Operators in the banking and financial sector have spoken against the planned amendment of the CBN Act being proposed by the House of Representatives, which seeks to remove the governor of the Central Bank of Nigeria (CBN) as the chairman of the board of the apex bank.
At the public hearing on the on the bill organised by the House of Representatives, operators In the sector, former governors of the apex bank, and other participants at the event all agreed that the proposed amendment will weaken the autonomy of the Central bank.
Deputy governor of the CBN, Mr Tunde Lemo, who spoke against the amendment, said it is necessary the for the apex bank to be truly independent if it is to carry out it’s core functions.
Former governors of the apex bank, Adamu Ciroma and Joseph Sanusis, said the amendment was not necessary as the amendment may do more harm than good.
They also pointed out that the amendment if passed may send wrong signals to investors and other financial operators.
More details to come…..