In 2000, the CBN established the Monetary Policy Forum in order to create a
channel for public enlightenment and cross fertilization of ideas between the
monetary authorities and other stakeholders. The forum was created in
recognition of the fact that monetary policy works best in an environment in
which the views of the key stakeholders are taken into consideration in both its
conception and implementation. This initiative is consistent with the general
move towards greater transparency and openness in the conduct of monetary policy
`by central banks worldwide. The Forum also serves as a medium for educating the
public on the monetary policy decisions of the Bank, which is necessary for the
sustenance of its autonomy and credibility.