A Bill which seeks to stimulate transparency in the operations of the apex bank, the Central Bank of Nigeria (CBN) and insulate it from undue influence of the Executive arm, passed second reading on the floor of the Red Chamber on Wednesday.
Titled: “A Bill for an Act to amend the Central Bank of Nigeria Act and for other related Matters”, was sponsored separately by Senators Darlington Nwokocha and Sunday Karimi.
Senator Karimi’s Bill was titled:”“A Bill for an Act to amend the Central Bank (Establishment) Act 2007, to make the Central Bank more Transparent and Accountable in its Operations and to ensure Enhancement of its functions and for Connected Matters Therewith, 2023.”
Presenting his lead debate, Senator Nwokocha said “the Bill sought to amend Sections 6(1), (2); 8(1), (2) (3) (4) (5); 12(1), (2) (3); 13(1) (2) (3) (4) and Paragraph 8 of the First Schedule to the Principal Act.
The proposed amendment, according to him, was meant to “address the corporate governance and lack deficit of ethical conduct that bedeviled the Central Bank Management over the years by separating the Head of Management from the Head of the Governing Board; Enhance internal mechanisms for improved control system as well as checks and balances in line with global best practices; Restore public trust in the CBN as the Banker’s Bank and Monetary Policy institution for optimal performance and resilience”.
The proposed amendment would also guarantee the independence of the CBN from any form of political affinity both from within and without.”
The amendment would also ensure proper transparency and accountability in CBN management and Operations.
Senator Karimi’s proposed amendment to section 9(2) of the CBN Act reads: “Notwithstanding the Provisions of this Act or any written law in existence, the Governor and the Deputy Governor of the Bank shall not participate directly or indirectly in partisan politics, nor contest any election, during their tenure in office”.
The amendment, as proposed by Senator Karimi, also seeks to prohibit the use of foreign currency for domestic transactions in Nigeria.
On his part, Senator Nwokocha in his lead debate, said the amendment seeks to address all anomalies that have hindered the advancement of the apex bank to handle the ailing economy of the nation.
Deputy President of the Senate, Barau Jibrin who presided at the Senate plenary expressed the hope that the amendment would meet the expectations of Nigerians, anxious for transparency and accountability in the operations of the apex bank.
