The Central Bank of Nigeria (CBN) has reinforced its commitment to enhancing the nation’s financial regulatory framework. This was the focus on Wednesday, March 4, 2026, as the Senate Committee on Banking, Insurance, and Other Financial Institutions held a one-day Public and Investigative Hearing on a Bill to amend the Banks and Other Financial Institutions Act (BOFIA).
Representing the Governor of the CBN, Mr. Olayemi Cardoso, the Deputy Governor for Financial System Stability (FSS), Mr. Phillip Ikeazor, joined lawmakers at the National Assembly to provide expert input on the proposed legislative changes. The hearing, chaired by Senator Mukhail Adetokunbo Abiru, sought to align Nigeria’s banking laws with global best practices and evolving economic realities.
Speaking during the session, stakeholders emphasized that the amendment is crucial for maintaining the resilience of the Nigerian banking sector and protecting depositors’ interests in an increasingly digital financial landscape.
