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The Role of Single Financial Services Regulation and the Central Bank of Nigeria-A Vision 2020 Expectation

Adetiloye, K. A. (2008) The Role of Single Financial Services Regulation and the Central Bank of Nigeria-A Vision 2020 Expectation. Lagos Journal of Banking. Finance & Economic Issues. pp. 223-235.

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Abstract

Central banks being creations of governments are not fully insulated from politics of the day especially in developing countries, which affects performance of assigned function and should mainly be concerned with impacting their economies through the management of the monetary aspects. Ha}ling devolved the functions of regulation of the financial system to other institution who manages the system for optimum performance for the benefit the investors and consumers, they are more focused on the economy. This paper argues that the Nigerian financial system should adopt a single financial regulator who would regulate the various financial institutors rather than the present multifarious regulators. In the process, a number of issues on current mode of regulation and problems and their effectiveness were dealt with. This paper is of the opinion that it is proper to adopt the single regulator right away having laid the foundation in the FSCC, with one further step forward and need not wait until 2020 but allow the institution to mature by this period. The FSCC need not regulate all for now but the less key sector with the CBN should regulate the banks and SEC the stock braking firms, for certain reason in the interim. The remaining institutions should be regulated by yjr proposed new financial regulator.

Item Type: Article
Subjects: H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 14 May 2014 13:38
Last Modified: 22 Sep 2015 10:04
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/2620

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