A former Deputy Governor of the Central Bank of Nigeria (CBN), Adebayo Adelabu has explained that a considerable portion of the CBN’s “controversial” policies faced resistance from a minority within the Committee of Governors.
This disclosure comes in the wake of a series of heavily criticized decisions by the CBN, including the prominent naira redesign policy, which stirred substantial debate during the intensely contested 2023 general election campaigns.
Adelabu, speaking before the Senate, detailed how minority opinions within the five-member Committee of Governors (CoG), the Monetary Policy Committee (MPC), and the Board of Directors are diligently recorded in meeting minutes.
He revealed that most of the contentious choices emanating from the CBN were made by a majority of either three out of five or four out of five members, indicating a vibrant diversity of perspectives.
The Committee of Governors comprises five key figures, including the CBN Governor and four Deputy Governors.
Adelabu emphasized the necessity for the independent appointment of the four Deputy Governors to avoid any potential subservience to the central bank governor.
Adelabu’s insights assume significance against the backdrop of the contentious naira redesign policy, which drew criticism from various quarters, including then Minister of Finance Zainab Ahmed.
Ahmed expressed dissatisfaction over the CBN’s lack of consultation before implementing the redesign of N200, N500, and N1,000 banknotes, leading to the discontinuation of the old bills within an unprecedented three-month period.
Furthermore, Adelabu’s disclosure resonates amidst the ongoing legal issues faced by suspended CBN Governor Godwin Emefiele, who currently faces a two-count charge of illegal possession of firearms and ammunition in a Federal High Court in Lagos State.
Addressing speculations about a perceived rivalry between the Federal Government and the CBN, Adelabu categorically refuted the notion, highlighting the symbiotic relationship between the two entities.
He characterized the CBN as an integral economic arm of the Federal Government, entrusted with overseeing the monetary policy functions.
Adelabu urged for periodic engagement between the Committee of Governors and the Presidency, emphasizing the importance of comprehensive reviews of dissenting opinions.
He proposed that such interactions occur at least once a quarter, allowing the diverse perspectives of the committee to be presented directly to the President.
To ensure a more rigorous evaluation of CBN decisions, Adelabu recommended “subtle oversight” by the Economic Management Team.
This team, comprising eminent figures such as the Ministers of Finance, Budget and National Planning, and representatives from various sectors, would contribute to enhanced accountability and balanced decision-making.
As Nigeria navigates its economic path, Adelabu’s revelations offer a glimpse into the intricate dynamics shaping the CBN’s policy landscape and advocate for a more inclusive, transparent, and collaborative decision-making process.
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