Senate to Finally Screen Nominees of CBN Board

By Modupe Gbadeyanka

The Senate has resolved to screen and approve members of the board of the Central Bank of Nigeria (CBN).

Senate President, Mr Bukola Saraki, gave this assurance while presiding over plenary session on Wednesday.

At the red chamber of the National Assembly yesterday, Senator Shehu Sani from Kaduna State had appealed to his colleague to, on a passionate ground, quickly screen nominees of the CBN board.

At the plenary on Wednesday, the lawmaker said the non-existence of the board CBN was indirectly affecting the country’s economy.

Citing Order 43 of the Senate Standing Order, Mr Sani appealed to the conscience of the Senate on the issue of creating a CBN board, stating that the unavailability of the board was particularly limiting the capacities and functions of CBN.

According to him, “Nigeria’s central bank is the only one in the whole of Africa without a board and when you don’t have a board, you limit the ability and capacity to manage the institution.”

Continuing, Mr Sani said, “The CBN plays an important role in our economy by managing banks and checking how they function properly.”

He described the central bank as “one of the most important parts of the economy.”

“I am aware of the issue with the screening of nominees from the executive, but I want to appeal that we look into the CBN board,” he said.

The lawmaker commended the great works the CBN has done recently, saying the apex bank has “made some progress in stabilising the economy, the Naira and growing our foreign reserves.”

However, he reminded his colleagues that “our work as legislature would be assisted if the CBN has a board that can oversee its operations, ensuring banks adhere to the rules and regulations.”

Concluding, Mr Sani said, “Nominees of the CBN board should be screened in the interest of transparency and probity so that we can truly know happenings in the banks.

“The absence of the CBN board has not made banks function well. I appeal to the Senate to screen and if possible, approve nominees of the CBN board so that the economy can continue to grow.”