The Role of Single Financial Services Regulation and the Central Bank of Nigeria-A Vision 2020 Expectation
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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.
Keywords
HG Finance, HJ Public Finance