Why was the CBN Act never thoroughly debated before passage the last time?
The Act passed in 2006/2007, that obviously was the time when many members were going for their re-election and so they were preoccupied with election activities. And also against the euphoria of recapitalisation of the banks, the committee that was in charge of banking and currency in the House and the Senate must have been persuaded that the Act, as passed then, was the best thing in the circumstances. How would you characterise the regulatory style of the CBN under Chukwuma Soludo as governor? There is a serious financial and economic crisis across the globe and we have to take these issues and review the CBN Act. Whatever style that Soludo has applied in the past four years was a function of the powers invested in him by the CBN Act and its provisions. What will be your general and specific assessment of the Soludo years in the Central Bank of Nigeria? If there is anything that will have the emblem of Soludo in the CBN, it is the recapitalisation of the Nigerian banks. Nigerian ban
