Abstract
This paper develops the Central Bank reaction function and investigates the extent to which the Central Bank of Nigeria in recent years has been successful in addressing adverse changes in prices and the naira exchange rate. The result indicates that the CBN was successful in controlling inflation and depreciation of the naira in foreign exchange market. However, there was a large lag in the responsiveness of the monetary authorities to adverse changes in the economic environment. The study recommends among others that the current autonomy status granted the CBN should be strengthened and sustained.Global Journal of Social Sciences Vol. 6 (1) 2007: pp. 37-43
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