The Senate Committee on Banking, Insurance and Other Financial Institutions has suspended a scheduled public hearing on the proposed bills seeking to amend the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation Acts.
The committee made the announcement known on Tuesday ahead of the hearing slated for Thursday.
The Senate on February 27, 2024, passed for a second reading a bill for an Act to Amend the CBN Act No.7 2007; and on February 29, read for the second time a bill for an Act to Amend the NDIC Act No.63, 2023.
The Senate referred both bills to the Committee on Banking, Insurance and Other Financial Institutions for further legislative action.
Both Bills were sponsored by Mukhail Abiru, chairman of the Committee and co-sponsored by 41 members of the committee.
Meanwhile, there have been growing concerns that the amendment of the CBN Act may potentially erode the independence of the apex bank and dampening the confidence of investors.
More details later…