TRANSPARENCY, ACCOUNTABILITY, AND CORRUPTION RISK ASSESSMENT: CENTRAL BANK OF NIGERIA

This Transparency, Accountability, and Corruption Risk Assessment examine the Central Bank of Nigeria (CBN)'s governance, transparency gaps, and corruption vulnerabilities under the CBN Act 2007, aiming to assess how operational independence without accountability enables elite capture, procurement abuses, quasi-fiscal interventions, and breaches like excessive Ways and Means financing.​ The study employs institutional economics and principal-agent theory, drawing on data from Auditor-General reports, forensic audits (e.g., Deloitte on invalid FX claims), court filings (e.g., EFCC charges against former Governor Emefiele), CBN disclosures, legislative probes, and media analyses of scandals, including ₦629 billion unrecovered Anchor Borrowers' loans, ₦29.7 billion recycled condemned notes, and over ₦1.4 billion procurement fraud.​ Key findings reveal systemic opacity in audits, Freedom of Information non-compliance, and financial mismanagement. These factors erode public trust, raise inflation, and reduce Foreign direct Investment. Recent reforms, such as exiting interventions and reinstating reports, show progress. However, persistent accountability deficits continue to pose risks. Recommendations urge phased quasi-fiscal exits, mandatory independent audits, digital procurement, and inflation targeting to bolster credibility and curb corruption.