Index to Nigerian Newspapers

Senate to amend CBN Act, bars governor from partisan politics

Two bills, the Central Bank of Nigeria (CBN) (Establishment Amendment) Bill 2023 and the Bill to amend the Central Bank of Nigeria Act 2007, have passed second reading in the Senate. The first, sponsored by Senator Steve Karimi, aims to prevent a Central Bank Governor from participating in partisan politics. The second, sponsored by Senator Darlington Nwokocha, seeks to enhance transparency in the bank's operations. Karimi's bill aims to lead to greater accountability and transparency in the bank's operations. The proposed amendment prohibits the use of foreign currency in local transactions in Nigeria, stating that it is only authorized by a bank and financial institutions.

John Alechenu | Central banks—Law and legislation—Nigeria | Vanguard | Thursday, October 26, 2023