The House of Representatives has called on the Central Bank of Nigeria (CBN) to order banks to overhaul their electronic transaction platforms immediately. The motion follows recent CBN policies that have strained online and electronic banking, including lower cash‑withdrawal limits and the redesign of the ₦1,000, ₦500 and ₦200 notes, which caused widespread disruption.
During a plenary session on Thursday, Representative Sergius Ogun moved a motion titled “Call on the Central Bank of Nigeria to Direct All Commercial Banks to Overhaul Their Online Banking Service Platforms to Ease Electronic Banking Operations.” He cited Sections 88(1) and (2) of the 1999 Constitution, which empower the National Assembly to investigate any authority that implements laws passed by the Assembly, such as the CBN. Ogun reminded members that the CBN was established under Section 1 of the Central Bank of Nigeria Act, Cap. C4 (2004), to issue legal tender, and that Section 2 of the Act obliges the bank to promote a sound financial system.
“The House acknowledges that, in the wake of the recent naira redesign and cash‑withdrawal limit policy, there has been a surge in the use of online and electronic banking services across the country,” Ogun said. “However, over the past three months, Nigerians have experienced numerous problems—unsuccessful electronic transfers, point‑of‑sale failures, and other glitches—that have caused significant hardship.”
Ogun warned that if the CBN and commercial banks do not address these issues, Nigerians will continue to suffer losses from failed electronic transactions. The House adopted the motion, urging the CBN to direct all commercial banks to immediately overhaul their online/electronic banking platforms for greater efficiency and ease of use. It also tasked the Committee on Banking and Currency with ensuring compliance and reporting back within four weeks for further legislative action.
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