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Bullion

Keywords

Financial system, CBN, NAICOM, OMO.

Abstract

The central bank is pivotal in the management of the national economy. lts role is not only to regulate and monitor the financial system, but also to ensure its development, prevent financial distress which could undermine confidence in the system as well as facilitate sustained growth. This paper presents an overview of the Nigerian financial system, the functions of the Central Bank of Nigeria (CBN). It examines the Bank's monetary management, surveillance and promotional roles and the challenges for the CBN. The study concludes that, the enhanced operational autonomy of the CBN has provided a unique opportunity for the Bank to reposition itself for the challenges of the future. The merit in the instrument autonomy is that the Bank can now deal promptly and decisively with emerging challenges in the financial system without undue political pressure. ln the context of that autonomy, the CBN has taken steps.

Author Bio

The author is a staff of the Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

1

Volume

28

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