The House Of Representatives has resolved to conduct an investigative hearing on the non-compliance by banks and financial institutions with Central Bank of Nigeria, (CBN) directives on the net open position limits.
The resolution of the house follows the adoption of a motion of urgent national importance on the need for banks to implement CBN’s policies on holding excess long foreign exchange and net open position limits, moved at today’s plenary by Honorable Babajimi Benson.
Benson, who moved the motion, explained that CBN is saddled with the responsibility of regulating the monetary policies of the country as provided for by the CBN act.