Afrigather 
The president and founder, Nigeria Affiliation of Economics (NAE), Prof. Harmless Eleazu has unequivocally condemned the ineptitude of the Central Financial institution of Nigeria, describing it because the financial drawback of the nation.
Prof. Eleazu made this identified on Wednesday, seventeenth of April, 2024 throughout a press convention in his house to mark his birthday anniversary.
Whereas addressing the press, he said that the Central Financial institution of Nigeria was established by the CBN act of 1958 and began operation in July 1, 1959 with the principal regulatory aims of the financial institution that are said within the CBN act, together with to keep up exterior reserves of the nation, promote financial stability, keep sound monetary atmosphere, act as a banker of final resort and change into the monetary adviser to the federal authorities.
Nevertheless, he emphasised that the Central Financial institution of Nigeria has failed the Nigerian individuals woefully in its function particularly within the areas of lender of final resort, monetary adviser to the federal authorities, promotion of financial stability and sound monetary atmosphere.
He lamented the scenario of the Nigerian financial system, including that it’s pathetic that Nigeria has condescended to the purpose of borrowing cash to service its money owed, describing such growth as an enormous disappointment and a slap on the face of a rustic often known as the enormous of Africa.
Consequently, he requires the rapid complete reform of the CBN if the Federal Authorities needs to achieve the key regulatory aims of the financial institution as said within the CBN act of 1958.
He emphasised that failure of the CBN and Nigerian authorities to take financial recommendation from consultants is the explanation behind the nation’s financial deterioration and complete collapse.
