The Conference of Civil Societies has condemned the proposed amendment to the Central Bank of Nigeria (CBN) Act, saying the timing is inappropriate considering the current unstable economic condition.
The group called on the National Assembly to shun the temptation to deliberately weaken the CBN, saying watering down the bank’s autonomy under any guise would be tantamount to throwing spanners into the effective management of the economy.
Speaking on the economy and monetary policy, at an event organised by the society in Abuja, the Chairperson, Adams Otakwu, expressed concern about the impact of the review on ordinary Nigerians.
He underscored the critical need to maintain an independent central bank amidst Nigeria’s current economic challenges.
He added that Nigerians are desirous of having a vibrant economy supported by an independent central bank.
He urged the government to focus on fixing the economy and not creating confusion by amending the CBN Act and weakening the important institution.
Otakwu said: “Nigerians in the past year have had great expectations concerning a major turnaround in the economy. Particularly of interest is the rate of inflation, which has continued to rise. Only last week, the CBN increased the monetary policy rate (MPR) to 26.25 per cent to check inflation, which now stands at 33.7 per cent.”
He advised that any amendment should be meticulously considered and delayed to ensure the country does not disrupt the CBN’s efficiency.
“O
ll thought out. The present act contains enough checks that the National Assembly can trigger if it so wishes,” he said.
