The Senate has set machinery in motion for amendment of the Central Bank of Nigeria, (CBN) Act, 2007, which will among others, make tenureship of Governor of the apex bank to six years single term as against renewable five years in the extant act.
It also proposed N1trillion recapitalization for commercial banks which presently stands at N100billion.
As Senate moves for sweeping reforms in the organisation, administration and function of CBN through an amendment bill read for second reading in plenary on Tuesday, its Committee on Banking, Insurance and other Financial Institutions, screened nominees for Board of Directors of the bank.
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