A bill to amend the Central Bank of Nigeria Act scaled second reading at the House of Representatives yesterday.
The proposed amendment, according to the sponsor of the bill, Honourable Francis Waive, seeks to address critical aspects of the Act to enhance the effectiveness, transparency, and accountability of the apex bank and its operations.
Leading the debate at a plenary session on the floor of the House, Honourable Waive, who represents Ughelli North/South/Udu Federal Constituency, Delta State, emphasised the need to amend Section 6 of the CBN Act as it concerns the necessity of separating the Chairman of the Board of the apex bank from the CBN Governor.
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According to the lawmaker, separating the Chairman of the Board from the Governor would enhance independence and oversight and also ensure a more effective system of checks and balances within the CBN’s governance structure. According to the lawmaker, the differentiation will reduce the concentration of power, enhance accountability, and provide an avenue for unbiased oversight of the CBN’s operations.
Additionally, the amendment seeks to reduce the potential for conflict of interest.
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