Naira: N’Assembly, CBN disagree on bank’s mandate

The National Assembly and Central Bank of Nigeria on Thursday disagreed on the mandate of the latter in currency restructuring project.

While the CBN told the Senate that it  had the power to carry out a  comprehensive  review  of the country’s currency , the Senate said the apex bank’s independence was limited.

The Director, Corporate Communications Department, CBN, Mr. Ugochukwu Okoroafor,  had told journalists at a press conference in Abuja that  the Banks and Other Financial Institutions Act and the CBN Act of 2007 was very clear “on who does what.”

He said, “We are aware of the message from the Senate and we have also heard about the very conciliatory stance of the House of Representatives.

 “But it is important to note that the law is very clear on what our responsibilities are; it’s very clear on the process as far as this matter is concerned and we are completely within our mandate and we have made that point clear and there is no problem because the law is very clear on who does what.”

Section 17, 18 and 19 of the CBN Act of 2007 gives the apex bank the  right to issue currency note as approved by the President on the recommendation of the CBN board.