The Nigerian Central Bank has been urged by the House of Representatives to order banks to urgently update their electronic transaction platforms.
The House claims that the recent CBN regulations, which have put pressure on online and electronic banking, have made the move inevitable.
The CBN implemented policies that produced instability in the nation by lowering the cash withdrawal thresholds and redesigning the N1,000, N500, and N200 notes. He continued by saying that Section 2 of the CBN Act places the responsibility of fostering a stable financial system in Nigeria on the bank.”
The House decided to urge the CBN to after adopting the motion “instruct all national commercial banks to promptly improve the functionality and efficiency of their current online and electronic banking platforms.