Former CBN Deputy Governor on Operations, Adebayo Adelabu, shared insights into the apex bank's decision-making process during his ministerial screening at the Senate. He revealed that most controversial policies were opposed by a minority within the five-member Committee of Governors, and these minority opinions were documented in meeting minutes.

The Committee of Governors consists of the CBN governor and four deputy governors. Adelabu emphasized the need for the deputy governors to be independent of the central bank governor to avoid being subservient to the governor.

Adelabu's disclosure comes after criticism of the CBN's decisions, including the naira redesign policy during the 2023 general election campaigns. The decisions were believed to have contributed to the suspension of CBN Governor, Godwin Emefiele.

He clarified that the CBN is not in competition with the Federal Government but an economic arm overseeing the government's monetary policy functions. Oversight and occasional meetings with the President were proposed to address dissenting opinions and provide additional perspectives.

Adelabu suggested "subtle oversight" by the Economic Management Team, which includes relevant ministers and officials, to interrogate the CBN's decisions. In response to his suggestions, Senate President Godswill Akpabio called for a review of the CBN Act to enhance proper oversight and monitoring of the institution.

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