Index to Nigerian Newspapers

The Central Bank of Nigeria (CBN) has been a prominent and influential institution in Nigeria's political economy since 1959. The CBN Act, of 1958 and the Banking Decree 1969, established the legal framework for operating and regulating banks in the country. Despite military coups and civil wars, the CBN has always sought an independent and professional institution to meet the development aspirations of a post-colonial economy. The CBN Act, 2007 enacted in 2007, aimed to create a fully autonomous body to promote stability and continuity in economic management. However, some observers argue that the Act has been compromised and seen as operationally not free from political interference. The monetary policy direction of the bank should not be based on the whims of the President or minister, as it is largely based on technical considerations dictated by the core mandates of a central bank, including price and exchange rate stability, legal tender issuance, and lending to government entities. The advocacy for monetary policy autonomy has recognized the need for a more independent and professional central bank.