The Central Bank of Nigeria: History, Current Operations and Future Outlook

International Journal of Academic Accounting, Finance and Management Research (IJAAFMR) 3 (1):23-43 (2019)
  Copy   BIBTEX


Abstract: As Nigeria’s Central Bank marks its 60th anniversary, it has become necessary to assess its performance. Consequently in this paper, we provide a comprehensive, unbiased review of the Central bank of Nigeria (CBN). The paper starts with a discussion on the role and activities of the West African Currency Board, which was the precursor of the CBN and subsequently analyzes how the Board led to the emergence of the CBN. We look at the functions, mandate and organizational structure of the CBN. Second, we assess how the CBN has responded to the changing financial landscape over the years. Third, noting that the CBN has over time promoted financial reforms and played a key regulatory role, we discuss the sufficiency of the financial reforms it has promoted as well as the regulatory tools that it has deployed over the years. In this regard, we specifically highlight the role of the CBN in the global financial crises of 2007-2009 as well as the European debt crises of 2010 to 2013. Fourth, given that the primary mandate of the CBN revolves around price and exchange rate stability, we analyze its performance thus far noting the numerous challenges it has faced. Summarily, we find that the CBN has operated a multi-pronged approach by utilizing a combination of policy instruments including price-based, quantity-based and administrative policy measures. Going forward, we recommend that the CBN needs to continue to adopt avant garde mechanisms to further strengthen the Nigerian banking industry with a view to maintaining the stability and health of the economy.



External links

  • This entry has no external links. Add one.
Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

The rationalization of Central Banks.George Selgin - 1993 - Critical Review: A Journal of Politics and Society 7 (2-3):335-354.
Banking liquidity as a leading approach to risk management.Stanislav Arzevitin, Igor Britchenko & Anatoly Kosov - 2019 - Atlantis Press 318 (Advances in Social Science, Educ):149-157.
The Role of the African Church Movement in Nigeria’s Independence.Offiong Offiong Asuquo - 2018 - GNOSI: An Interdisciplinary Journal of Human Theory and Praxis 1 (2).
A COMPARATIVE STUDY ON FINANCIAL PERFORMANCE OF PUBLIC SECTOR BANKS IN INDIA: AN ANALYSIS ON CAMEL MODEL.Kishore Meghani - 2015 - Arabian Journal of Business and Management Review (OMAN Chapter) 4 (8):18-34.
Between Religion and Agriculture: A Roadmap to Revamping Nigeria’s Economy.Ubong E. Eyo - 2019 - GNOSI: An Interdisciplinary Journal of Human Theory and Praxis 2 (1).
Fiinancial Stability and Reform of the Financial System.Juraj Sipko - 2012 - Creative and Knowledge Society 2 (2):58-69.


Added to PP

1,104 (#11,793)

6 months
166 (#19,523)

Historical graph of downloads
How can I increase my downloads?

Citations of this work

No citations found.

Add more citations

References found in this work

No references found.

Add more references