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Scirj Volume V, Issue XII, December 2017 Edition ISSN: 2201-2796 A REVIEW OF THE CENTRAL BANK ROLE AS PRUDENTIAL REGULATOR IN NIGERIA: AN ANALYSIS OF A SEPARATE SUPERVISORY AGENCY Echekoba, F.N. Abstract: In the aftermath of the global financial crisis that rocked the world in 2007, there has been growing efforts to review the oversight of financial markets and specifically financial institutions globally. The crisis which saw the demise of long standing institutions such as Lehman Brothers underscored the importance of the regulation of global financial markets. Central Banks worldwide have been apportioned some of the blame in the episode for falling asleep at the wheel, investigations and inquiries into the crisis exposed the fact that many Central Bankers were not in tangent with the developments in the financial markets and in some cases did not have a clear handle and understanding of the many instruments that were introduced into the markets. Consequently, many governments have made radical changes to their Central Banking operations in a bid to ensure better oversight of their economies. The main discourse over Central Banking has been the separation or alignment of the two main activities of the banks –microeconomic and macroeconomic regulation. There is no clear cut consensus from studies into these variants that one option supersedes the other. Thus it can be argued that there are other variables in specific economies that should come in to play in arriving at this decision. Whatever approach may be adopted, it is a very important role that sets the tone for economic development in any country. Like its counterparts worldwide, the Central Bank of Nigeria also contemplated making changes to its operational structure. This work reviewed the role of the Central Bank of Nigeria in prudential regulation and recommended an approach that would work for a developing country like Nigeria. Reference this Paper: A REVIEW OF THE CENTRAL BANK ROLE AS PRUDENTIAL REGULATOR IN NIGERIA: AN ANALYSIS OF A SEPARATE SUPERVISORY AGENCY by Echekoba, F.N. published at: "Scientific Research Journal (Scirj), Volume V, Issue XII, December 2017 Edition, Page 38-47 ". Search Terms: Central Bank, Financial Markets, Regulators [Read Research Paper] [Full Screen] |
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