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Lawmakers suspend public hearing on CBN Act review

The Senate Committee on Banking, Insurance and Other Financial Institutions has suspended its scheduled public hearing on proposed bills to amend the Central Bank of Nigeria and the Deposit Insurance Corporation of Nigeria Acts.

The commission made its announcement Tuesday ahead of a hearing scheduled for Thursday.

On February 27, 2024, the Senate passed for second reading the bill amending the CBN Act No. 7 of 2007; and on February 29, read the NDIC Amendment Bill No. 63 of 2023 for the second time.

The Senate referred both bills to the Committee on Banking, Insurance and Other Financial Institutions for further legislative action.

Both bills were sponsored by Mukhail Abiru, chairman of the committee, and co-authored by 41 committee members.

Meanwhile, there are growing concerns that the amendment to the CBN Act could potentially undermine the independence of the apex bank and weaken investor confidence.

More details later…