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Bill amending CBN Act passes 2nd reading in Senate

Boom RadioNG | February 27, 2024

The bill seeking the amendment of the Central Bank of Nigeria, CBN, Act, 2007 has passed 2nd reading in the senate.

The bill sponsored by 41 members of the Committee on Banking, Insurance and other Financial Institutions began the debate when the bill was first read by the Chairman of the Committee, Sen. Adetokunbo Abiru on Jan.30th.

He said the mandate of CBN was derived from the 1958 Act of Parliament as amended in 1991, 1993, 1997, 1998 and 2007.

The senator said the current act of 2007, which empowers 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 growing changes to the bank’s balance sheet.

According to him, the bill introduces for the purpose of co-ordination of the monetary, fiscal and trade policies supervised by a Coordinating Committee for Monetary and Fiscal Policies.

Nigeria Senate Plenary session 2023 photo credit Tope Brown

He said membership of the proposed committee will consist of, Minister of Finance as the Chairman, Minister of Budget and Economic Planning, Minister of Industry Trade and Investment, Minister of Agriculture, Governor of the Central Bank of Nigeria, the Chief Economic Adviser to the President, the Director General of the Securities and Exchange Commission.

The senator said the bill also proposes to amend the provision to provide a single non-renewal term of six years for the Governor and the Deputy Governors of the apex bank.

 

Dolupo Balogun

Written by Boom RadioNG

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