Bill Barring CBN Gov From Participating In Politics Passed For Second Reading At Senate 

The Senate on Wednesday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act to bar the serving governor from partisan politics.

The bill titled, “Central Bank of Nigeria (Establishment) (Amendment) Bill 2023” was sponsored by APC Senator, Steve Karimi from Kogi West while the second one titled, “A Bill to amend the Central Bank of Nigeria Act 2007, and for matters connected therewith, 2023” was sponsored by Senator Darlington Nwokocha (LP –Abia Central).

Recalled that the immediate past CBN governor, Godwin Emefiele, had attempted to run for the 2023 presidential primaries of the All Progressives Congress (APC) while in office, a development that attracted widespread condemnation.

Karimi explained in the explanatory memorandum of his Bill that it was aimed at amending the CBN Act to allow for greater accountability and transparency in running the bank and to prohibit the use of foreign currency in local transactions in Nigeria.

He also proposed an amendment of section 9(2) of the CBN Act which reads, “Notwithstanding the provisions of this Act or any written law in existence, the Governor and the Deputy Governor of the Bank shall not participate directly or indirectly in partisan politics, nor contest any election, during their tenure in office.”

Moreso, the amendment, as proposed by Senator Karimi, also seeks to prohibit the use of foreign currency for domestic transactions in Nigeria. 

The bill seeks amendment of Section 20 of the CBN Act, by inserting Section 20(A) immediately after the existing section 20, before the current section 21.

It proposes a fine of N250,000 or a term of imprisonment not exceeding six months or both for an individual offender, and a fine of N1,000,000 for a corporate entity and a conviction of three months to its officers or directors who authorized or undertook the transaction.”

On his part, Senator Nwokocha in his lead debate said the amendment seeks to address all anomalies that have hindered the advancement of the apex bank to handle the ailing economy of the nation. He said, “The thrust of this amendment is to create a people-centered Central Bank by delivering price and financial system stability and promoting sustainable economic development.