The role of the Central Bank of Nigeria in the effective implementation of the IMF code of good practices on transparency in monetary and financial policies.

Abstract

The objectives of this paper are essentially twofold: to familiarize seminar participants with the code of good practices as it relates to transparency in the conduct of monetary and financial policies; and to examine the role of the Central Bank of Nigeria (CBN) in ensuring the effective implementation of the Code in Nigeria particularly against the backdrop of the international acceptability of the Code as a standard for gauging how transparent monetary and financial policies are In the member countries of the International financial community. For ease of exposition, the paper is divided into four parts. Following this introduction, part II of the paper presents the background and elements of the Code, highlighting the rationale for each element. In part Ill, a discussion of the role of the CBN in the effective Implementation of the Code in Nigeria, while the paper ends with some concluding remarks in part IV.