Displayed with permission from allAfrica.com
Speaker of the House of Representatives,Yakubu Dogara, has observed that the Central Bank of Nigeria (CBN), has promulgated regulations in the financial sector without recourse to the National Assembly.
Dogara made this known when he declared open a public hearing organized by the House committee on commerce on a Bill to make credit facilities more accessible to small and medium enterprises in Nigeria.
According to a statement signed by his special adviser on media and publicity, Turaki Hassan, Dogara Dogara noted that the hearing would determine whether conflict exists between the CBN regulation and the current Bill.
» The committee needs to determine whether the CBN overreached itself in proceeding by way of regulation instead of by legislation on this subject. Is the CBN authorized to introduce all manner of laws under the broad pretext of promoting « a sound financial system » in Nigeria and giving effect to the « objects and objectives » of BOFIA? Is the CBN a legislative body or merely a regulatory body in the financial sector?