Lawmakers seek stricter oversight for Central Bank of Nigeria
The House of Representatives has begun steps to overhaul the Central Bank of Nigeria’s operations. The new bill, co-sponsored by Prof Julius Ihonvbere and Jesse Onakalausi, aims to improve transparency and accountability at the apex bank. Recent controversies, including the 2022 currency redesign, have highlighted weaknesses in the bank’s governance. Lawmakers hope these changes will align Nigeria’s central banking with global standards.
TLDR
- The bill, debated on June 6, 2024, proposes major amendments to the Central Bank of Nigeria Act, 1991.
- It aims to separate the roles of CBN Governor and Board Chairman to prevent power concentration.
- New rules would limit Ways and Means advances to 10% of the previous year's revenue to curb fiscal abuse.
- The bill introduces stricter reporting standards, including quarterly policy updates and faster publication of audited accounts.
- If passed, the reforms would bring Nigeria’s central banking governance closer to international best practices.
