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Articles 1 - 30 of 541
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Empirical Estimation Of Optimal International Reserves For Nigeria: The Sudden Stop Model, G.K. Sanni, T.S. Olusegun, Z. Sani
Empirical Estimation Of Optimal International Reserves For Nigeria: The Sudden Stop Model, G.K. Sanni, T.S. Olusegun, Z. Sani
Economic and Financial Review
The study examined the issue of optimum external reserves for Nigeria during 2010 - 2014, using Jeanne and Ranciere (2006) and Goncalves (2007) sudden stop model approach. The study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit accounted for the remaining. The result of the model suggested that external reserves were adequate in 2010 but beyond that period, it was far below optimal level. On average, the optimum external reserves were around 15.7 per cent of GDP in the past four years, translating to US$54.52 …
The Impact Of Lending Rate On The Manufacturing Sector In Nigeria, D.B. Akpan, D.J. Yilkudi, D. C. Opiah
The Impact Of Lending Rate On The Manufacturing Sector In Nigeria, D.B. Akpan, D.J. Yilkudi, D. C. Opiah
Economic and Financial Review
The study investigates the impact of lending rate on output of the manufacturing subsector using the Vector Error Correction Model (VECM) and annual data from 1981- 2014. The empirical results indicated that high lending rate had negative impact on manufacturing output in the long-run. This suggests that increase in lending rate undermines manufacturing output, thus retarding growth in the real sector. Specifically, the estimates revealed that a 1.0 per cent increase in lending rate reduces manufacturing output by 0.03 per cent. The study, therefore, recommends the implementation of investment friendly policies that narrows the lending rate by the deposit money …
Non-Oil Revenue Buoyancy And Elasticity: Implications For Revenue Generation In Nigeria, B. Gaiya, A.A. Ononugbo-Ikenna, K. Ajala
Non-Oil Revenue Buoyancy And Elasticity: Implications For Revenue Generation In Nigeria, B. Gaiya, A.A. Ononugbo-Ikenna, K. Ajala
Economic and Financial Review
The paper employs annual time series data on real government tax revenue components from 1981-2014 to endogenously determine the level of non-oil revenue buoyancy and elasticity and its implication for revenue generation in Nigeria. A partitioning approach to determining tax buoyancy and elasticity is employed to address these objectives. The study found that with the exception of the Company Income Tax, an inelastic tax structure exists in Nigeria for the period under review. The proxy bases had similar results in terms of their responsiveness to the tax system. There were also evidences that the discretionary measures taken during the study …
Economic Growth, Poverty And Income Inequality Matrix In Nigeria: A Further Investigation, H.O. Okafor
Economic Growth, Poverty And Income Inequality Matrix In Nigeria: A Further Investigation, H.O. Okafor
Economic and Financial Review
This paper examined the existing relationship among economic growth, poverty and income inequality in Nigeria. Using the Vector Auto-regressive (VAR) model and the Engle-Granger technique to test for the causality existing among the variables, the results revealed that economic growth had no impact on poverty reduction and income distribution in Nigeria due its non-inclusive nature. There was, however, evidence of a unidirectional causality, running from income inequality to increased poverty. This implied that inequality would lead to increase in poverty in Nigeria. Therefore, the paper recommended that govemment should develop stronger economic institutions that ore capable of reorganising the productive …
Keynote Address On Financing Government Programmes In Economic Downturn -The Role Of Central Bank Of Nigeria? Delivered At The 2016 Central Bank Of Nigeria Executive Seminar, G.I. Emefiele
Economic and Financial Review
This is a keynote address delivered by the Governor of Central Bank of Nigeria at the 2016 executive seminar with the theme "financing government programmes in economic downturn - the role of central bank of Nigeria
Special Remarks: Financing Government Programmes In Economic Downturn -The Role Of Central Bank Of Nigeria? Delivered At The 2016 Annual Executive Seminar, S.O. Alade
Economic and Financial Review
This is the special remarks delivered by the Deputy Governor (Economic Policy) during the 2016 executive seminar, "financing government programmes in economic downturn- the role of central bank of Nigeria.
Financing Government Programmes In Economic Downturn: Theoretical Issues And Perspectives, A. H. Ekpo
Financing Government Programmes In Economic Downturn: Theoretical Issues And Perspectives, A. H. Ekpo
Economic and Financial Review
The purpose of this paper is to articulate the theoretical issues and perspectives which underscore the need for caution in financing government programmes whether in the recurrent outlay or capital programmes as individual financing modes have built in costs and risks that could inhibit the realisation of government objectives.
Financing Government Deficit During Economic Downturn: Options For Consideration, O. Ajakaiye
Financing Government Deficit During Economic Downturn: Options For Consideration, O. Ajakaiye
Economic and Financial Review
The author examines the efficacy of the conventional approach to financing budget deficit during economic downturn in Nigeria. He also considers other (unconventional) options for financing budget deficits during economic downturn in Nigeria.
The Role Of Central Banks During Economic Downturn: Lessons And Options For Financing Government Programmes In Nigeria, C.N.O. Mordi
The Role Of Central Banks During Economic Downturn: Lessons And Options For Financing Government Programmes In Nigeria, C.N.O. Mordi
Economic and Financial Review
The author examine both the traditional and developmental roles central banks plays in financing government programmes/projects.
Financing Government Programmes In Economic Downturn: Policy Options, F.U. Jacobs
Financing Government Programmes In Economic Downturn: Policy Options, F.U. Jacobs
Economic and Financial Review
This author examines the various policy options for the manufacturing sector of the economy in an economic downturn.
Financng Government Programmes During Economic Downturn: Policy Options, E.M. Abolo
Financng Government Programmes During Economic Downturn: Policy Options, E.M. Abolo
Economic and Financial Review
The author discussed various policy options that can be adopted to finance government programmes during economic downturn. He explained in details the concept as it affects the economic growth and development.
Financing Government Programmes In Economic Downturn: A Comparative Analysis, T. Oshikoya
Financing Government Programmes In Economic Downturn: A Comparative Analysis, T. Oshikoya
Economic and Financial Review
This paper examines the experience of Nigeria and other oil exporting countries in adjusting to lower oil prices and financing government programmes during economic downturn.
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Economic and Financial Review
The author discussed the role of non-oil exports in the structural transformation and sectoral diversification processes which are inherently associated with sustainable growth and development outcomes as well as the focus of the analysis shifts to an examination of the role of non-oil exports in promoting economic growth and development.
An Overview Of Cbn Intervention In The Nigerian Economy (2009 - Date), M..A. Olaitan
An Overview Of Cbn Intervention In The Nigerian Economy (2009 - Date), M..A. Olaitan
Economic and Financial Review
The author emphasize the major role the central bank of Nigeria plays in the socio- economic development of the country through various interventions. He stated historically that, the Bank had been involved in development financing since 1962.
An Empirical Analysis Of The Effect Of Monetary Policy On The Manufacturing Sector In Nigeria, M. Ali, H. Aliero, M. Abubakar
An Empirical Analysis Of The Effect Of Monetary Policy On The Manufacturing Sector In Nigeria, M. Ali, H. Aliero, M. Abubakar
Economic and Financial Review
This study examined the effect of monetary policy on the manufacturing sector in Nigeria from 1970 to 2012 using Autoregressive Distributed Lag (ARDL) bound testing approach. Exchange rate was found as the only channel of monetary policy transmission with significantly negative effect on the manufacturing sector. This implies that manufacturing firms largely rely on foreign inputs for production and do not depend on the banking system for funding. The study, therefore, recommends indigenous technology and financial system development to reduce dependence on imported inputs and facilitate access to more funds.
Factors Explaining Exchange Rate Volatility In Nigeria: Theory And Empirical Evidence, H. E. Oaikhenan, O. S. Aigheyisi
Factors Explaining Exchange Rate Volatility In Nigeria: Theory And Empirical Evidence, H. E. Oaikhenan, O. S. Aigheyisi
Economic and Financial Review
The study empirically investigated the factors explaining the volatility of the bilateral exchange rate of the naira to the U.S. dollar, using data for 1970-2013 period. The EGARCH (1.1) modeling technique was used. The empirical evidence indicated that volatility of the naira exchange rate was characterised by clustering, strong leverage effect and moderate degree of persistence. It was found that increased net capital flows, greater integration of the Nigerian economy into the global market, deepening of the nation’s financial system, favourable crude oil prices, increase in the level of external reserves as well as economic growth were germane to dampening …
Sources And Impact Of Excess Liquidity On Monetary Policy In Nigeria, S. A. Ukeje, D. Amanze, L. Akinboyo, K. Ajayi
Sources And Impact Of Excess Liquidity On Monetary Policy In Nigeria, S. A. Ukeje, D. Amanze, L. Akinboyo, K. Ajayi
Economic and Financial Review
This paper examined the sources and effects of excess liquidity in the Nigerian banking system. The Deposit Money Banks (DMBs) in Nigeria do not hold voluntary reserve over and above the required reserve for precautionary reasons depending on their risk appetite. The practice over the years has been that DMBs constrained themselves by holding involuntary reserve which is a major concerns to the monetary authorities. The ideal situation is that banks should deploy excess reserves as loans to the public and invest in government securities, but on the contrary this is not done based on the profit maximisation tendencies of …
Effects Of Monetary Policy On The Banking System Stability In Nigeria, A. Bamidele, J. Musa, L. Bala-Keffi, O. Owolabi, S. Imam
Effects Of Monetary Policy On The Banking System Stability In Nigeria, A. Bamidele, J. Musa, L. Bala-Keffi, O. Owolabi, S. Imam
Economic and Financial Review
The paper examined the effect of monetary policy on banking system stability in Nigeria. The main objective was to evaluate how monetary policy affected the banking system stability during the global financial crisis in Nigeria. Static and dynamic error correction models were estimated using monthly data from January 2007 to June 2013 and the error correction model was found most efficient. The banking system stability index was computed using banking soundness index, banking vulnerability index and economic climate index. The results showed that increase in monetary policy rate, depreciation of nominal exchange rate and rising inflation rate negatively affected the …
Keynote Address At The Executive Seminar On Exchange Rate Policy And Economic Management In Nigeria, Godwin I. Emefiele
Keynote Address At The Executive Seminar On Exchange Rate Policy And Economic Management In Nigeria, Godwin I. Emefiele
Economic and Financial Review
This is keynote address delivered by the Governor of Central Bank, Godwin I. Emefiele, on the executive seminar on exchange rate policy and economic development- Is there a need for paradigm shift?
Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu
Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu
Economic and Financial Review
This is a welcome address by the Director of Human Resources Department on the 2015 CBN executive seminar jointly organized by the Research and Human Resources Departments.
Special Remarks At The Executive Seminar On Exchange Rate Policy And Economic Management In Nigeria - Is There A Need For Paradigm Shift?, S.O. Alade
Economic and Financial Review
This is a special remark delivered by the Deputy Governor (Economic Policy) during the 23rd edition of the Annual Executive Seminar jointly organized by the Research and Human Resources Departments with the theme: "Exchange rate policy and economic management in Nigeria- Is there need for a paradigm shift?
Empirical Exposition Of Monetary Policy Under Fixed And Managed Float Exchange Rate Regime: Any Lesson For Nigeria, F.O. Egwaikhide, M. Oyinlola, O. Adeniyi, D. B. Olanipekun
Empirical Exposition Of Monetary Policy Under Fixed And Managed Float Exchange Rate Regime: Any Lesson For Nigeria, F.O. Egwaikhide, M. Oyinlola, O. Adeniyi, D. B. Olanipekun
Economic and Financial Review
The paper empirically investigated the relationship between monetary aggregates and the exchange rate under alternative exchange rate regimes in Nigeria. Using data spanning 1961 to 2013 to estimate vector auto-regressive (VAR) models, a number of findings ensued.
An Overview And Dynamics Of Financial Market Development In Nigeria And Imperatives For Exchange Rate Stability, E.U. Ukeje
Economic and Financial Review
The article discusses the important role money market plays in the economic development of any country which provides the platform for central banks to influence short-term interest rates,
Dollarisation: Any Possibility In Nigeria And Its Effects On Economic Management And Exchange Rate Stability, E.A. Abolo
Dollarisation: Any Possibility In Nigeria And Its Effects On Economic Management And Exchange Rate Stability, E.A. Abolo
Economic and Financial Review
This paper examined various type and definitions of dollarization, the possibility of dollarization in Nigeria and its effect on economic management. The author emphasized on unofficial dollarization and its benefits and costs.
Exchange Rates, Capital Flows And Monetary Policy: Lessons From Emerging Market Economies, Biodun Adedipe
Exchange Rates, Capital Flows And Monetary Policy: Lessons From Emerging Market Economies, Biodun Adedipe
Economic and Financial Review
This paper proceeds in four sections as follows: section 1 is the introduction, section 2 gives a cursory summary of the literature on the 'trilemma-dilemma' that tend more towards the relevance of capital controls as an independent instrument in monetary policy irrespective of the exchange rate regime, while section 3 examines the evidence and effectiveness of the management of the process and relationships in emerging market economies (EME). Section 4 examines a country experience, while section 5 draws inferences for Nigeria and section 6 concludes with recommendations.
Foreign Exchange Market Segmentation, Foreign Exchange Utilisation And Exchange Rate Votatility: The Nigerian Experience, A. Adeyemo
Economic and Financial Review
This article is on the exchange rate regime impact on the economic growth, inflation and external reserves of emerging economies. The author emphasized that Nigeria had a pegged exchange rate regime and strong exchange controls before the introduction of the Structural Adjustment Programme (SAP).
Economic Policy Trilemma And Exchange Rate Management In Nigeria, Temitope Oshikoya
Economic Policy Trilemma And Exchange Rate Management In Nigeria, Temitope Oshikoya
Economic and Financial Review
This paper considers the choice and trade-offs that Nigeria's economic policymaker face when deciding on the simultaneous combination of monetary policy exchange rate management, and financial openness policies to adopt- the monetary policy trilemma. The paper finds empirical evidence of the monetary policy trilemma for Nigeria, implying that there is indeed a tradeoff among monetary independence, exchange rate stability and financial integration.
Exchange Rate And Inflation: Is There A Relationship In Nigeria, C.N.O. Mordi
Exchange Rate And Inflation: Is There A Relationship In Nigeria, C.N.O. Mordi
Economic and Financial Review
This paper attempts to examine the link between exchange rate and domestic price level in Nigeria. Employing the VAR technique, the study used monthly series of inter-bank rate, world export prices, real gross domestic product, oil prices and consumer price index from 2000MI to 2015MI. The results from the study show that exchange rate pass-through to price level is high. a shock to exchange rate (depreciation) would increase domestic price by 0.72 per cent in the first month. The effect rose to 0.82, 0.85 and 0.86 per cent in month 2,4 and 6, respectively, before it began to fall. By …
Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh
Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh
Economic and Financial Review
This article focused on exchange rate policy and economic management: a theoretical nexus
Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah
Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah
Economic and Financial Review
The paper aimed to construct a monetary conditions index (MCI) for Nigeria to aid the evaluation of the stance of monetary policy. Quarterly data for 91-day treasury bill rate (TBR), real exchange rate (RER), inflation rate (INF), real private sector credit (RCP), and real gross domestic product (RGDP), covering the period 2000Q1 to 2014Q1, were utilised. The period coincided with key reforms in the money and foreign exchange markets, culminating in the adoption of a new monetary policy framework in 2006. Following some econometric diagnostic tests, an aggregate demand function was estimated using the Johansen co-integration technique.