Nigeria Senate moves to whittle Central Bank Power

By Edwin Akwueh, Abuja

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A Bill to whittle down the power of the Governor of the Central Bank of Nigeria, CBN scales second reading in the Senate on Tuesday.

The Bill seeks to appoint a person other than the CBN Governor, as Chairman of the Board and divest the Board’s responsibility in determining and fixing salaries and allowances of its staff.

According to the proposed piece of Legislation, the Board would also be empowered to consider and approve the annual budget of the apex bank.

 

Details soon….

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