Okigbo report terms of reference December 28, 2006 | posted by Nigerian Muse (Archives)

 

---

 

TERMS OF REFERENCE OF THE OKIGBO PANEL

 

See: http://www.nigeriancp.net/tribune.html

 

The actual terms of reference of the Okigbo Panel were to probe the activities of the Central Bank of Nigeria (CBN) as follows:

 

1. To examine the legal framework guiding the operations of Central Bank with particular reference to the relationship of the bank with the Federal Government.

 

2. Re-appraise the structures for the co-ordination and harmonisation of fiscal and monetary policies for the purpose of achieving the objective of macro-economic policy;

 

3. Review the process of formulation and implementation of monetary policy with specific reference to the control of money supply, interest rates management and attainment of price stability.

 

4. Re-examine the design and implementation of external sector policies with particular regard to the operations of the foreign exchange market, exchange rate management, external reserve management, external debt management and the dedication account operated by the Central Bank.

 

5. Review the growth and management of domestic debt, especially the granting of ways and means of advances of the Federal Government and Central Bank credit to the government generally.

 

6. Assess the adequacy or otherwise of the regulatory framework for the financial system, with specific reference to the establishment of financial institutions, prudential requirements and the bank’s ability to deal with financial insolvency.

 

7. Identify the various factors, which constrain the effective conduct of monetary and banking policies and propose appropriate remedies.

 

8. Undertake a comprehensive review of the administrative, managerial and structural requirements for the improved performance and autonomy of the Central Bank

 

---