Experts have raised concerns over proposed amendments to CBN Act. On November 10, 2023, the house of representatives, passed for second read
The Chartered Institute of Bankers of Nigeria and the Centre for the Promotion of Private Enterprise On November 10, 2023, the house of representatives,The bill was sponsored by Francis Waive, a lawmaker representing Ughelli north, south, and Udu federal constituency of Delta state.Some proposed amendments to the act include s
ubjecting the CBN’s budget to national assembly approval and establishing a new coordinating committee for monetary and fiscal policies.Pius Olanrewaju, CIBN president, and Muda Yusuf, chief executive officer of CPPE, said the amendment will undermine CBN’s autonomy. Speaking on the proposed bill, Olanrewaju said the erstwhile CBN governor’s shortcomings do not justify revoking the apex bank’s autonomy.Godwin Emefiele, former CBN governor and his co-defendant, Henry Omoile, are facing trial on a 26-count charge before a Lagos high court over “abuse of office”.
Olanrewaju said the central bank autonomy is necessary globally, “though some checks and balances are needed”.“We are going for overkill. The four proposed amendments are unnecessary at this point,” he said.Centre for the Promotion of Private Enterprise , stressed the need to be“We must be careful not to undermine the CBN’s autonomy. If compromised, it would affect its effectiveness,” he said.
Yusuf said the emphasis should be on appointing competent professionals with strong character to oversee the CBN rather than parliamentary oversight of its budget.
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