Nexus between the Central Bank of Nigeria’s Regulatory Framework and Global Economic Crisis

Abstract

This study seeks to consider the relationship between the Central Bank of Nigeria’s regulatory framework and global economic crisis, particularly, the extent to which the Central bank of Nigeria’s policies, guidelines, procedures and directives reduced the impact of the 2007/2008 global financial crisis on the Nigerian economy was the main stay on this work. Central Bank of Nigeria’s circulars and guidelines as well as the fundamental laws establishing and empowering the Central Bank of Nigeria was the main sources of information for the study. The literature review examines the twin peaks and “combined” regulatory approaches; parallels were drawn between the two. The study concludes that a regulatory framework for the financial system and the economy, as a whole, is necessitated by the plethora of factors buffeting the economy. The study recommends the full autonomy of the Central Bank of Nigeria, the formulation of a strong regulatory framework for Fintech and Cryptocurrency operations as well as the harmonization of regulatory efforts by co-regulators of the financial system in Nigeria.