Proposed Amendments To CBN Act, Recipe For Leadership Crisis – Arewa Youths

The Arewa Consultative Youths Movement (ACYM) has described the move by the Senate to amend the law setting up the Central Bank of Nigeria (CBN) as a recipe for leadership crisis in the apex bank.

The Senate had on Tuesday moved against the CBN Governor, Godwin Emefiele, by passing a Bill for second reading.

The Bill seeks to whittle down the CBN Governor’s powers and remove him as Chairman of the Board of Directors of the Central Bank.

The group, in a statement on Wednesday by its President, Kabiru Yusuf, said the development was capable of plunging the bank into a serious crisis if unchecked.

It said it was, therefore, important for the Senators to drop the idea.

The statement reads, “We make bold to say that the CBN has been enjoying stability under its Governor, Godwin Emefiele.

“It is therefore surprising that our senators, being funded from tax payers money, will wake up and take decisions that will end up destabilising the bank.

“This ammendment is a clear road to perdition and as ethnic youth leaders across the country, we are calling on our lawmakers to drop the idea.

“The need to drop the idea is in the interest of the nation’s economy.”