Blame CBN For Nigeria’s Economic Woes – Prof Eleazu, President Nigeria Economists

By Suleiman Anyalewechi

Much of the blame for the economic woes  bedevilling the country and their attendant effects on the citizenry should be domiciled at the door steps of the Central Bank of Nigeria CBN.

The deviation from its statutory roles, as envisioned ,by the CBN Act of 1958 which include but not limited to the promotion monetary stability, maintenance of  external reserves of the country, ensuring a sound financial environment, and serving as bankers of last resort has  been  the major  banes of the country’s apex bank.

And until the managers of Nigeria’s financial regulatory body begins to entertain meaningful advice from experts ,it will continue to trotter ,and the country’s economy remain comatose .

These were the views canvassed at the weekend, by the President of Nigeria Association of Economics NAE, Professor Innocent Eleazu  at a press briefing in Owerri in commemoration of his  60th birthday celebrations.

According to him ,over the years the CBN has gradually, but steadily abandoned its statutory functions, preferring instead to engaged in the churning out of clumsy and inept policies, which in turn has negatively affected all facets of the economy.

The renowned economist decried a situation where by the CBN will be superintending over the policy of borrowing money to service already acquired debts, adding that the development represents a new low for the acclaimed giant of Africa.

To navigate the country out of its prevailing economic predicament, Prof Eleazu has called for a total reform of the country’s apex bank, with a view to once again re aligning  it with its founding objectives as clearly spelt out by the 1958 CBN Act.

For the seasoned academic ,the CBN has performed abysmally and. disappointed the Nigerian people, in all ramifications, particularly in the areas of being a lender of last resort, financial adviser to the federal government, and promotion of monetary stability.