May 18, 2024
Senate Proposes 6-Year Single Term For CBN Governors
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Senate Proposes 6-Year Single Term For CBN Governors

The Senate has passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act to provide for a single non-renewal term of six years for the governor and the deputy governors of the apex bank.

The section currently grants the governor and deputy governor of the CBN a tenure of five years, at the end of which they are still eligible for re-appointment for another term not exceeding five years.

The bill, sponsored by Senator Mukhail Adetokunbo Abiru (APC, Lagos) and all the 41 others, seeks to amend Section 8 (2) of the CBN Act.

READ ALSO: Monetary Policy Reforms Will Check Inflationary Tide, FX Distortions, Says CBN

The 2007 CBN act, which charges the bank with the overall control and administration of the monetary and financial sector policies of the Federal Government, has not been amended for over 16 years, despite challenges in monetary policy implementation occasioned by the rapidly changing financial landscape.

The bill also seeks the establishment of the office of a Chief Compliance Officer for the apex bank, of the rank of a deputy governor, who reports directly to the board and may occasionally be summoned to appear before the relevant committee of the National Assembly.

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