Need to amend CBN Act

I want to draw the attention of the Senate president on the need to amend the Central Bank of Nigeria (CBN) Act. On August 8, 2023, a former Dean Faculty of Law, Olabisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, Professor Olusesan Oliyide, at the 111th OOU inaugural lecture, advocated for a general and comprehensive review of the CBN law to whittle down the overwhelming powers of the CBN governor. Under the law, the CBN governor is both the chief executive officer of the bank and chairman of the board of directors with extra voting right, the operational consequences of which has ruined the economy of the nation.

Professor Oliyide knows a lot about the banking and finance law. Professor Oliyide has proven to be a patriotic Nigerian by deeming it right to recommend an immediate amendment to the CBN Act to ensure that proper checks and balances are entrenched in the internal management and operating principles of the CBN.

At the inaugural lecture, Professor Oliyide made it clear that he wouldn’t want what happened to Nigerians during the administration of former President Buhari, where the suspended CBN introduced naira re-design, to repeat itself.

It is true that Nigerians faced serious financial problems during the period of naira re-design.

The CBN Act needs to be amended so as to protect our economy from being ruined.

The reality of Professor Oliyide’s call for the amendment of CBN Act is an eye opener to all senators. I call on Nigerian senators under the leadership of Senator Godswill Akpabio to carefully examine this submission and amend the CBN Act.

• Jimoh  Mumin, Ibadan

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