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| CBN Governor |
There are indications that members of the National Assembly may have made up their minds to tamper with Central Bank of Nigeria (CBN) autonomy despite public outcry.
The lawmakers have decided to separate the office of the CBN chairman from that of the governor and divest the board of the power of consideration and approval of the annual budget of the bank.
However, the deputy governors may be allowed to continue to serve on the board.
Confirming this development, a House of Representative member representing Owan Constituency in Edo State, Pally Iriase, said that the move was to strike a balance and refocus the CBN on its key objectives.
Various interest groups and individuals including past heads of state, the Nigeria Labour Congress (NLC), Chartered Institute of Bankers of Nigeria (CIBN), Nigerian Economic Summit Group (NESG), Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), South- East and South-South Professionals, past CBN Governors, CEOs of Banks, Nigeria Deposit Insurance Corporation (NDIC), Finance Correspondents Association of Nigeria (FICAN) and even ordinary Nigerians have advised against amending the CBN Act.
Their collective argument is hinged on the fact that the current structure of the apex bank was in line with global practices, adding that the experience of the CBN as an independent bank, reflected in the relatively stable macroeconomic environment in the last few years.
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