Reps propose six-year tenure for CBN governor and ban on foreign currency in local transactions

[Augusta]

Reps propose six-year tenure for CBN governor and ban on foreign currency in local transactions


A bill seeking to introduce a single, non renewable six year tenure for the governor and deputy governors of the Central Bank of Nigeria CBN has passed second reading in the House of Representatives.

The proposed amendment challenges existing provisions of the CBN Act 2007, which currently allows the governor and deputy governors to serve an initial five year term with the option of reappointment for another five years