HOUSE OF REPRESENTATIVES TO INVESTIGATE NON-COMPLIANCE OF BANKS TO CBN DIRECTIVES 07-02-24
By Sadiq Aminu The House of Representatives has mandated its Committees on Banking Regulations and Banking Institutions to conduct an investigative hearing on the non-compliance by banks and financial institutions with CBN directives on the Net Open Position Limits.
This resolution was sequel to a motion of urgent public importance moved by a member from Lagos State, Mr. Babajimi Benson.
The motion which also mandates the Committee on Legislative Compliance to ensure full implementation of the House resolution, maintained that the central Bank of Nigerian is empowered to make regulations and give directives for commercial banks and certain financial institutions to implement.
In his lead debate, Mr. Benson, who expressed worries over the speculative activity by commercial banks which has contributed to the harsh economic situation in the country, said that the CBN has intervened by introducing new monetary policies to check the rise in the rate of dollar.
The lawmaker emphasized that unless drastic legislative measures are taken to enforce the implementation of these directives, the country will continue to experience dire economic hardship as a result of continuous rise in foreign exchange rates.