The National Assembly (NASS) is considering an amendment to the Central Bank of Nigeria (CBN) Act 2007, aimed at enforcing a stringent neutrality rule for the apex bank\u2019s top executives.<\/p>\n
Former Senator Darlington Nwokocha, prior to his dismissal by an Appeal Court in Lagos, initiated this proposed amendment. The objective is to prevent the Chairman, Governor, and Deputy Governors of the CBN from engaging in political activities or affiliating with any political party for three years following their tenure.<\/p>\n
A key provision of the Central Bank of Nigeria Act 2007 (Amendment) Bill 2023, specifically amended section 8, states:<\/p>\n
\u201cThe Chairman, Governor, and Deputy Governors shall not engage in or be a member of any political party until three (3) years after disengaging from office.\u201d<\/p>\n
Furthermore, the bill outlines the appointment terms for CBN top officials, with an initial five-year term and eligibility for one additional term not exceeding five years. A transitional clause specifies varied terms for initial Deputy Governors to facilitate staggered leadership transitions.<\/p>\n
Additionally, the amendment aims to enhance the accountability mechanisms of the CBN Governor through mandated semi-annual reports to the National Assembly. These reports would cover the CBN\u2019s monetary policy efforts, activities, objectives, and future economic development prospects.<\/p>\n
Moreover, the proposal includes the establishment of a Board of Directors for the CBN to introduce a broader range of expertise and ensure robust oversight.<\/p>\n
However, the International Monetary Fund (IMF) has expressed caution regarding the ongoing amendment to the CBN Act, warning that such a move could potentially undermine the CBN\u2019s autonomy and disrupt effective monetary policy management.<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Assembly (NASS) is considering an amendment to the Central Bank of Nigeria (CBN) Act 2007, aimed at enforcing a stringent neutrality rule for the apex bank\u2019s top executives. Former Senator Darlington Nwokocha, prior to his dismissal by an Appeal Court in Lagos, initiated this proposed amendment. The objective is to prevent the Chairman, […]<\/p>\n","protected":false},"author":27,"featured_media":31202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,172],"tags":[],"class_list":["post-31199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/31199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=31199"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/31199\/revisions"}],"predecessor-version":[{"id":31210,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/31199\/revisions\/31210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/31202"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=31199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=31199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=31199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}