During the debates on the bills at the upper legislative chamber, the lawmakers proposed that Section 9 be further amended to insulate the CBN governor and deputies from participating in politics while in service.
The sponsors of the bills also proposed that the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS) and Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.
The second reading of the bill was however opposed by Senator Adams Oshiomhole, representing Edo North Senatorial District, who argued that the case of the immediate past Governor of the CBN, Godwin Emefiele which was the case in reference was a consequence of the absence of governance and the will to enforce the extant laws.
The Deputy Senate President, Jibrin Barau, therefore gave the Senate Committee on Banking and Finance two weeks to report back on the CBN Amendment Bill.