Nigeria, Feb. 27 -- A bill seeking to limit the tenure of governor and deputy governors of the Central Bank of Nigeria (CBN) to a single non-renewal term of six years has passed a second reading at the Senate.

The bill was sponsored by the senator representing Lagos East, Adetokunbo Abiru.

Section 8 (2) of the CBN Act 2007 empowers governors and deputy governors of the bank to stay five years in office and they are also eligible for re-appointment for another term not exceeding five years.

The amendment bill was read the second time at the Senate on Tuesday and was referred to the Committee on Banking Finance and Other Financial Institutions for further legislative action.

The Senate President, Godswill Akpabio, directed the committee...