The House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, to explain the recent policy directing commercial banks to reject foreign currency deposits.

This followed the unanimous adoption of a motion under Matters of Urgent Public Importance sponsored by Rep. Emmanuel Ekon (Akwa-Ibom, PDP).

Mr. Ekon said although the CBN Act of 2007 confers the bank with the power to devise suitable mechanism for the exchange of the Naira periodically, Nigerians need to understand the merits of the policy.

“Though the policy may have both short and long term economic benefits for the country, Nigerians do not have any explanation from the CBN on the merits or otherwise of the said policy.

“The apex bank has not created avenues to address the fears of parents wishing to remit money for their children’s education or manufacturers placing orders for goods abroad.

“The explanation of the said policy to members of this House by the Governor of the Central Bank will enable us to disseminate the information to our respective constituents,’’ Mr. Ekon said.

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