The governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi has stated that amending the CBN Act to compel it to submit its budget before the national assembly will expose the bank to manipulation.

The governor of the apex bank, made the remark on Monday at a public hearing on the CBN Amendment bill 2012.

He argued that the CBN Act 2007 requires no amendment.

There were also a number of financial experts at a public hearing.

The Senate is seeking contributions from the public particularly those in the financial sector to amend some aspects of the CBN Act.

One of the major areas in the amendment is to divest the apex bank’s power and to approve its budget.

But the CBN governor argued that taking away the financial autonomy of the bank would increase investors’ perception of risk in the banking sector and reduce the overall confidence in Nigerian banks.

Members of the Senate committee however argued that the Fiscal Responsibility Act makes it imperative for the CBN to submit its budget to the national assembly for appropriation.

Standing his ground, the CBN governor noted that the bank has always complied with the fiscal responsibility act.

Former governor of the apex bank, CBN, Adamu Ciroma, and the vice-president of the Nigeria Labour Congress, Comrade Isa Aremu, both argued that the CBN Act should be left as it is.

The bill to amend the CBN Act recently passed through second reading at the House of Representatives. The bill amongst other things seeks for the appointment of a person, other than the CBN Governor, as the Chairman and the exclusion of the CBN Deputy Governors and Directors as members of the bank’s Board of Directors.

The CBN governor was recently embroiled in a controversy with the legislators, when he refused to send the annual budget of the apex bank to the national assembly for approval.