Autonomy of Central Bank of Nigeria (CBN) under Different Governments : Implications for Nigeria's Economic Development

This study was embarked upon with a major objective of establishing a relationship between the degree of CBN autonomy and selected macroeconomic variables. It was designed essentially as a descriptive survey. The sample comprised of 10 regimes in Nigeria since Independence. Data were analyzed using product-moment correlation techniques. Results indicate the following: (1) The CBN had greater autonomy during the era of civilian regimes than during military era (2) CBN autonomy was directly related to inflation in Nigerian economy (3) CBN autonomy was inversely related to growth under military regimes (4) CBN autonomy was inversely related to interest rates during the military era. (5) CBN autonomy was directly related to exchange rates under the civilian regimes but inversely related to it under the military. On the basis of the above-stated findings, some recommendations were made