Reps advise CBN to revamp online banking systems in response to the Naira crisis.

The House of Representatives has urged the Central Bank of Nigeria (CBN) to direct commercial banks to revamp their existing online/electronic banking platforms in order to conduct electronic banking operations efficiently.

Thursday’s plenary session unanimously approved a motion by Representative Sergius Ogun (PDP-Edo).

Section 88 (1) and (2) of the Constitution, according to Ogun, authorized the National Assembly to investigate the activities of any authority executing or administering laws made by the assembly, such as the CBN.

According to Section 1 of the CBN Act, the CBN was established to issue legal tender in Nigeria.

According to him, Section 2 of the Act charges the Central Bank of Nigeria with promoting a sound financial system in Nigeria.

“As a result of the recent redesign of the Nigerian naira and the CBN’s cash withdrawal limit policy, there has been an increase in the use of online and electronic banking services to conduct financial transactions across the country.”

In the past three months or so, the use of online or internet banking services by Nigerians has been plagued by a variety of issues, including unsuccessful electronic bank transfers, Point-of-Sale (PoS) service failure, and a host of others.

“Concerned that the ineffectiveness or difficulty in using internet banking services across the online banking platforms of the majority of commercial banks in Nigeria has caused Nigerians unimaginable hardship, suffering, and difficulties over the past three months.

“Concerned that if nothing is done by the CBN to address these difficulties or ineffectiveness, Nigerians will continue to endure unfathomable hardships and monetary loss due to failed electronic bank transactions,” he said.

Rep. Ahmed Wase, the Deputy Speaker of the House, ruled that the Committee on Banking and Currency must ensure compliance and report back within four weeks with recommendations for further legislative action.

(TNT)