HOW CBN CONFRONTED THE MELTDOWN: THE GLOBAL FINANCIAL CRISIS AND THE CENTRAL BANK OF NIGERIA’S RESPONSE

Emre Ozsoz, Mustapha Akinkunmi (), Ismail Cagri Ay () and Ademola Bamidele ()
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Emre Ozsoz: Center for International Policy Studies (CIPS), Fordham University 441 E. Fordham Road, Bronx, NY 10458, USA
Mustapha Akinkunmi: Lagos State Government, Ministry of Finance, Ikeja, Lagos, Nigeria
Ademola Bamidele: Central Bank of Nigeria, PMB 0187 Garki, Abuja, Nigeria

The Singapore Economic Review (SER), 2017, vol. 62, issue 01, 147-161

Abstract: This paper provides an analysis of policy responses to the Global Financial Crisis by the Central Bank of Nigeria (CBN). Given its unique position as a major commodity exporter with a large population, Nigerian authorities utilized a mixture of policies including reductions in the monetary policy rate and capital reserve requirement, lending through the expanded discount window, money market interbank transactions guaranty and limitations on deposit money banks’ (DMBs) foreign exchange net open positions. CBN also rolled over margin loans that were extended to equity investors. As a result the country weathered the financial crisis with limited damage and recorded positive growth rates between 2008 and 2010.

Keywords: Central bank of Nigeria; central bank governance; global financial crisis (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1142/S0217590817400070

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