NANS advocates for CBN’s enhanced autonomy to tackle Nigeria’s hyperinflation crisis

By Sodiq Adelakun

The National Association of Nigerian Students (NANS) has called for the Central Bank of Nigeria (CBN) to exercise greater independence in its operations to combat the country’s surging hyperinflation and economic instability.

The call was made in a statement jointly signed by NANS Senate President, Sen. Akinteye Afeez Babatunde, and the Emeritus Coordinator of NANS Southwest, Comrade Adejuwon Olatunji Emmanuel, who also handles media and publicity for the association.

The students’ body highlighted the critical need for the CBN to operate without government interference, stating that the bank’s reliance on the government has compromised its ability to effectively manage the economy.

The NANS leadership pointed out that the central bank’s primary goals, which include ensuring macroeconomic stability, maintaining price stability, achieving full employment, and regulating the money supply, cannot be met under the current conditions.

The statement emphasised the wealth of expertise within the CBN and the broader academic community, advocating for the bank to utilize these resources to develop and implement strategies to curb the economic crisis.

NANS urged the CBN to foster partnerships with other key sectors, including government agencies, academia, and the private sector, to create a more robust and integrated approach to solving the underlying issues causing hyperinflation.

The students’ association believes that with an autonomous CBN at the helm, Nigeria can chart a course towards sustainable economic policies and long-term stability. The call to action from NANS comes at a time when Nigeria faces significant economic challenges, with the populace bearing the brunt of rising prices and a devaluing currency.

“Additionally, transparency and accountability are essential in ensuring the effectiveness of CBN policies and interventions. The central bank should operate with utmost transparency, providing regular updates on its decision-making processes, policy actions, and outcomes. This transparency will foster public trust and confidence in the CBN’s ability to manage the economy effectively,” the statement reiterated.