Home Analysis CBN worries over delay in govt directive on autonomy

CBN worries over delay in govt directive on autonomy

by Business News Report

The Central Bank of Nigeria is yet to receive official government directive formally disengaging it from the federal ministry of finance the supervisory ministry before the government announcement an autonomy for the bank last December 31.
Already, top executives of CBN are divided as to what to do.
According to authority CBN sources, a management meeting with the board of directors of the bak ended in a heated debate with two groups emerging.
One of the groups sources said argued ardently that the CBN should take the president by his words and go autonomous.
The group which is said to be made up of the younger generation of CBN management favoured the coming out with its own blue print of the nature of its structure for the president to sanction.

The group was said to have argued seriously that CBN should work to achieve is new status. This they said, can only be achieved by going for it.
The sources further said that this group also longer has cause to blame anybody for failure of its policy recommendation or measures.
As a result, they were said to have argued the management of the bank to start monitoring right away the 1988 monetary guideline No. 22 and begin in indepth preparation for 1989.
The second group, The Republic gathered, is said to favour the CBN waiting for the government to come out with the enabling instrument before assuming its autonomy.
The sources said that this latter group had argued that since it was government initiative go grand the bank autonomy, the CBN should not rush the government.
Investigation at the ministry of finance revealed that since the CBN has been given autonomy it is the duty of the bank to go out and achieve it.
According to the finance ministry source, the CBN ought to have come out by now with a blueprint of what its structure would look like for the president to approve.
The source further said that CBN authorities are no longer kids to be spoon fed. In their words, “the management of CBN ought to have know what to do.
Finance ministry sources said although government is working on the CBN structure been better if the management of CBN took the initiative.
The enabling instrument according to the sources will soon be ready.

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