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CBN autonomy still hangs

by Business News Report

The Central Bank of Nigeria, CBN, much talk about autonomy which was announced on December 30 last year, by the president is yet to be implemented.
This is because the CBN still reports to the ministry of finance.
As at last Friday, officials of the bank were still not sure of the true position.

According to top CBN sources the instrument exercising the bank from the ministry of finance is still being awaited.
As a result of this development, the apex bank still reports to the ministry of finance.
The sources disclosed that the apex bank last Thursday made returns on Foreign Exchange Market to the Ministry.
Sources also disclosed that the bank was directed by the ministry to inform authorised dealers that the public sector will be obtaining its foreign exchange from the Foreign Exchange Market, FEM, like the private sector.
According to the sources, the ministry has not given the modality of the new FEM operation.
As at Friday also, CBN’s management was not sure when the new arrangement would take off. The bank it was gathered was not in position to say by how much the foreign exchange supplied to FEM would be increase since the public sector will be obtaining foreign exchange from the market.
The key officials of the bank said they would not comment on the issue except the minister who it was gathered was away to London with the debt rescheduling team.
According to the president in his budget speech the Central Bank of Nigeria, CBN, will now be autonomous and its governor will work directly to the office of the president.

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