. C4, Laws of the Federation of Nigeria, 2004 to issue legal tender currencies in Nigeria. He added that Section 2 of the CBN Act saddles the bank with the duty of promoting a sound financial system in Nigeria.

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Photo Credit: Getty 

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