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Senate Pegs 6-year Single Term For CBN Governor, N1trn Bank Capital Base

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In an amendment bill, the National Assembly is seeking to make the Central Bank of Nigeria (CBN) governor’s tenure one term of six years.


The amendment of the CBN Act 2007 will foreclose a renewable term for the head of the apex bank and make it a single term of six years.


The National Assembly through the Senate is also proposing N1 trillion recapitalisation for commercial banks. It presently stands at N100 billion.

As the Senate undertakes sweeping reforms in the organisation, administration and functions of CBN through an amendment bill read for second reading in plenary on Tuesday, its committee on Banking, Insurance and other Financial Institutions screened nominees for board of directors of the Bank.


Proposal for six-year single term for CBN governor, deputy governors and members of board of directors, was contained in a bill seeking for an amendment of the CBN Act 2007 sponsored by Adetokunbo Abiru (APC Lagos East), chairman, Senate Committee on Banking.

Abiru, in his lead debate on the bill co-sponsored by 41 other members of the committee , said the six-year single term for CBN governor , deputy governors and board of directors was geared towards reducing political influence on them.


“The Bill proposes to amend this provision to provide a single non-renewal term of 6 years for the Governor and the Deputy Governors.

“This is the practice adopted by many independent Banks such as the US Federal Reserve and the European Central Bank where their chief executive officers serve only one non-renewable term.

“Empirical evidence shows that a single term for the members of the Executive and Board members of central banks helps to reduce political influence on monetary policy decisions and the time inconsistency problem associated with non-independent central banks,” he said.

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Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

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The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

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Naira Exchange Rates Tuesday, 30 June 2026

BLACK MARKET RATES
US DOLLAR (USD) ₦1, 390
GREAT BRITISH POUND (GBP) ₦1,855
EURO (EUR) ₦1, 585

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395

GREAT BRITISH POUND (GBP) Buy ₦1,855 Sell: ₦1,870

EURO (EUR) Buy ₦1, 585 Sell ₦1,605

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

OFFICIAL CBN EXCHANGE RATES

US DOLLAR (USD) ₦1,383. 63

GREAT BRITISH POUND (GBP) ₦1,831.64

EURO (EUR) ₦1,578. 03

SWISS FRANC (CHF) ₦1,710.71

JAPANESE YEN (JPN) ₦8.55

CHINESE YUAN (CNY) ₦203. 65

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,872. 07

SAUDI RIYAL (SAR) ₦368.43

SOUTH AFRICAN RAND (ZAR) ₦84.24

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Naira Exchange Rates Monday, 29 June 2026

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OFFICIAL CBN EXCHANGE RATES

US DOLLAR (USD) ₦1,380. 93

GREAT BRITISH POUND (GBP) ₦1,824.90

EURO (EUR) ₦1,577. 58

SWISS FRANC (CHF) ₦1,710.13

JAPANESE YEN (JPN) ₦8.54

CHINESE YUAN (CNY) ₦203. 13

WEST AFRICAN CFA (XOF) ₦2.39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05

SAUDI RIYAL (SAR) ₦367.72

SOUTH AFRICAN RAND (ZAR) ₦83. 89

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

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