Reps Push for CBN Reforms to Strengthen Accountability and Governance

The House of Representatives has introduced a bill aimed at amending the Central Bank of Nigeria (CBN) Act to enhance oversight, transparency, and governance within the apex bank.

Co‑sponsored by House Leader Julius Ihonvbere and Jesse Onakalausi, the legislation cleared its second reading unopposed. The proposed act seeks to streamline the CBN’s day‑to‑day operations while reinforcing checks and balances.

Lawmakers explained that the amendments are intended to address public concerns over governance gaps, inconsistencies in monetary policy, and challenges in foreign exchange management, all of which have raised questions about accountability at the CBN.

Onakalausi emphasized that the reforms would help the central bank maintain financial stability, protect price levels, and boost public confidence, while improving internal oversight and communication.

The bill also aims to strengthen corporate governance within the CBN, ensuring the institution operates with greater transparency and remains accountable to both the legislature and the public.