Effects of the Proposed Removal of CBN Autonomy on the Nigerian Economy: An Informed Analysis (Published)
In Nigeria, an important issue that has engaged the attention of policy makers and the general public in recent past is the issue of appropriate autonomy for the Central Bank of Nigeria (CBN). The issue is not whether or not the Government should oversee the CBN but rather, which arm of Government should oversee the Bank – the Executive or the Legislature and to what extent. This paper examines this seemingly controversial issue from different perspectives and from an informed opinion concludes that while the CBN autonomy is essential, the issue of transparency and accountability in the conduct of the Bank’s affairs remain imperative and CBN autonomy should not be misconstrued as latitude for frivolity and unwholesome dabbling, especially by the CBN leadership, into political matters at every turn of events.
Keywords: Accountability, Autonomy, Central Bank, Independence, Transparency