This study assessed the ties between legislature and monetary authorities and the dynamics of central banking independence in Nigeria. The Balance of Power in Central Banking in the context of BOFI Act 2020 is dynamic and a moving target, with many stakeholders aiming at establishing a strong tie and mutually beneficial relationship between Central Bank and the National Assembly to promote a stronger, more transparent and efficient financial system in Nigeria. Commercial Banks always precede Central Banks in every country. In many cases, it is the popular Commercial Bank that gets transformed to Central Bank, and taken over by Government. Central bank of England started as Joint Stock Commercial Bank in 1694, and in 1844, began to function as Central Bank. The incentives to circumvent the legal framework, with a view to influencing the behaviour of the Central Bank, are always looming. Some of the challenges could come when the Courts test and interpreted some of the provisions of the BOFI Acts or when the Courts try to fill definitional gaps. With good relationships, the Legislature moves to close the gaps and amend provisions. There is empirical evidence that Central Bank independence brings about, lower inflation, more stable environment for economic growth. The balance of Power in Central Banking is dynamic, and a moving target, with many stakeholders aiming at it. Findings revealed that BOFI Act 2020 has created huge opportunities in expanding CBN regulatory oversight and discretional powers, but equally, big challenges, that obviously demands that CBN and the Legislature must work as the closest ally to deliver a stronger, more transparent and efficient financial system in Nigeria. The study recommended amongst others, that in order to facilitate the achievement of its mandate under this Act, the Banks and other financial institutions act, in line with the objective of promoting stability and continuity in economic management, the Bank shall be an independent body in the discharge of its functions.