Pensioners reject bid to amend CBN Act

Former Central Bank of Nigeria (CBN) employees have urged the National Assembly not to amend the institution’s enabling law.

The pensioners/retirees said CBN’s autonomy rests on four pillars: regulatory, supervisory, institutional and budgetary independence, all of which the proposed amendments would erode.

The CBN Pensioners’/Retirees’ Club, in a statement by its president Chief Patrick Anene and General Secretary Alhaji Jiya Isado, said the proposed amendments would weaken the institution and undermine its autonomy.

Among the proposed amendments are removal of the governor as board chairman and replacing him with an outsider; subjecting its budget to National Assembly approval, and divesting the board of the power to fix the remuneration of its members.