The National Assembly has proposed amendments to the Central Bank of Nigeria (CBN) Act 2007, aimed at enforcing a stringent neutrality rule for the apex bank’s top executives.
Spearheaded by former Senator Darlington Nwokocha before he was sacked from office by an Appeal Court in Lagos, the amendment seeks to prohibit the Chairman, Governor, and Deputy Governors of the CBN from engaging in political activities or becoming members of any political party for three years post their tenure.
The bill also outlines that the CBN’s top officials—comprising the Chairman, Governor, and Deputy Governors—shall initially be appointed for a five-year term.
They may be reappointed for one additional term not exceeding five years. A transitional clause stipulates varying terms for the initial Deputy Governors to facilitate a staggered leadership transition, with two appointed for three years and two for four years.
The bill also enhances the accountability mechanisms of the CBN Governor by mandating semi-annual reports to the National Assembly.
These sessions are to cover the broad spectrum of the CBN’s monetary policy efforts, activities, objectives, and future economic development prospects.
The amendment proposes a Board of Directors for the CBN, designed to inject a broader range of expertise and ensure robust oversight.