The Code of Corporate Governance for Banks and Discount Houses (the “Code”) was released by the Central Bank of Nigeria (CBN) in 2014 to regulate Banks and Discount Houses and provide guidelines to enhance Corporate Governance practices for Banks and Discount houses in Nigeria. The Code addresses issues relating to board composition and structure, shareholders’ and stakeholders’ rights, disclosures in an Annual Report, risk management, ethics and professionalism, and conflict of interest. On February 24, 2023, the CBN released a circular titled: “Review of Tenure of Executive Management and Non-Executive Directors of Deposit Money Banks in Nigeria” (“the Circular”), which revised the regulatory requirements for the tenure of Executive Management and Non-Executive Directors of Deposit Money Banks (DMBs) as previously provided in the Code, as part of the measures aimed at strengthening governance practices in the Banking industry in Nigeria. This paper will discuss the amendments by the CBN circular of February 24, 2023, and the legal implications for current directors in the banking industry in Nigeria.