Politics, in all its acknowledged feeble-mindedness created institutions to ease the means of governance; yet, a good number of such institutions associated with political administration in many countries, especially the developing countries, have remained the poor end of their growth. In its decades-long activities in Nigeria, politics is known to have religiously fathered the Central Bank of Nigeria (CBN) through an independent motion moved by Hon. Dr. K.O. Mbadiwe, as a private Member of the House of Representatives in 1952. This motion was informed by the first banking sector failure in the early 1950s. The members of the House started canvassing vigorously for the establishment of a CBN, to save the economy from collapse. Even though this did not immediately take effect based on a sanction by the colonial masters, it paved the way for the eventual success that led to the proposition of the CBN Act of 1958.
As a matter of fact, the most useful business development made through politics in the early 1950s is the establishment of the CBN, which history and new evolution trajectories have accorded positions of consistent progression in the country’s economic growth. This has become unarguable based on the outcomes of the backgrounds and performances of the about 12 governors since 1958, a list that has indicated a very strong structural position when compared with what happens in similar government institutions that were founded even much later.
Looking at the current status of the CBN, indications are rife that the public and other development structures, including government, feel that the apex bank has remained the only visible public institution that is not considered decadent or inglorious across the various demands. The CBN, much as it has not at the various times, within the scope of the global economic community, considered to be so excellent in deed, remains a Nigerian development and economic institution many people including non-Nigerians have cherished from the point of view of honor and respect.
Several issues have been in the outline to make many believe that the CBN as an institution, has been considered as Nigeria’s alpha and omega, as it remains so much dependable and relying so much on its establishment guidelines to carry out its functions as much as possible. It is on record that at various points in the management of the affairs of Nigeria, it was evident that many critical and strategic institutions had failed, even without government being aware of the situation, but for the expertise of the CBN such developments could be sighted and addresses. The CBN has copiously remained and acted as the mega institution that plays its roles effectively and had gone many steps forward to do some over-sights that can be considered as reasons Nigeria has remained a nation in all its ramifications.
Within the present global difficulties involving so many strange crashes, the CBN is stringently considered as the only coordinating institution that coagulates the real activities of government tied around development, growth, global synergy and diplomacies that can be considered as main reasons why Nigeria earns some respect within the committee of nations. The Nigerian monetary policy directives have been the country’s unwritten economic policy top-notch on which future development plans can be identified because it has largely remained the only institution that has the capacity to identify the looming scales of corruption and hidden persuasions that can interrupt economic activities and development.
The emerging scenarios where the country has developed a strong monetary policy framework and cultivated a dependable digital financial system are globally seen as the strong development anchor where streams of global investment priorities can be priced. With a seamless financial sector reform, anchored by a dependable institution, the Nigerian banking system could today be seen as one devoid of the seeming predicaments in most developing economies and the emerging markets. This is a plus to its governor, Olayemi Cardoso, who has in the last two years of his bank’s assessment by notable global financial institutions rated his bank more than the bank has ever recorded. The about 54 Nigeria’s public institutions must take a cue from the CBN!
