One of the major concerns of Nigeria, Gambia, Ghana, and Sierra Leone during the operation of the West African Currency Board was the alleged relationship between the money supply and the balance of payments. It was argued by critics that changes in foreign exchange reserves tended to exert a preponderant influence on the monetary base, the main determinant of the money stock – which, in turn, is a good indicator of the thrust of monetary forces. The aim of this note is to discover the extent to which the monetary authorities have influenced the ‘base’ since the establishment of the Central Bank of Nigeria.