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Reps move to amend CBN Act to stop its officials from getting involved in politics

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Central Bank of Nigeria

The House of Representatives has passed for second reading, a bill to determine the appointment or cessation of the governor of the Central Bank of Nigeria (CBN), deputy and directors.

The bill sponsored by Sada Soli Jibia (APC Katsina) seeks to amend some sections of the CBN Act 2007 to stop its official from participating in political activities.

It stated that, “Section 11(2) of the Principal Act is amended by inserting a new (f) to read thus:”(f) Is a member of a Political Party or involve in Partisan Politics”.

In his lead debate, the lawmaker stated that the amendment is not prejudiced against anybody but because the Act was tested and it was found weak.

“Therefore we need to strengthen the Central Bank of Nigeria (CBN) as the lender of last resort, the bank of the federal republic of Nigeria to restore its credibility from the shock it has suffered in the cause of interpreting the law.

“Why am I doing this? Because there was a time CBN Governor went to court seeking an interpretation of whether he can participate in partisan politics.

“We need to address that. Today the credibility of CBN in the custody of sensitive election material is being questioned. It’s not against any individual but to save the integrity of the CBN”.


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