WED, JULY 12 2023-theGBJournal |Members of the Federal House of Representatives Wednesday urged the Central Bank of Nigeria (CBN) to halt the implementation of the policy/directive, and mandated the Committee on Banking and Currency (when constituted) to investigate the matter and report back within three weeks for further legislative action.
The house also mandate the Committee on Legislative Compliance (when constituted) to ensure implementation.
The lawmakers are concerned that implementing the CBN’s directive at this point may clearly be unnecessary as it is likely to bear a lot pressure on teeming Nigerian masses.
They argued that they are cognizant of the need to revisit and halt the Central Bank of Nigeria directive ”to reduces the hardship and pain faced by teeming Nigerian.”
The CBN recently mandated Commercial Banks to compel customers to add their social media handles as part of a “know Your Customer” requirements.
The House observes that as laudable as this directive may appear, may be unnecessary as it is likely to bear pressure on teeming Nigerian masses at this trying period.
”Cognizant of the fact that this directive by the CBN is in conflict with the provision of Section 37 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) on the right to privacy of Citizens,” the lawmakers said.
The House members noted that banks in the country already have the names, telephone numbers, passport photographs, emails, National Identification Number (NIN), Biometric Verification Number (BVN), utility bills and other basic requirements with which to identify, know and monitor customers.
They said they are cognizant that there are better means of monitoring money laundering, terrorism financing, and proliferation financing, such as the Nigeria Police Force (NPF), Nigeria Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), intelligence and crime tracking agencies, amongst others
They also expressed Worry that if the directive takes effect, Nigerians who are not on social media, with large turn overs from their businesses and trades, would be compelled to or systematically excluded from formal banking systems with its attendant negative effects and implications.
Members also reminded the CBN of the untold hardships this directive will cause millions of Nigerians, especially the illiterates, or semi-literate business owners, traders and entrepreneurs living in the villages and rural areas who do not have social media handles.
Hon. Kelechi Nwogu, representing Omuma State Constituency in Rivers State moved the motion on the need to halt the Central Bank of Nigeria’s directives on addition of social media handle on “Know your Customer” requirement, and it was seconded by Hon. Abdulsamad Dasuki.
The motion was voted on, adopted and referred to the House committee on Banking and Currency when constituted.
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