National Assembly Suspends Amendment of CBN Act
The National Assembly Committee on Banking, Insurance and other Financial Institutions has actually chosen to stop briefly the change procedure for the costs entitled “An Act to Amend the Central Bank of Nigeria Act No. 7 of 2007.”
This choice was made to enable more assessments amidst debate and deceptive reports.
Unique Adviser to the Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Professor Uche Uwaleke, clarified current misconceptions in the media.
He dealt with reports declaring that the Senate prepared to remove the Central Bank of Nigeria (CBN) of its power to set rate of interest and move this authority to a committee led by the Minister of Finance.
According to him: “My attention has actually been drawn to a deceptive report presently distributing in the media that the National Assembly prepares to move rate of interest choices from the CBN to a Committee to be chaired by the Minister of Finance. This is entirely false.”
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“The reality is that the change Bill proposes a Coordinating Committee as an institutional structure for the positioning of financial and financial policies and not to take over the functions of the Monetary Policy Committee of the Bank which were not tampered with.
“Section 12 of the existing Act develops the MPC, along with specifies its functions and structure. These arrangements are all maintained in the change Bill.
“Be that as it may, let me take this chance to notify you that in view of the debate this has actually produced, the National Assembly has actually chosen to postpone the whole change procedure to enable more assessments.
“As a goal and extremely trusted global media organisation, it would be proper to take down the deceptive post and release the proper position.”
This brand-new committee, he clarified, is not meant to change the CBN’s Monetary Policy Committee (MPC) or weaken the CBN’s self-reliance.
He stressed that Section 12 of the present CBN Act, which develops the MPC and describes its functions and structure, stays the same in the modification expense.