The paper seeks to analyze the effects of removal of Central Bank autonomy on the Nigerian Economy. It analysed the different types of autonomies Central Bank of any country can have and the nature of Autonomy the Central Bank of Nigeria (CBN) currently enjoys. The methodology adopted in the study is content analysis. The study draws the conclusion that it is extremely important from the fiscal and governance standpoint that the governor of the Central Bank should be able to act and speak independently of political authority and raise alarm and concerns, give constructive criticism and advice the Government when there is need for it. But also notes that full independence is not advisable because monetary policy is part and parcel of overall economic policy. The study recommends that important as the autonomy is, transparency and accountability are needed too. So the country should strike a balance between the two.