Members of the House of Representatives on Thursday expressed overwhelming support for the bill, which seeks to prohibit the use of foreign currency for domestic transactions across the country.
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The lawmakers expressed their support after a robust debate on a bill seeking to amend the Central Bank of Nigeria (CBN) Act to allow for proper day-to-day operations, professional oversight and checks and balances, co-sponsored by Hon. Julius Ihonvbere and Hon. Jesse Onuakalusi.
Speaking earlier on the spirit of the proposed bill, Hon. Onuakalusi argued that there is “pressing need to strengthen governance, autonomy, transparency and accountability of the Central Bank of Nigeria, particularly in the light of recent national global economic realities.
“As an up-to-date monitoring authority, the CBN plays a very central role in dissembling the financial system, ensuring monetary credibility. It’s a fundamental change to the CBN Act. As an up-to-date monitoring authority, the CBN plays a very central role in dissembling the financial system, ensuring monetary credibility, safeguarding price stability, and promoting public confidence in the Nigerian economy.
“However, Mr Speaker and distinguished Colleagues, in recent years, ranging from government-concerned foreign exchange destruction, moral policy inconsistency, weak oversight mechanisms, to challenge witnesses around currency redesign and policy communication has exposed a structural gap in the Principal Act.”
According to him, the proposed amendments seek to “separate the role of Governor and the Board of Directors, Chairman, to avoid concentration of powers, and ensure professional oversight.
“The second aspect this bill helps to ensure is to introduce a single six-year non-renewable 10-year contract, which is a very important part of the CBN Act.”
He added that the bill also seeks to initiate a uniform exchange rate and prohibit the use of foreign currency for a domestic transaction except in authorised areas.
According to him, the proposed legislative framework also seeks to help in putting the country’s financial stability of this nation is to strengthening financial stability oversight, including micro prudence tools.
In his intervention, former Majority Leader during the 9th House of Representatives, Hon. Alhassan Ado-Doguwa, gave insight into the rationale behind the stiff opposition against the redesigning of the naira initiated under President Muhammadu Buhari’s administration.
Hon. Ado-Doguwa, who doubles as the incumbent Chairman, House Committee on Petroleum (Upstream), while expressing optimism that the bill has within its content a very insightful intendment, to strengthen the institution of the Central Bank, especially the office of the Governor.
“For the fact that the Central Bank holds the key not only to the financial engagements or activities of our country, but to a larger extent, the economic activities of our great country. And it is the same virtually in every other economy,” he noted.
While Asia missing insinuation that the bill was targeted at the CBN Governor, he said: “I have not seen where actually the bill is targeting or intending to strengthen or empower an individual. It is, of course, an institutional bill, and I want to take special interest in the fact that I remember we had a challenge.
“Suddenly, overnight, the policy makers, and I want to say without fear of being quoted, policy makers, not even the driver and the leader of the regime, the leader of that government, who was in the driver’s seat, it was like a connivance. They suddenly came up with what they call the Naira redesign, pushing the government to take a policy that was apparently not a popular policy at a time when the nation was facing an election process.
“This House stood at that time against that thing. An Ad-hoc Committee was said to be led by me to engage and interface with the then President, President Muhammadu Buhari, which we did. The intention to redesign Naira, then, for me, was not a good one. It was in bad faith.
“Mr Speaker, Honourable Members, I am particularly encouraged that this bill should be passed with the speed of light because of this very point, that for any process or for any government to undertake any policy of redesign of Naira or change of Naira denomination, it has to have the backing of the institution of the Legislature. This was lacking, or is apparently lacking, in the CBN bill today.
“So, the sole intention to bring to this honourable institution, and not without any ulterior motive, to bring these powers to the people of Nigeria that are represented in this chamber, I think, is a beautiful one.
“Whichever government we have at any time in point that wants to redesign Naira or denominate our Naira notes, or to even change whatever as far as Naira is concerned, it has to have to do that with the mandate of the institution of the Legislature that represents the interests of the larger society of our own country.
“Alright, I have seen in this bill that clear intention, that there has to be a 90-day notice, and it has to go with the mandate and approval of the institution of the National Assembly. Honourable Members, I want to tell you that this is a popular bill. It is intended to strengthen the institution. It has also given back to the people,” he noted.
After the debate on the bill, which was supported through a voice vote, the Deputy Speaker, Hon. Benjamin Kalu, who presided over the session, referred the bill to the House Committee on Banking Regulations for further legislative action.
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