The first central bank to commence operation across the globe was Sweden's Risks bank which opened its doors in 1668.Other countries in the world have since then established their central banks to oversee the monetary activities of the country. The governance structure of central banks has been identified as a pillar to drive its independence and transparency which many believes, the non-executive directors have a lot to contribute in this regard. This is as a result of the notion that, they are an integral element of corporate governance, which promote high standard within an Organisation. In recent time, the debate for more involvement of non-executive directors in promoting good corporate governance in central banks across the globe has becoming more increasingly among the financial operators, international financial organizations, researchers and other stakeholders. Also, the need to promote good governance by non-executive directors in central banks has thrived in appealing a good deal of public interest because of its seeming importance for the sound financial system and price stability.

Corporate governance according to the Organisation for Economic Co-operation and Development (OECD) is a set of relationships between a company's management, its board, its shareholders and other stakeholders that provides a structure through which the objectives of the company are set and the means of attaining those objectives and monitoring performance are determine. Corporate governance can also be viewed as the system through which an organisation are directed and controlled. Evidence from literature reveals that many Organisation collapse as a result of lack of good governance. The celebrated Enron case has been described as a system failure of the governance, even though all the right boxes had been ticked but the spirit of good governance which must begin with directors and senior management staff acting in the best interest of the organisation and the owners didn't exist.

Several studies have been carried out on good corporate governance in an organisation because of the past ugly experience. This was as a result of absence of good governance which led to the death of so many organisations around the world. However, not many of the studies considered the roles of non-executive directors in promoting good governance in central banks which the research considered a pivot element in this study. The belief of the researcher is that a priori, good governance can become better in central banks, if the non-executive directors discharges their roles diligently calling for empirical evidence to justify.