Proceedings of the 8th International Conference on Research in Management and Economics
Year: 2023
DOI:
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Autonomy of the Central Bank of Nigeria and It’s Impact on Monetary Policy Implementation
Asemokhai Yakubu Musa
ABSTRACT:
An overall assessment of the central bank of Nigeria act promulgated since 1958 was conducted to ascertained how operational is the CBN in the conduct of its core mandate and found that there has been a significant improvement in the central bank ability to deliver its core mandates as enshrine in the act, although this ability suffer some set back – during the military era, the methodology adopted is using the index developed by GMT (1991) and CUKIERMAN (1992) for the central bank autonomy, the results shows that the central bank of Nigeria is well placed and rank among top central banks in the world and have the ultimate power to formulate and implement monetary policy.
keywords: Central Bank Autonomy, Political Autonomy, Economic Autonomy, and Monetary Policy Implementation