Reps Summon Emefiele To Explain Forex Policy On Domiciliary Accounts | WakaWaka Reporters

Reps Summon Emefiele To Explain Forex Policy On Domiciliary Accounts

The House of Representatives has resolved to invite the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to appear before it and explain the rationale behind the bank’s foreign exchange (FOREX) policy on the rejection of foreign currency deposits into domiciliary accounts in commercial banks.

The resolution was sequel to a motion on the matter moved by Emmanuel Ekon (PDP, Akwa Ibom) asking the House to invite Emefiele to address the lawmakers on the raging issue.

Ekon noted that there were media reports on the divergent opinions of manufacturers and financial market analysts on the policy as well as on the decision of commercial banks to reject foreign currency deposits as instructed by the apex bank.

He pointed out that everyone was in the dark regarding the policy and that it is already inflicting “untold hardships” on Nigerians and manufacturers, hence the need for Emefiele to come and shed more light on it for all and sundry.

“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 merit or otherwise of the said policy and the apex bank has not created avenues to address the fears of parents wishing to remit money abroad for their children’s education or manufacturers placing orders for goods abroad,” he said.

He added that Emefiele’s coming to the Green Chamber will enable lawmakers to disseminate the information on the policy to their constituents.

There were dissent voices from some members but the motion, however, was overwhelmingly voted for by a majority of the members.