ABSTRACT
This research work will take a look at the traditional role of central bank of Nigeria in the Nigerian economy. A good knowledge of the strategies the bank uses in implementing and in restructuring the dwindling economy will be identified. It will also cover the constraints the bank faces in implementing the government programmes. The importance of central bank of Nigeria in developing the Nigeria economy cannot be over stressed to looked. The central bank being the bankers bank and the lender to last resort is a mirror that reflect the nations economy. As development proceeds, the structures and organization of economy becomes increasingly complex, while the central bank roles becomes increasingly complex. Now that Nigeria is faced with a depressed economy, mass unemployment, low rate of exchange, high rate of foreign debt, high rate of inflation, fall in foreign reserve, a fall in oil output, and high cost of living, the central bank has got a lot of extra work to do in order to help to recover the dwindle economy. This research will take a look into some journals of how far the central bank of Nigeria has been of help in past years trying to make a successful implementation in recovery the depressed economy of the country.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Central banks in West African owned their origin to the political development in rest African. The Central bank of Nigeria (CBN) was established in 1958, after the dissolution of West African currency board set up in 1912 where the colonial monetary system had its foundation which began to disintegrate with the attainment of political independence in Ghana in 1957, because the median of exchange were multi - farious and not very conducive to the operators of a modern monetary system. One could ask why Nigeria had no monetary system until the establishment of West African of simple currency system for the West African in 1912. The (W.A.C.B) West African currency board retained the services of the bank of British West Africa (B.B.W.A) as its currency centers in Lagos (Nigeria), Accra (Ghana), Freetown (Sierra lore) and Bathurst (Gambia) and Ghana being the first to get her independence in 1957 decide to have her own currency and other country that had here own currency, and Nigeria as one of the independent country objected to this, for which (C.B.N) central bank of Nigeria was established discuss its collaboration with other financial institution in implementing macro economic policy measure designed to facilitate efficient management of Nigeria economy.
.