Nigeria, Feb. 16 -- The Central Bank of Nigeria (CBN), as the apex financial institution, is the monetary authority of Nigeria on matters of currency. Its primary mandate is monetary policy, which aims to ensure price and financial system stability in order to promote economic growth. The CBN, like any monetary authority in the world, is entrusted with its responsibility by a stipulation of a parliamentary Act. In pursuance, the tenure of each management team at the CBN has been marked by defining policies-some commendable, others disastrous.

From Joseph Sanusi in 1999 to Charles Soludo, Lamido Sanusi, Godwin Emefiele and now Yemi Cardoso, the CBN appears to have had a chequered record of performance in executing its pristine mandate. Th...