Central Bank of Nigeria (CBN) Statutory Supervisory Mechanisms of the Financial Sector for Economic Growth

Abstract

Proponents of corporate governance code insist that it is the legitimate means of raising standards as opposed to legislative solution in most of the economies in the world. However, in Nigeria’s case,  the most sensible approach is to focus on law enforcement rather than developing new laws and codes. The agency theory is the theoretical foundation on which this paper is rooted. Anecdotal studies in support of the agency theory are disclosed. The CBN statutory mechanisms of the financial sector are highlighted for economic growth in Nigeria.