Opinion: Democratising CBN is long overdue

 

 Nigerians have made it clear to their lawmakers that anything short of proper oversight of the bank should be unacceptable.

The havoc the 2008 financial crisis brought to Nigeria would have been minimal, had it not been that the breakdown in the Central Bank of Nigeria’s oversight and surveillance system, allowed the country’s banks to engage in Ponzi scheme banks; had it been that the CBN ran as if it was an academic institution, with idealised neoclassical monetary policy, allowed banks to freely cook their books!