The National Assembly has made strides with a proposal that could see the Central Bank of Nigeria’s (CBN) capital base soar to a whopping N1 trillion.
This proposition was part of a broader legislative effort encapsulated in a bill that recently advanced to its second reading in the Senate.
This bill, titled “Bill for an Act to Amend the Central Bank of Nigeria Act, 2007 to strengthen the Bank, and for other related matters thereto, 2024 (SB. 325),” is spearheaded by Senator Adetokunbo Abiru (APC, Lagos East), alongside the robust support of 41 other Senators, to amend various facets of the existing CBN Act, 2007.
Key among the proposed changes is a dramatic increase in the CBN’s authorized capital from the current N100 billiona figure that legislators argue has been significantly diluted over time due to the naira’s devaluation.
This financial bolstering is seen as a crucial step in ensuring the CBN remains a formidable pillar in Nigeria’s economic landscape.
Senator Abiru, in his lead debate, underscored the bill’s potential to significantly empower the CBN in fulfilling its core mandates, marking a pivotal step towards enhancing Nigeria’s financial system integrity and stability.
