By Emma Ujah , Peter Egwuatu & Oscarline Onwuemenyi
SOKOTOâ€”THE Â CENTRAL BANK, yesterday, reversed its earlier directive that directors of banks were now to serve a two-year tenure which could be renewed once.
This was just as the Sultan of Sokoto, Alhaji Muhammad Saâ€™ad Abubakar, yesterday, said that CBN policies will endanger the nationâ€™s economy if not checked just as the apex bank reversed itself on non-executive directorsâ€™ tenure saying that the four-year renewable tenure subsists.
The Sultan, speaking during a courtesy visit by the Securities and Exchange Commission, SEC, team led by the Director General, Ms Arunma Oteh, said that what the CBN did was to expose the nation to insecurity.
He said: â€œWhen we meet with the CBN governor we shall advise him on the policies that are not favourable to the economy. Whatever the banks should do, they should take into consideration its security implication to the nation.
â€œIf the economy is down and out we would have a lot of insecurity problems because the poor man will resort to violence and crimes.â€
Noting that the economy was a good ingredient for sustaining peace and unity