Reps Summon CBN Gov over Bureaux de Change Capital Base

 House of Representatives yesterday summoned Mr. Godwin Emiefele, Governor of the Central Bank of Nigeria (CBN)  over the new capital base of N35m set for Bureaux De Change operators by the apex bank.

The House, which asked the CBN to suspend the policy “for now”, directed its Committee on Banking and Finance to find out why‎ Emiefele introduced such a policy.

The CBN governor is expected to meet with the committee at a session to be provided over by Mr. Chukwudi Jones-Onyereri, chairman of the committee.

The resolution of the House came after members debated a motion on urgent public importance moved by Mr. Ibrahim Shehu-Gusua, a lawmaker from Zamfara State.

He had argued that the policy would cripple the economic well-being of many Nigerians employed in the informal sector.

He informed the House that the CBN recently increased the capital base of BDCs by 25 per cent from‎ N10million to N35m.

He said the policy also raised the licensing fee from N500,000 to N1m, while it jacked up the annual renewal fee from N10,000 to N25,000.

Shehu-Gusua added that these fees were besides the application fee of N100,000.

“The House is worried that the increments are outrageous against the backdrop that the CBN will also reduce the amount of dollars being issued to BDCs from $50,000 to $15,000 per week,” he said.

The lawmaker accused the CBN of deliberately planning to compound the unemployment problems in the country by introducing the policy.

He said, “This policy will send many youths engaged in the informal sector out of jobs.

“This policy has no human face and it is difficult to understand the purpose it will serve the Nigerian masses.”

Mrs. Uche Ekwunife, a member from Anambra State,  also opposed the policy.

According to her, at a period of growing social challenges in the country, many unemployed youths tried to earn their daily living, using the BDCs.

She said, “The timing is not right. Let the CBN suspend the policy for now until such a time when it is realizable.”

Aminu Suleiman, chairman, House Committee on Education, observed that the policy implied that a BDC operator would require about N70m to be in business.

Suleiman said, “This policy is not realistic and we appeal to the CBN to reverse it.

“We have received news from Lagos, Port Harcourt and Aba since yesterday that the blood pressure of a lot of people has risen because of this development.”

Mr. Victor Nwokolo, Mr. Linus Okorie and Mr. Sunday Karibi, three other lawmakers,  failed in their bid to stop the motion.

They had argued that the CBN’s target was to strengthen foreign exchange transaction, ensure greater efficiency in the management of BDCs and improve on the power of the Naira against the US Dollar.

However, when the Speaker, Mr. Aminu Tambuwal, called for a voice vote, the majority of lawmakers endorsed the motion and passed it.