By YINKA KOLAWOLE
The immediate past Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has warned against any move that could curtail the autonomy of the CBN as guaranteed by the CBN Act 2007.

According to him, such a move could jeopardize the effectiveness of monetary policy and management of the macro-economic framework in Nigeria. “The survival of CBN as an institution is at the heart of the survival of the Nigerian economy,” he declared.

Soludo was speaking at the sent-off dinner organised by the CBN in his honour, at the weekend, against the backdrop of the ongoing move in the National Assembly to to amend some vital sections of the CBN Act 2007 which grant both administrative and instrument autonomy to the apex bank in the management of the economy. He warned that any attempt to remove the autonomy of the bank will lead to “ominous” consequences.

The former CBN boss decried a situation in which a disagreement with an individual could lead to the destruction of the entire institution, and, therefore, joined in the plea with the National Assembly members to have a “constructive dialogue” over the matter, adding, “In order to avoid going to the other extreme as the institution of the CBN must be preserved no matter the level of disagreement.”

It will be recalled that both chambers of the National Assembly have set in motion the process of amending the CBN Act 2007, principally aimed at diluting the powers of the board of the bank.