House of Representatives summons central bank Governor Godwin Emefiele

The House of Representatives has summoned the Governor of the Central Bank of Nigeria-CBN, Godwin Emefiele, over some possible breaches in the operation of the Bank Verification Numbers -BVN.

The apex bank boss is also expected to explain why bank customers should be made to disclose their BVN to third parties, especially while transacting businesses with Bureau de-Change operators, as contained in the new guidelines.

A motion on the matter was raised by a member of the house Abubakar Nuhu, who read an excerpt from the guidelines that all customers desiring foreign exchange through any channel will be forced to give their BVN to those with whom they are doing transactions.

The lawmaker expressed worries that the new guideline would pose more problems to Nigerians stating that the attempt to use BVN to stem money laundering will make the vital financial records of all Nigerians easily accessible to dubious people.

Nuhu further expressed worries that in an era of internet fraud, the CBN’s directive would endanger Nigerians’ hard earned money and cause even more danger than it was meant to solve. The motion was, however, adopted unanimously and referred to the House Committee on Banking and Currency for further legislative action.

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  • john james etim

    Comment:this BVN of a thing dy disturb me wen eva am in d bank to fill d form they will tell me to cum am jst sick n tired of evry tin let end this BVN of a tin

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