NAIRA SCARCITY: REPS WANT OVERHAUL OF ONLINE BANKING SYSTEM.

 

The House of Representatives has urged the CBN of Nigeria, direct commercial banks to overhaul the existing online/electric banking platforms for the efficient conduct of electronic banking operations.

This is sequel  to a unanimous adoption of a motion by Sergius Ogun PDP, Edo at plenary on Thursday.

Moving the motion earlier, Ogun said that Section 88 subsection 1 and subsection 2 of the Constitution empowered the National Assembly to conduct investigations into activities of any authority executing or administering laws made by the assembly, like the CBN.

He said, in the wake of the recent naira redesign and cash withdrawal limit policy of the CBN, there has been an increase in the use of online and electronic banking services to carry out monetary transaction across  the country.

In his ruling, Rep. Ah,med Wase, the Deputy Speaker of the House, mandated the Committee on Banking and Currency to ensure compliance and report back within four weeks for further legislative action.