Reps Moves to Limit CBN Governor to Single Six-Year Term, Ban Dollar Use in Local Transactions
[NigerianEye - Nigeria] - 12/12/2025
The House of Representatives has passed the second reading of a comprehensive bill that would limit the Central Bank of Nigeria (CBN) governor and deputy governors to a single, non-renewable six-year term, while imposing a strict prohibition on foreign currency transactions within the country.The legislation, which garnered unanimous support through a voice vote under Deputy Speaker Benjamin Kalu, seeks to modernize the apex bank's operations amid lingering concerns over past governance lapses. Under the existing CBN Act of 2007, Section 8(2) allows the governor and deputies a renewable (…)
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