Uwaleke Advocates for CBN Act Amendment to Boost Policy Coordination

Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria and Director of the Institute of Capital Market Studies at Nasarawa State University, has urged for an amendment to the Central Bank of Nigeria (CBN) Act, 2007. This call comes in light of a recent Memorandum of Understanding (MoU) between the Federal Ministry of Finance and the CBN aimed at formalizing collaboration on fiscal and monetary policy coordination.

Uwaleke argues that while the MoU is a positive step, it should lead to a more durable institutional framework supported by clear statutory provisions. He emphasizes the need for legislation that clarifies the roles of fiscal and monetary authorities, establishes inflation objectives, and protects the CBN's autonomy.

Uwaleke insists that fiscal authorities should not dictate monetary policy decisions and that both institutions must share information and align their macroeconomic policies. He believes that a coherent economic policy architecture is essential for Nigeria's current economic circumstances.