EFFECTS OF REGULATORY CONTROLS OF THE CENTRAL BANK OF NIGERIA ON FINANCIAL STABILITY IN NIGERIA

Authors

  • P. I. Ocheja Department of Economics and Development Studies, Federal University , Dutse, Nigeria
  • U. Noah Department of Accounting, Prince Abubakar Audu University, Anyigba, Nigeria
  • E. F. Ocheja Federal Inland Revenue Services, Abuja, Nigeria
  • T. M. Emmanuel Department of Economics, Prince Abubakar Audu University, Anyigba, Nigeria
  • F. Opaluwa Department of Business Administration, Prince Abubakar Audu University, Anyigba, Nigeria
  • M. I. Adejoh Department of Business Administration, Prince Abubakar Audu University, Anyigba, Nigeria

Keywords:

Regulatory ,, Controls, Stability,, Nigeria, Financial,, Currency,

Abstract

The article examined the effects of the regulatory controls of the central bank on financial stability in Nigeria. The events that eventually led to the establishment of the central bank of Nigeria were highlighted .The functions of the central bank and its regulatory controls were discussed , events such as the change of currency in 1968 during the civil war, the change from pounds to Naira in 1973, the foreign reserve crisis of the late 1970s, as well as the currency redesign of 1984 and 2022 were also mentioned. It was concluded that the regulatory controls of the central bank has helped in providing financial stability in the Nigerian economy over the years. Strengthening of regulatory control as regards the establishment of commercial banks as well as not creating higher denomination of currency such as 2000 and 5000 Naira notes in the near future so as to help control inflation were recommended.

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Published

2023-10-12

How to Cite

Ocheja, P. I., Noah, U., Ocheja, E. F., Emmanuel, T. M., Opaluwa, F., & Adejoh, M. I. (2023). EFFECTS OF REGULATORY CONTROLS OF THE CENTRAL BANK OF NIGERIA ON FINANCIAL STABILITY IN NIGERIA. International Journal of Global Affairs, Research and Development, 1(1), 47–55. Retrieved from https://ijgard.com/index.php/ijgard/article/view/7

Issue

Vol. 1 No. 1 (2023): International Journal of Global Affairs, Research, and Development

Section

Articles

License

Copyright (c) 2023 P. I. Ocheja, U. Noah, E. F. Ocheja, T. M. Emmanuel, F. Opaluwa, M. I. Adejoh

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