It should, however, be noted that the decline in monetary aggregates is not peculiar to Nigeria as other countries faced similar outcomes due to the global financial crisis. The good news is that the banking system has resumed lending.
However, in view of the forthcoming elections, I do not wish to add anything further on that. Let us focus on Switzerland. It is clear that the policies of the ECB have a strong influence on a small, open economy like Switzerland. Is it still at all possible for the Swiss National Bank to pursue an independent monetary policy?