The Senate Committee on Banking, Insurance and Other Financial Institutions on Thursday confronted the Central Bank of Nigeria (CBN) over an alleged failure to remit N1.44 trillion in operating surplus to the Consolidated Revenue Fund, as flagged in the Auditor-General’s 2022 report.
CBN Governor Olayemi Cardoso led the bank’s delegation to the meeting, where Committee Chairman Senator Tokunbo Abiru said the allegations had raised strong public interest and demanded a clear explanation from the apex bank.
Lawmakers also questioned the effectiveness of the current 45% Cash Reserve Ratio (CRR), the new 75% CRR on non-TSA public deposits, and sought updates on cyber-risk regulations, digital lending oversight, and the banking sector recapitalisation exercise.
Other issues raised included clearing FX forwards, curbing excessive bank charges, handling mutilated naira notes, and the CBN’s role in recapitalising BOI and BOA.
Cardoso highlighted the bank’s achievements in 2025 and projected improved inflation, FX stability, and stronger banking sector resilience in 2026.
The meeting later moved into a closed-door session for further discussions.
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