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National Assembly pushes for central bank independence: Proposed amendment aims to deter political incursions

Proposed Legislation Seeks to Bar CBN Top Brass from Political Activities, Promoting Accountability and Oversight Mechanisms Amidst Speculation.

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The National Assembly of Nigeria is spearheading a legislative initiative to amend the Central Bank of Nigeria Act 2007, aiming to insulate the apex bank’s leadership from partisan politics.

Initially championed by former Abia Central Senator, Darlington Nwokocha, the amendment seeks to impose a three-year post-service ban on CBN chairman, governor, and deputy governors from engaging in political activities or affiliating with any political party.

The move comes in response to mounting concerns sparked by former CBN governor Godwin Emefiele’s rumored political aspirations during the 2023 presidential election cycle, exacerbating tensions amid controversies surrounding the naira redesign.

The proposed amendments, embedded within the Central Bank of Nigeria Act 2007 (Amendment) Bill 2023, also advocate for the introduction of semi-annual parliamentary reports to bolster accountability and transparency.

Furthermore, the bill outlines structural reforms, including the establishment of a new Board of Directors comprising seasoned professionals and regulatory experts to provide enhanced oversight and governance.

This legislative endeavor underscores a concerted effort to fortify the independence and integrity of the Central Bank, safeguarding its pivotal role in Nigeria’s economic stability and development agenda.

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