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An Empirical Analysis of the Transparency of Monetary Policy in Nigeria

An Empirical Analysis of the Transparency of Monetary Policy in Nigeria


Abstract: This paper investigates monetary policy transparency at the Central Bank of Nigeria (CBN) using the index of Central Bank transparency developed by Eijiffinger and Geraats (2006) and used by Malik and Din (2008) in their measurement of the monetary policy transparency of the State Bank of Pakistan. The results show strong performance in political transparency linked to recent institutional changes such as prompt announcement and clarity about the operational targets of policy and, about the future directions of policy. However, overall performance is weakened by performance in economic transparency linked to lack of timeliness in the dissemination of economic data relevant for monetary policy analysis and the non disclosure of the formal macroeconomic model (s) used for policy analysis. The paper thus, recommends time lines in the dissemination of a comprehensive set of economic data relevant to effective monetary policy and, the publication of economic models deployed by the Central Bank.

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