The International Monetary Fund (IMF) has called for a review of the Central Bank of Nigeria Act 2007 to enhance the bank's autonomy and governance. IMF stated this in its latest report titled 'Nigeria: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria released on its website. Read more:
IMF gives reasons In its article, IMF pointed out the importance of maintaining the CBN's autonomy to make price stability its primary objective, urging CBN to abide by international standards, publish its annual financial statements, and reduce government officials' presence on its apex board and committees.
The IMF also recommended modernizing the CBN Act 2007, strengthening the CBN's autonomy, safeguarding the independence and tenure of central bank officials, and phasing out some quasi-fiscal activities that may worsen financial repression and weaken the CBN's price stability mandate. Part of the article reads: The CBN Act should be updated to make price stability the main goal, improve the bank's independence by decreasing the number of government officials on the board and committees, and protecting the tenure of central bank officials. Legal changes should establish independent oversight, including a non-executive board and independent audit committee.
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