Former Central Bank of Nigeria Governor, Charles Soludo has appealed to the Nigerian Senate not to remove the apex bank’s autonomy as it will spell doom for the country’s economy. The ex-governor noted that the current situation might be a backlash of the CBN Governor, Sanusi Lamido Sanusi’s comment regarding the allowances of members of the Senate which led to the governor being asked to appear before the Senate to defend his comments last year. He therefore urged them not to destroy a whole country because of a man.
In a related development, the country director of IMF, Scott Rogers said that the sustenance of a stable financial system in the country will be truncated if the CBN is not allowed to function independently. According to him, the CBN should be able to perform its duties without fear of being penalized.
What in your opinion is the truth behind the senate’s CBN autonomy removal issue? Is there any economic sense in this? Is this another play of politics, or is the Senate acting in the best interest of the country?