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House of Representatives passes second reading of bill proposing six-year non-renewable term for CBN governor and deputies.
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Bill seeks to ban foreign currency use locally, separate roles of governor and board chairman, and strengthen monetary policy oversight.
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Lawmakers emphasize structural reforms to enhance transparency, accountability, and financial stability.
The House of Representatives on Thursday passed the second reading of a bill seeking to limit the tenure of the Central Bank of Nigeria (CBN) governor and deputy governors to a single, non-renewable six-year term. Currently, the CBN Act of 2007 allows a five-year term, with eligibility for a second term.
Sponsored by Jesse Okey-Joe Onuakalusi and Majority Leader Julius Ihonvbere, the bill also proposes prohibiting foreign currency for domestic transactions except through authorized channels, separating the roles of governor and board chairman, and introducing macro-prudential oversight tools to strengthen financial stability.
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The legislation requires the CBN governor to provide 90 days’ notice, conduct an impact assessment, and brief the National Assembly before any currency redesign or demonetisation, aiming to prevent disruptions similar to those during Godwin Emefiele’s controversial naira redesign.
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Onuakalusi described the proposals as forward-looking structural reforms designed to protect the Nigerian economy, enhance monetary policy credibility, and ensure the CBN operates professionally and transparently, free from partisan politics.
The House voted unanimously in support, with Deputy Speaker Benjamin Kalu calling for a voice vote. Similar legislation had passed the Senate’s second reading in February 2024.
