Economic and Financial Review


Central Bank of Nigeria


Macro-Prudential Regulation, Monetary Policy, Institutional Framework, Micro-Prudential Regulation, Systemic Risk, Macroeconomic Stability


This paper makes a bold attempt to examine some of the issues within the narrow context of monetary policy. Following the introduction, Section 2 examines some conceptual issues including the institutional framework for monetary and macro-prudential policy. Section 3 discusses the objectives and instruments of monetary and macro-prudential policy including indicators of systemic risk, while Section 4 examines at the interaction of macro-prudential with monetary policy and how this could be enhanced. In Section 5, the experiences of other countries with macro-prudential regulation are presented and lessons drawn for Nigeria. Section 6 concludes the paper and provides insights for an effective macro-prudential policy framework for Nigeria.

Author Bio

Moses K. Tule is the Director of Monetary Policy Department of the Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Tule, Moses K. (2012). Macro-Prudential Regulation and Effective Monetary Policy. CBN Economic and Financial Review. 50(4), 140-161.



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