In a joint committee session held in Abuja, Senators emphasized the need for the Central Bank of Nigeria (CBN) and its affiliates to strictly adhere to regulatory compliance. The focus was particularly on the CBN’s fulfillment of legislative reporting and briefing duties.
Senator Mukhail Adetokunbo Abiru stressed the importance of the CBN’s compliance with obligations outlined in the Central Bank of Nigeria Act 2007. He pointed out specific sections requiring the CBN Governor to appear before the Committee for semi-annual hearings, providing updates on monetary policy, economic developments, and defending the budget for the next fiscal year.
Senator Abiru also urged the apex bank to engage with stakeholders for their cooperation in the planned recapitalization of banks.
CBN Governor, Olawale Cardoso, highlighted positive impacts of recent monetary policy interventions amid global economic challenges. He cited accomplishments such as the removal of fuel subsidy, foreign exchange convergence, tax reforms, and improvements in the capital market and foreign portfolio investments.
The Senate also expressed concerns about a shortage of cash in the system, advocating for a minimum of 5% of money in cash, aligning with practices in advanced economies with cashless policies.
The meeting concluded with a commitment from both the National Assembly committees and the CBN to collaborate for the benefit of the Nigerian economy and the prosperity of its citizens.
Discussion about this post