TUB-THUMPING CBN FOREX POLICY
The Central Bank of Nigeria (CBN) is an establishment that came into existence through the breath of the law; specifically, the CBN Act of 1958 which clearly spelt out the administrative framework and responsibilities of the CBN, under the statute of the Nigerian government. This Act allowed it began operations in 1959. Essentially, there are three major Acts of the CBN, 1958 CBN Act; 1991 CBN Act; and the 2007 CBN Act. The 1991 Act repealed the 1958 CBN Act and all of its amendments, which sought to guarantee the independence of the CBN, to a large degree. Aside being the the issuer of legal tender currency (Naira), banker to other banks, responsible for maintaining monetary and financial stability and to maintain external reserve; the CBN's major mandate is to ensure price stability, which the 2007 CBN Act puts in black and white. Within its purview, the CBN is doing everything to achieve that mandate, using the tools at its disposal. Some of which may not appear f...