Tuesday, January 16, 2018

House of Representatives Members Summon CBN Governor Over BVN Declaration To BDC Operators

Emefiele

The House of Representatives committee on banking and currency has summoned the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

The committee requested that the CBN Governor present himself before them so as to shed more light on why there is an order by the apex bank compelling Ni­gerians to disclose their Bank Verification Number (BVN) to every Bureau de Change (BDC) operator they transact with.

The lower house resolved to summon the Governor sequel to a motion filed by Honourbale Dan- buram Nuhu. The motion was en­titled “motion against prolif­eration of Bank Verification Numbers” and was raised as a matter of public importance which needed attention.

According to Honourable Nuhu, the CBN’s effort to regulate foreign exchange market by making it mandatory for all Bureau de Change to possess the BVN of all customers in the bid to curb money laundering will make fraudulent individuals access freely records of finances records.

He said, “All customers desiring foreign exchange through any channel would be forced to give their BVN to those with whom they are doing transactions (with). In this era of internet fraud, this will endanger our people’s hard earned money and cause even more prob­lems than it was meant to solve.”

The Lower House thereafter adopted Nuhu’s motion at a session presided over by the Lower House’s Deputy Speaker, Honourable Yusuff Lasun.

After the motion’s adoption, the house mandated its committee on telecommunications to look into the level of compliance by all telecommunication companies that operates in Nigeria.

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