Former Finance minister and elder statesman, Malam Adamu Ciroma and governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi have kicked moves by the House of Representatives to whittle down powers of the CBN boss. Speaking at a public hearing on a Bill seeking to amend the CBN Act, 2007 organised by the Joint House of Representatives committees on Banking and Currency, and Justice yesterday in Abuja, Ciroma said such moves will have adverse consequences on the Nigerian economy.
The legislation is seeking to give room for the appointment of a person, other than the CBN governor as board chairman as well as exclude deputy governors of the bank from being board members.
In the same vein, the legislation if passed will remove the power of the board to consider and approve the annual budget of the CBN and confer same on the National Assembly.
Sanusi who was represented by the deputy governor, operations, Tunde Lemo warned that removing its financial autonomy would prevent the bank from discharging its mandate effectively saying, "the experience of the CBN as a truly independent central bank, reflected in the relatively stable financial system and macroeconomic environment in the last few years, Since the Act was amended in 2007 to grant the CBN more autonomy, the Bank has been able to proactively use policy instruments in order to rein in inflation."
On his part Ciroma told the lawmakers that "There is nothing to gain from excluding them. In deep conscience and honesty, I cannot find the rationale behind this plan. I urge you to leave this matter so that you don't do anything outrageous and non-conforming," Ciroma who was also a former CBN boss said.
Daily Trust