Section 8: Appointment, qualification and remuneration of Governor and Deputy Governors.

(1) The Governor and Deputy Governors shall be persons of recognized financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.
(2) The Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years:
Provided that, of the first four Deputy Governors to be so appointed, one shall in the first instance be appointed for three years and two shall in the first instance be appointed for four years.
(3) The salaries, fees, wages or other remuneration or allowances including pension and other allowances payable to the Governor and to the Deputy Governors shall be as stipulated from time to time by the Board subject to the approval of the President.
(4) The Governor shall appear before the National Assembly at semi-annual hearings as specified in sub-section (5) regarding-
(a) efforts, activities, objectives and plans of the Board with monetary policy, and
(b) economic development and prospects for the future described in the report required in sub-section (5) (b) of this section.
(5) The Governor shall, from time to time-
(a) keep the President, informed of the affairs of the Bank including a report on its budget; and
(b) make a formal report and presentation on the activities of the Bank and the performance of the economy to the relevant Committees of the National Assembly.