One of the most contentious proposed amendments is the removal of the “Concurrence”
role for the Central Bank of Nigeria (CBN) and its substitution with a more “collaborative”
role. This change is intended to grant the NDIC greater independence in decision-making regarding its policy objectives.
During a public hearing on the bill at the Senate, the Central Bank of Nigeria expressed its opposition to this amendment. However, the bankers, directors, and other stakeholders endorsed the change.
The bill proposes amendments to sections 2, 3, and 4 of the principal Act, replacing the word “concurrence” with the word “collaboration.”John Onoja, acting director of the financial policy and regulation department of the CBN, explained that “collaboration“ means that the NDIC makes decisions and collaborates with the CBN.
