Section 8: Establishment and composition of the Board

(1) There shall be established for the Bank a Board which shall consist of the following members, that is-
(a) the Deputy Governor responsible for monetary and banking policy in the Central Bank of Nigeria as chairman;
(b) one other person to represent the Central Bank of Nigeria;
(c) one person to represent the Federal Ministry of Finance;
(d) one person to represent the Federal Ministry of Commerce;
(e) two persons to represent private export interests;
(f) the Managing Director of the Bank; and
(g) two Executive Directors of the Bank.
(2) The members of the Board who are public officers, shall as much as possible be named and shall be officers not below salary grade level 13 or equivalent in the civil service of the Federation.
(3) The members referred to in paragraphs (e) and (g) of subsection (1) of this section shall be appointed by the President.
(4) An officer of the Bank shall act as secretary to the Board.
(5) The provisions of the Schedule to this Act shall have effect with respect to the tenure of office of members of the Board and the other matters mentioned in the Schedule.
[Schedule.]