This is getting interesting...

The House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, over the apex bank’s decision to bar deposit banks from accepting cash dollar deposits.

The House resolution simply directed Emefiele to appear before the House to “explain the confusing policy.”

It was a day the House passed a separate motion seeking to investigate and “ascertain the state of Nigeria’s economy.”

A member from Akwa Ibom State, Mr. Emmanuel Ekon, who drew the attention of the House to the foreign exchange policy under matters of urgent public importance, said different actors in the finance sector were giving interpretations to the policy as it suited them.

Ekon cited a situation in which he claimed that banks were rejecting deposits for transfers for medical purposes.

“It is a very serious issue; you cannot even transfer money for medical services abroad,” he added.

Another lawmaker from Anambra State, Mr. Chris Azubogu, complained that his brothers in Nnewi, who engaged in import business, had been bombarding him with telephone calls since the policy was announced by the CBN.

According to him, the banks too did not seem to understand what the directive implies as they “resort to measures that are entirely unnecessary.”

Azubogu also alleged that some firms could be forced to lay off workers if delays in moving funds meant that they could not finalise their import transactions.

On his part, the Deputy Whip of the House, Mr. Pally Iriase, told the House that he did not see how the policy would shore up the value of the naira.

“The policy is so confusing to virtually everybody.

“How does it impact on the foreign exchange rate?” Iriase asked.

A move by some members to stop the motion on the grounds that it was not important was halted by the Speaker, Mr. Yakubu Dogara.

The Speaker, like some of his colleagues, also admitted that he was confused about the policy.

“Myself, I must say that honestly I am confused too. Let the CBN governor come and explain what this is about,” he ruled on an order seeking to stop the motion.

But Abubakar Blata argued that anybody describing the policy as confusing was not telling the truth.

Blata recalled that the CBN merely invoked the powers conferred on it pursuant to its Act by introducing a policy that could possibly shore up the value of the naira against the US dollar.

“There is no confusion in this policy.

“The CBN is looking for ways to rescue the naira from total collapse,” he said.

The House Whip, Mr. Alhassan Ado-Doguwa, advised members to support the motion and allow Emefiele to come and give explanations.

“There is no problem in allowing him to come and make the explanations.

“The explanations may lay the confusion to rest. Recall that when the CBN came up with the cashless policy, similar reservations were expressed.

“But after the former CBN governor (Lamido Sanusi) came here to speak on it, a lot of nerves became calmed,” Ado-Doguwa added.

source http://www.punchng.com/news/reps-summon-cbn-gov-over-dollar-deposits/

. Space booked for me, myself and I


Choi, this FTC dey sweet me oooo.. ..


Eh who I go dedicate this to now...



I would love to be made a moderator whose work is to be rewarding all FTC. .. ..

To be FTC no be beans o.. ..
If you doubt am ask INTROVERT, Mbkite, Ladyf and other hustlers like me.....

P4pasky

And so?

This CBN man has to be the worst and most confused one in the history of CBN governor

Make I just dey observe on top this ugwu tree

I can feel their frustration. The hard currencies they easily loot our money in, can no longer be accepted in the bank for onward transfer to foreign hidden accounts.

Let him come and explain. Does it cost money to do that? If you say you understand the policy as a Rep. does other Nigerians understand it? Dont stop others from understanding what you already understood.

nnachukz:
I can feel their frustration. The hard currencies they easily loot our money in, can no longer be accepted in the bank for onward transfer to foreign hidden accounts.

nnachukz:
I can feel their frustration. The hard currencies they easily loot our money in, can no longer be accepted in the bank for onward transfer to foreign hidden accounts.

You do not throw out the baby with the bath water.
Not all fx deposits are from looters, there are quite a lot of people who need to transfer FX for viable business or personal reasons, policy makers need to think carefully before implementing new policies.

bjdon:


You do not throw out the baby with the bath water.
Not all fx deposits are from looters, there are quite a lot of people who need to transfer FX for viable business or personal reasons, policy makers need to think carefully before implementing new policies.

Thank you! I was just going to point out same thing. The way the issue of corruption is being bandied around in this country today makes it difficult for people to realise that there are legitimate businesses and concerns which must thrive. They won't and shouldn't be allowed to collapse because we are fighting corruption!

Nigeria is not an island, other countries and business counterparts are busy too. It is this private sector, properly harnessed and regulated that will bring about the growth and diversity in our economy as is so desired.

The Speaker, like some of his colleagues, also admitted that he was confused about the policy. “Myself, I must say that honestly I am confused too. Let the CBN governor come and explain what this is about,” he ruled on an order seeking to stop the motion.

It is rather unfortunate that the Honorable members do not understand the Central Bank policy. The Bank has not stopped legitimate foreign transfers like payment for school fees, medical bills, etc. What the bank has simply stopped is the dumping of physical dollars (cash) in the banking system.

If one needs to pay for anything abroad, just go to your bank and you will be issued with Form A or Form M for you to fill. Once you are done, the bank will tell you the prevailing exchange rate, which you will then pay in Naira and the bank will make the transfer for you in dollars.

The problem is that there is so much 'dollarization' of the economy. The CBN policy will force those who have Cash Dollars to proceed to the parallel market to exchange them for Naira thereby leading to a strengthening of the Naira in that market. The policy is also meant to check illicit (out)flows and money laundering.

Bevista:
It is rather unfortunate that the Honorable members do not understand the Central Bank policy. The Bank has not stopped legitimate foreign transfer like payment for school fees, medical bills, etc. What the bank has simply stopped is the dumping of physical dollars (cash) in the banking system.

If one needs to pay for anything abroad, just go to your bank and you will be issued with Form A or Form M for you to fill. Once you are done, the bank will tell you the prevailing exchange rate, which you will then pay in Naira and the bank will make the transfer for you in dollars.

The problem is that there is so much 'dollarization' of the economy. The CBN policy will force those who have Cash Dollars to proceed to the parallel market to exchange thereby leading to a strengthening of the dollar in that market. The policy will also check illicit inflows and money laundering.

Thumbs up!

Cc: bjdon, kenny987

.

M.

Nigerian politicians. Protecting their interest since 1887.

Buhari has given them an lowjab.

Main boxing never even start.

hmmm wat for

Noted

toh

Oh

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Adesiji77:
This is getting interesting...


CONTINUE READING HERE http://www.punchng.com/news/reps-summon-cbn-gov-over-dollar-deposits/ lalasticlala

The stuffs making waves on here is getting boring by the day

nnachukz:
I can feel their frustration. The hard currencies they easily loot our money in, can no longer be accepted in the bank for onward transfer to foreign hidden accounts.

The CBN is our problem in this country.

Their is nothing confusing about the policy...
Oga reps go and do research to ascertain the policy... Lazy reps

They just wake up and introduse one selfish policy without minding the effect on the population.

It's all for good. God bless Nigeria.

Stop being naive, young man. You are more confused than himself.

useless reps

U don jam my car oyibo rekpete

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