Operational independence for CBN — sets the bank's mandate, governance, and Ways and Means framework.
The CBN Act 2007 modernised the central bank's governance — granting operational independence, codifying the Monetary Policy Committee's mandate and structure, and setting the Ways and Means lending framework (advances to the federal government). Section 38 of this Act has been politically contentious — it caps Ways and Means advances at 5% of prior-year federal revenue, a limit the previous administration repeatedly exceeded before the 2023 securitisation.