Aligning with the position of the International Monetary Fund, IMF, the Conference of Civil Societies have warned that many of the proposed amendments to the extant Central Bank of Nigeria CBN, Act will weaken the bank and its autonomy.
The Conference of Civil Societies urged the National Assembly to resist the attempt to deliberately weaken the CBN, adding that attempting to take away the bank’s autonomy under any guise would be tantamount to throwing spanners into the effective management of the economy.
Addressing newsmen in Abuja on the economy and monetary policy, the Chairperson, Conference of Civil Societies, Adams Otakwu expressed concern about the Nigerian economy, monetary policy, and its impact on ordinary Nigerians.
The group says they will continue to engage the CBN and the fiscal authorities to improve the fortunes of the economy and they are of the view that having an independent central bank in place will help to put inflation under check.
For the group an amendment to the CBN Act, if any, should wait for now and be well thought out.
The present Act contains enough checks that the National Assembly can trigger, if it so wishes.
