Consistent with the powers reserved by the Board under the statutes, certain functions have also been delegated to Banking Supervision and Audit Committees of the Board. Meetings of these Committees are normally held one day before every Board meeting, and reports on proceedings of previous meetings are tabled before the full Board. The Governor chairs the two Committees as well. The tenure of office of the Governor and Deputy Governor is also by law limited to two five years terms. Board meetings are held regularly as the conduct of business of the Bank requires but not less frequently than once in every two months.
Decisions arising out of such meetings are valid and binding.
It is however a requirement of the law that such decision be reported to the Board at its next regular meeting. The Board consists of persons knowledgeable or experienced in economics, business and finance, banking and corporate law, accountancy and agricultural and industrial development. Members of National Assembly, Local Government Authority, Civil Servants or directors, employees, consultants, shareholders of banks or financial institutions in respect of which the Bank may exercise regulatory power are disqualified to be Directors of the Bank.