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The constitution of Nigeria is the written supreme law of the Federal Republic of Nigeria. [ 1 ] [ 2 ] Nigeria has had many constitutions. Its current form was enacted on 29 May 1999 and kickstarted the Fourth Nigerian Republic .
According to a 2018 report by the World Bank, almost half the population is living below the international poverty line ($2 per day), and unemployment peaked at 23.1%. [9] Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank. [1]
The committee was established to oversee the nation's banking sector, currency regulation, and financial policies. Its creation is rooted in the Constitution of the Federal Republic of Nigeria, which empowers the National Assembly to form committees necessary for the effective execution of its legislative responsibilities.
The Constitution of Nigeria is the supreme law of the country. There are four distinct legal systems in Nigeria, which include English law, Common law, Customary law, and Sharia Law. English law in Nigeria is derived from the colonial Nigeria, while common law is a development from its post-colonial independence. [1]
The constitution was styled after the ill-fated Second Republic — which saw the Westminster system of government jettisoned for an American presidential system. Political parties were formed ( People's Democratic Party (PDP), All Nigeria Peoples Party (ANPP), and Alliance for Democracy (AD)), and elections were set for April 1999.
US federal minimum wage if it had kept pace with productivity. Also, the real minimum wage. Real macroeconomic output can be decomposed into a trend and a cyclical part, where the variance of the cyclical series derived from the filtering technique (e.g., the band-pass filter, or the most commonly used Hodrick–Prescott filter) serves as the primary measure of departure from economic stability.
People in Nigeria do not have great freedom of movement, and are often subjected to curfews set by the federal government in areas that are at a risk of violence or instability. [71] There is a lack of protection for women in regards to rights to abortion, rape, and domestic abuse under the Nigerian federal government. [ 71 ]
The Central Bank of Nigeria Act No. 24, 1958 was published as chapter 30 of the 1958 edition of the Laws of Nigeria and Lagos. [7] It was fully implemented on 1 July 1959, when the Central Bank of Nigeria came into full operation and remained the primary statute governing the CBN until its repeal by the Central Bank of Nigeria Act No.24, 1991. [7]