This report sheds light on some selected cases of recent progress by central banks in Africa in striking a balance between their multiple, and at times conflicting, objectives. Taking the cases of Kenya, Nigeria and Uganda as examples, the report explores the extent to which and the ways in which central banks have made progress over the past decade in striking a balance between the objectives of price stability, financial stability and financial deepening. The report also identifies drivers of progress and challenges to sustaining it, building particularly on data obtained from interviews with policy-makers, donors and researchers in Kenya, Nigeria and Uganda.
The full pdf.
A few years ago I mused about doing an ethnographic study of the Nigerian financial sector. Reading this report has rekindled the interest.