An Empirical Analysis of the Transparency of Monetary Policy in Nigeria

Author: N.E. Egbuna
Volume: 53 Issue No:2 Year:2011

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.

2011-03-16
Visits : 342

ANNOUNCEMENT! ANNOUNCEMENT!! ANNOUNCEMENT!!! NES 2024 Annual Conference Change of Date - Update The Nigerian Economic Society wishes to inform its members and the general public of change in the dates of the NES 65TH ANNUAL CONFERENCE Venue: Shehu Musa Yar'Adua Conference Centre, Memorial Drive, CBD, Abuja Date: Tuesday, 3rd September to Thursday, 5th September, 2024 Thank you

The Nigerian Journal of Economic and Social Studies (NJESS) is a general-interest economics and social studies journal. The NJESS is the nation's oldest and most respected international scholarly journal in the economics profession and is celebrating over 50 years of publishing.

65th ANNUAL CONFERENCE ANNOUNCEMENT Date: 3rd - 5th September, 2024 Venue: Shehu Musa Yar'Adua Conference Centre, Memorial Drive, CBD, Abuja Conference Theme: Socio-Economic Development in Nigeria: Imperatives, Implications & Impacts. CALL FOR ABSTRACTS

Membership of the Society is open to any graduate of economics or allied subjects (Nigerians and non-Nigerians), or anyone adjudged to be sufficiently knowledgeable in Economics or allied subjects by the National Executive Council is eligible for admission into the Society on application.

The Nigerian Economic Society (NES) has established a Mentorship Programme to offer guidance, career development and knowledge transfer for early career economists. The NES Mentorship Programme serves as a framework to bridge the gap between emerging economists and experienced economists by facilitating meaningful connections, knowledge sharing, and professional development opportunities. The programme aims to empower early-career economists with the tools, resources, and support they need to thrive in their chosen careers and make valuable contributions to the field of economics. Link to application form: https://forms.gle/fgbBHQZRQdxHBRLZ9