Former governor of the Central Bank of Nigeria (CBN), Chukwuma Soludo has said that constructive dialogue is needed to resolve the disagreements surrounding the on-going move by the National Assembly to remove the independence of the apex bank.

The ex-governor said this at the sent-forth dinner organised by the CBN in his honour at the weekend.

He warned that any attempt to remove the autonomy of the bank will lead to “ominous” consequences.

“If some of the things I have heard are true, if they are true; I will join a plea with the members of the National Assembly, like I said in the capital market committee on Tuesday that you do not because of the irritations of rats set your house on fire” he said.

Mr Soludo said “In order to avoid going to the other extreme, the institution of the CBN must be preserved no matter the level of disagreement.”
Mr Soludo however asked the banks management to open up channels of communication with leaders of the national assembly with a view to resolving issues of the central banks autonomy.

It will be recalled that both chambers of the National Assembly have set in motion the process of amending the CBN Act 2007, principally aimed at diluting the powers of the board of the bank.