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Soludo Warns Against Stripping CBN of Autonomy

By on May 21, 2012

The immediate past Governor of the Central Bank of Nigeria, Professor Chukwuma Soludo has warned lawmakers of the dire consequences of stripping the Central Bank of Nigeria of its autonomy.

Speaking at a dinner organized by the CBN in his honour, the former Governor of the apex bank said, “The survival of that institution, CBN, is at the heart of the survival of the Nigerian economy”.

He used terms such as “ominous” to describe the consequences of the removal of CBN autonomy. Also alluding to public perception that the lawmakers are simply trying to punish the CBN governor due to statements he made last year concerning their compensation, Soludo decried a situation where a disagreement with an individual could lead to the destruction of an entire institution.

He pleaded with the lawmakers to engage in constructive dialogue in order to avoid going to the other extreme as the institution of the CBN must be preserved no matter the level of disagreement.

Some economic pundits are in disagreement with Soludo’s viewpoint. Albert Imasheka, a researcher with a leading Investment Bank in Lagos said, “The CBN needs to have regulatory oversight in order to ensure that the organization does not fall prey to radical thinking. No single individual or institution has a monopoly on knowledge.”