Tag: CBN Act

Senate: Bill seeking amendment of CBN Act passes second reading

Aminu Imam

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…

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Emefiele resigned as CBN Governor, clearing way for Tinubu’s nominee, Cardoso – Report

Aminu Imam

The embattled Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has purportedly resigned from his position in August 2023, following his suspension by President Bola Ahmed Tinubu. Recall that President Tinubu suspended the CBN boss on June 9, and instructed him to delegate his duties to the Deputy Governor of the Operations Directorate, Folashodun Adebisi Shonubi. According to a Reuters report, Emefiele, who was suspended in June, tendered his resignation letter to President Tinubu. This effectively cleared the way for Olayemi Cardoso, who was nominated on Friday by the President…

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Senate holds Emergency Session, amends CBN Act, 

Aminu Imam

The Senate has approved the upward review of the Ways and Means loan accessible to the Federal Government from five to 15 percent. According to the lawmakers, the very essence of the Bill was to enable the Federal Government to meet its immediate and future obligations in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria”. Ways and Means, by definition, are the revenues and methods of raising the revenues needed for the functioning of a…

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