A bill to amend the Central Bank of Nigeria Act scaled second reading at the House of Representatives on Thursday.
Reports state the proposed amendment, according to the sponsor of the bill, 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, 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.
He said, “The proposed amendment introduces a crucial change in the composition of the CBN’s Board of Directors as outlined in Section 6 of the Principal Act. The proposed amendment adds a new paragraph, Section 6(2)(a), which mandates that the Chairman of the Board shall be a former Governor of the CBN, a former Chairman of the Bank, or a former Managing Director of a bank.
“This provision introduces an essential shift by requiring the Chairman to have a background outside of the current leadership of the CBN.”