Nigerian lawmakers are seeking to limit the central bank's control over economic policy.
Nigeria’s lawmakers are seeking to limit the central bank’s control over economic policy by proposing to set up a committee to coordinate monetary and fiscal policies, headed by the Finance Minister, according to a Bill in the Senate.
Under the proposed law, the central bank would be in charge of monetary policies as before, but a new committee headed by the finance minister would be responsible for coordinating monetary and fiscal policies. “You will have the federal government tampering with the autonomy of the central bank. You cannot have external parties making decisions about monetary policy, which is the exclusive preserve of the bank,” Abuja-based economic analyst Kelvin Emmanuel said.
The central bank governor would also serve a single six-year term instead of a maximum of two five-year terms currently.
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