Business

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

Published

2 years ago

February 28, 2024

533 Views

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.

Business

Naira Exchange Rates Tuesday, August 11

Published

4 hours ago

August 11, 2026

OCHEFA

30 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,423 Sell ₦1,428

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,600 Sell ₦1,620

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦190 Sell ₦205

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

Australian Dollar Buy ₦800 Sell ₦900

Commercial Bank Exchange Rates

Fidelity Bank

Currency Sell

USD / NGN ₦1370.00

GBP / NGN ₦1869.78

EUR / NGN ₦1604.54

Sterling Bank

Currency Buy Sell

USD / NGN₦1350.00 ₦1370.00

GBP / NGN ₦1800.68 ₦1868.46

EUR / NGN ₦1539.16 ₦1603.07

ZAR / NGN ₦82.44 ₦87.16

Official CBN Exchange Rates

US Dollar (USD) ₦1,360. 14

Great British Pound (GBP) ₦1,838.50

EURO (EUR) ₦1,571. 10

Swiss Franc (CHF) ₦1,680.85

Japanese Yen (JPN) ₦8.56

Chinese Yuan (CNY) ₦201.61

West African CFA (XOF) ₦2. 40

West African Union Account (WAUA) ₦1,864.27

Saudi Riyal (SAR) ₦362.22

South African Rand (ZAR) ₦84.07

Business

NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

5 days ago

August 6, 2026

OCHEFA

55 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay

Business

NDIC begins paying depositors of 46 closed microfinance banks

NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.

Published

5 days ago

August 6, 2026

OCHEFA

52 Views

The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.

” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.

“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.

Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.