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Articles 1 - 30 of 550
Full-Text Articles in Business
Keynote Address, Godwin I. Emefiele Con
Keynote Address, Godwin I. Emefiele Con
Economic and Financial Review
This is the keynote address delivered by the Governor of Central Bank of Nigeria at the Annual Executive Seminar of the Central Bank of Nigeria, holding in Abuja, the Federal Capital Territory. The theme of the Seminar was "Digitisation of Money and Monetary Policy in Nigeria.”
Special Remarks, Kingsley Obiora
Special Remarks, Kingsley Obiora
Economic and Financial Review
This is the special remark delivered by the Deputy Governor, Economic Policy at the 28th edition of the CBN Executive Seminar, jointly organised by the Research and Capacity Development Departments for Executive staff of the Bank. The theme of the Seminar is, “Digitalisation of Money and Monetary Policy in Nigeria”
Welcome Address, Michael A. Adebiyi
Welcome Address, Michael A. Adebiyi
Economic and Financial Review
This is the Welcome Address presented by the Director of Research, Central Bank of Nigeria during the 28th Edition of the CBN Executive Seminar held at Transcorp Hilton, Abuja. The year’s theme: ‘Digitalisation of Money and Monetary Policy in Nigeria’ was motivated by the need to keep pace with monetary policy design and implementation in the digital age.
Goodwill Message, Muhammad M. Bello
Goodwill Message, Muhammad M. Bello
Economic and Financial Review
This is the keynote address delivered by the Honourable Minister of Federal Capital Territory during the Central Bank of Nigeria Executive Seminar, taking place in the city of Abuja. The theme of the seminar was “The Digitisation of Money and Monetary Policy in Nigeria."
The Evolution Of Money And The Changing Role Of Central Banks In The Digital Age, Uche Uwaleke
The Evolution Of Money And The Changing Role Of Central Banks In The Digital Age, Uche Uwaleke
Economic and Financial Review
As a medium of exchange, money has evolved throughout the ages from barter system to fiat money issued by central banks. The digital age has ushered in new realities for central banks, transforming the nature of money and challenging monetary authorities to new roles required to implement their core mandate of maintaining monetary and price stability. The main purpose of this paper is to examine the changing roles of central banks occasioned by the challenges posed by digitalisation. Based on available literature surveyed, this changing role is principally evident in the recent move by most central banks to issue their …
Nigeria’S Budding Digital Economy: Coping With Disruptive Technology, Olugbenga Agboola
Nigeria’S Budding Digital Economy: Coping With Disruptive Technology, Olugbenga Agboola
Economic and Financial Review
For a thriving and inclusive digital economy, African countries such as Nigeria need to build the critical foundations of the digital economy (World Bank Group, 2019). These foundations are interdependent and require public and private sector solutions.
Digitalisation And Financial System Stability: What Role For Macroprudential Policies?, Hassan Bello
Digitalisation And Financial System Stability: What Role For Macroprudential Policies?, Hassan Bello
Economic and Financial Review
The recent spate of financial digitalisation has been revolutionary, leading to significant changes in the structure of the financial system, its operational paradigm, users’ perception and experiences, and the regulatory landscape. These developments have been driven by explosive growth of technological advancements in fintech such as big data analytics, distributed ledger technology, and artificial intelligence, among others. Digitalisation of the financial system not only offers numerous benefits but also poses significant risks to the financial system, its stakeholders, and financial stability. This paper documents these issues and, in addition provides conceptual clarifications on financial digitalisation, and highlights relevant macroprudential policy …
Impact Of Technology On Financial Services, Usoro Usoro
Impact Of Technology On Financial Services, Usoro Usoro
Economic and Financial Review
This paper reviews seven emerging technologies that are shaping the future of financial services across the globe, their impact on financial services, and the implication for regulation. The seven technologies are: Mobile Connectivity; Artificial Intelligence; Decentralised Ledger; Open Source; Hyper Automation; Cloud Computing; and No Code Development Platforms.
Digital Currencies: Emerging Trends, Challenges And The Future Of The Monetary System, Ngozi E. Egbuna
Digital Currencies: Emerging Trends, Challenges And The Future Of The Monetary System, Ngozi E. Egbuna
Economic and Financial Review
This paper discusses the nature and types, trends, prospects and benefits, challenges and demerits of digital currencies, as well as, the link between digital currencies and the monetary system.
Digital Currencies: Emerging Trends, Challenges And The Future Of The Monetary System, Remi Ogun
Digital Currencies: Emerging Trends, Challenges And The Future Of The Monetary System, Remi Ogun
Economic and Financial Review
This paper discusses the relevance and significance of digital currencies within the context of the monetary system. The next section presents a global picture of the emerging trends followed by challenges from different jurisdictions. The final section discusses the future of the monetary system as shaped by digital currencies.
Digital Technology And The Transformation Of The Nigerian Banking System: The Operators’ Perspective, Ireti Samuel-Ogbu
Digital Technology And The Transformation Of The Nigerian Banking System: The Operators’ Perspective, Ireti Samuel-Ogbu
Economic and Financial Review
The rapid development of digital technology through the years, and the rails provided by the internet for connectivity remains the most important development that has impacted change and driven massive improvement in the operation of banking and financial services. It has brought in its wake huge disruptions in product roll-out and the way products are delivered. The entry of technology companies into financial services cannot be overlooked in discussing these changes. Nigeria has not been left behind in this evolution. Instead, the Nigerian banking industry has been the forerunner in digital initiatives in Africa that have transformed the banking and …
Digital Financial Services And Financial Inclusion In Nigeria: Milestones And New Directions, Chioma G. Nkechika
Digital Financial Services And Financial Inclusion In Nigeria: Milestones And New Directions, Chioma G. Nkechika
Economic and Financial Review
Digital Financial Services are ushering in an age of financial innovation and convenience with technology as the driver. It aims at solving several needs of the public, helping the governments tackle newer problems and identify the potentials of new technology that may be conceived in a competitive landscape. The aim of financial inclusion is to bring as many unserved and underserved Nigerians into the formal financial sector. Thus, digital financial services are revealing gaps in the market that will allow the Federal government intervene and cater to more members of the public than ever, using technology.
Adoption Of The Enaira: Issues And The Way Forward, Biodun Adedipe
Adoption Of The Enaira: Issues And The Way Forward, Biodun Adedipe
Economic and Financial Review
As cryptocurrencies evolved and became more popular, it became obvious that the world was trending towards monetary disintegration and oversight reversal. It was becoming fashionable for technology-motivated products to be developed either to reduce or eliminate regulation of monetary transactions. The monetary system was gradually moving towards opacity that could create a ‘safe environment’ for illegal activities and open a new vista for money laundering. This of course, should be of grave concern to any monetary authority or government.
Fiscal Policy And Macroeconomic Stability In Nigeria: How Effective Are Fiscal Rules?, E. A. Udeaja, J. M. Tule, Z. A. El-Yakub, J. A. Rotimi
Fiscal Policy And Macroeconomic Stability In Nigeria: How Effective Are Fiscal Rules?, E. A. Udeaja, J. M. Tule, Z. A. El-Yakub, J. A. Rotimi
Economic and Financial Review
The paper examines the impact of fiscal rules on macroeconomic stability in Nigeria. Using data spanning 2005Q1-2021Q4, the study adopts the Autoregressive Distributed Lag (ARDL) approach and constructs output volatility to account for the role of gross fixed capital formation (GFCF), tax revenue, government size, and trade openness in assessing macroeconomic stability. The findings reveal that, Nigeria has deviated from the established rule limits since 2017. The study also finds that increase in government size and GFCF are instrumental to attaining macroeconomic stability during economic crisis. On the other hand, increasing trade openness and taxation are inimical to the macroeconomic …
Public Debt Sustainability Measures And Its Growth Implications For The Nigerian Economy, O. W. Gobna, G. Usman, S. S. Mohammed
Public Debt Sustainability Measures And Its Growth Implications For The Nigerian Economy, O. W. Gobna, G. Usman, S. S. Mohammed
Economic and Financial Review
This study utilises the linear and nonlinear autoregressive distributed lag (ARDL) models to investigate the impact of public debt sustainability measures and its growth implications for the Nigerian economy from 1981 and 2021. The results suggest that public debt-to-oil revenue ratio (PDOR) has a significantly negative effect on economic growth both in the long- and short-run. It also shows that public debt-to-non-oil revenue ratio has an asymmetric effect in the short-run and a positive relationship on economic growth in the long-run. The study concludes that economic growth needs to be enhanced through improved government non-oil revenue. Therefore, to bolster economic …
Do Geopolitical Risks And Economic Uncertainty Matter For Fiscal Sustainability In Nigeria?, E. A. Udeaja, S. T. Zimbo, P. F. Offum, B. O. Fashoro
Do Geopolitical Risks And Economic Uncertainty Matter For Fiscal Sustainability In Nigeria?, E. A. Udeaja, S. T. Zimbo, P. F. Offum, B. O. Fashoro
Economic and Financial Review
This paper attempts to answer the question about whether geopolitical risks and economic uncertainty matter for fiscal sustainability in Nigeria. The paper employs the ARDL model and bounds test approach to cointegration to analyse quarterly data for the period 2010Q1 to 2021Q4. The main finding indicates that geopolitical risks significantly enhance fiscal sustainability in the short- and long-run, while economic uncertainty does not. Accordingly, the study recommends the implementation of policies aimed at maximising the benefits of rising oil price triggered by geopolitical risks to improve fiscal sustainability in Nigeria.
Does The Okun's Law Hold In The Brics Countries And Nigeria?, U. Aminu, A. Abel, A. R. Garba
Does The Okun's Law Hold In The Brics Countries And Nigeria?, U. Aminu, A. Abel, A. R. Garba
Economic and Financial Review
The unemployment-output nexus is a topical issue in developing countries, particularly with some evidence against the trade-off suggested by Okun’s law. This study, therefore, investigates the validity of Okun’s law in the BRICS countries and Nigeria, based on annual data between 1993 and 2020, using the Panel ARDL model. We validate the Okun’s law with evidence of an inverse relationship between output and unemployment in the BRICS countries and Nigeria. We, therefore, recommend that policymakers should boost both nominal and potential output by fully diversifying the economy to enhance productivity and reduction in the unemployment rate. We also recommend that …
Microfinance Sustainability In A Digitalised Economy, M. A. Adebiyi, T. S. Olusegun, J. Yakubu
Microfinance Sustainability In A Digitalised Economy, M. A. Adebiyi, T. S. Olusegun, J. Yakubu
Economic and Financial Review
The study examines microfinance sustainability in a digitalised economy using a panel dataset of 1,314 microfinance banks in Nigeria spanning 2012 to 2020. The results show that digitalisation poses significant threats to microfinance sustainability in Nigeria. The industry presently faces strong competition from commercial banks and Fintech companies, and is characterised by a low capital base, product innovation and market penetration, high transaction costs, and some idiosyncratic risks. The study suggests that microfinance institutions should leverage their large customer base by utilising digital innovations. Regulatory agencies should ensure that Fintech services are adequately regulated, affordable, and easily accessible to microfinance …
Twin Deficits In Nigeria: Where Does The Exchange Rate Fit?, G. K. Sanni, B. A. Gaiya, V. O. Aliyu, S. N. Okafor
Twin Deficits In Nigeria: Where Does The Exchange Rate Fit?, G. K. Sanni, B. A. Gaiya, V. O. Aliyu, S. N. Okafor
Economic and Financial Review
This study investigates the twin deficits hypothesis for Nigeria while accounting for the role of exchange rate. The study utilises annual data series spanning 1981 to 2019 and the ARDL modelling technique for the estimations. Among other findings, the study reveals the existence of a bi-directional causation between current account deficit and fiscal deficit. Similarly, a positive relationship was seen to exist between current account balance and fiscal balance in both the short-run and long-run during periods of exchange rate appreciation and depreciation, thus confirming the role of exchange rate in the twin deficit hypothesis in Nigeria. The study recommends …
Cbn Interventions And Food Security: Rationale, Experience And Challenges, Yusuf P. Yila
Cbn Interventions And Food Security: Rationale, Experience And Challenges, Yusuf P. Yila
Economic and Financial Review
Prior to the outbreak of the Coronavirus (COVID-19) pandemic, conflicts, deteriorating socio-economic conditions, natural hazards, changing climatic conditions, prevalence of pest and diseases, etc., had led to reduced incomes, disrupted supply chains, and resulted in severe chronic and acute hunger across several countries, worldwide. These conditions were exacerbated by COVID-19 impacts, leading to severe and widespread increases in global food insecurity affecting vulnerable households in almost every country. These impacts expected to continue through 2021 and beyond as the Delta variant continues its spread (World Bank, 2021). Thus, the effects of the Pandemic on national food security systems becomes critical …
Does Technological Innovations Affect Unemployment In Nigeria?, Ebunoluwa O. Oyegoke, Wasiu A. Yusuf
Does Technological Innovations Affect Unemployment In Nigeria?, Ebunoluwa O. Oyegoke, Wasiu A. Yusuf
Bullion
The study examines the effects of technological innovations on unemployment in Nigeria using annual time series data 1980-2018, Autoregressive Distributed Lag and cointegration bound testing approach, Technological innovations was provided by the inflow of FDI; importation of Machinery and Equipment as indicator for process innovation (ETC), Patent represents product innovation, while Total Factor Productivity serves as the exogenous technical progress in line with Solow. The result shows that the coefficient of the inward Foreign Direct Investments (INFDI) is positive (3.85), which is significant at 5%, indicating a strong positive effect of process innovation on Unemployment, Machinery and Equipment was also …
Activity Series Of The Central Bank Of Nigeria's Development Finance Interventions, Xavier-Itam A. Okoh, George N. Ude
Activity Series Of The Central Bank Of Nigeria's Development Finance Interventions, Xavier-Itam A. Okoh, George N. Ude
Bullion
The Central Bank of Nigeria (CBN) aggresively pursues credit and interest rate policies to promote inclusive economic growth. Through this, it aims to expand availability, access, and affordability of financial capital for micro, small and medium enterprises (MSMEs) With a least 24 MSMEs financing programmes of its own, the Bank manages one of the largest suites of developmental programmes among central banks. This paper attempted to serialize and characterize these programmes, hence determine their activity status and discover patterns of implementation effort patronage, and responsiveness of target enterprises to available incentives. Applying Z-score and min-max methods of normalization and geometric …
Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu
Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu
Bullion
The drastic digitization brought about by evolution of technology in the world has changed almost every sphere of human life with the most recent effect being moved to cashless economy, while the role of digitization in the banking sector is altering customer demand and preferences, banks are becoming digitally oriented to meet the forces of demand and supply. This has led to the birth of digital-only also called challenger bankers or branches banks as they operate without a physical location, only have a location for admin purposes or hosting their servers. This growing wave of consumer oriented banking institutions focuses …
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
Economic and Financial Review
This study examines the effect of public debt on private investment in Nigeria. The linear and non-linear ARDL models are employed to analyse the series spanning the period 1981 to 2018. The estimation results show that an increase in total debt, external debt, and debt service payment adversely affects private investment, with the effects being symmetric. On the other hand, the effect of domestic debt on private investment is found to be asymmetric. Although a negative shock in domestic debt greatly improves private investment, a positive shock leads to a meagre positive effect on private investment. This finding indicates that …
Capital Formation And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwiodiokit Ph.D, Gabriel Efe Otolorin
Capital Formation And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwiodiokit Ph.D, Gabriel Efe Otolorin
Bullion
This study re-examines the impact of capital formation on Nigeria's economic growth. The paper adopts the Dynamic Ordinary Least Square (DOLS) technique on annual time series data covering the period 1981 to 2018. Infrastructure, health and skills competitiveness indices computed from the global competitiveness reports were adapted to capture key specifics of physical and human capital formation. The results from the DOLS show that gross fixed capital formation had a negative and significant impact on economic growth. The results also indicate that external debt and total labour force had a negative effect on economic growth. On the other hand, human …
Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye
Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye
CBN Journal of Applied Statistics (JAS)
In this presentation, attention is focused on data generation for the purposes of reasoning, discussing and calculating the status, process and prospects of economic development. Economic development has also been defined in various ways. Again for the present purposes, economic development will be conceived as the process of economic growth and structural transformation (Ajakaiye, 2002). Clearly, data, as a gathered body of facts about the economy, is a basic requirement in the process of economic growth and transformation. Foremost, facts about the economy are necessary in order to appreciate the current state of the economy in terms of growth and …
Testing The Weak-Form Efficiency Market Hypothesis: Evidence From Nigerian Stock Market, Gimba K. Victor
Testing The Weak-Form Efficiency Market Hypothesis: Evidence From Nigerian Stock Market, Gimba K. Victor
CBN Journal of Applied Statistics (JAS)
In recent years, the Nigerian Stock Exchange (NSE) has witnessed an unprecedented growth in market capitalization, membership, value and volume traded. By December 2007, the All Share Index has grown massively over 57,990.2 from 1113.4 in January 1993. This rising interest in investment opportunities in the NSE raises questions about its efficiency. This paper tests the Weak-form Efficient Market Hypothesis of the NSE by hypothesizing Normal distribution and Random walk of the return series. Daily and weekly All Share Index and five most traded and oldest bank stocks of the NSE are examined from January 2007 to December 2009 for …
A Business Cycle Model For Nigeria, Alege O. Philip
A Business Cycle Model For Nigeria, Alege O. Philip
CBN Journal of Applied Statistics (JAS)
The current global financial meltdown draws, once again, attention to the existence of business cycle fluctuations. Experts are of the view that the ongoing crisis is far deeper than the great depression of the 1930s. It should be recalled that the Keynes and Keynesianism was a response to that depression. Therefore, the objective of this paper is to develop a small business cycle model in the spirit of Dynamic Stochastic General Equilibrium (DSGE) model for Nigeria designed to examine the sources of business cycles, and use the model for policy analysis. This paper considers the implications of three policy shocks …
Fiscal Federalism In Nigeria: A Cluster Analysis Of Revenue Allocation To States And Local Government Areas, 1999 – 2008, Sam O. Olofin, Olusanya E. Olubusoye, Bello K. Ajide, Salisu A. Afees, Olalekan S. Akinola
Fiscal Federalism In Nigeria: A Cluster Analysis Of Revenue Allocation To States And Local Government Areas, 1999 – 2008, Sam O. Olofin, Olusanya E. Olubusoye, Bello K. Ajide, Salisu A. Afees, Olalekan S. Akinola
CBN Journal of Applied Statistics (JAS)
Existing literature on revenue allocation in Nigeria shows more concern for merits and demerits of sharing principles and /or formulae. Several alternatives have been proposed and will continue to be developed to address the unending agitations from beneficiaries. Contrary however, this paper analyzes two items of revenue (statutory and VAT) shared among the states including FCT and all the Local Government Areas (LGAs) between May 1999 and December 2008. The net statutory allocation after deductions was also analyzed. Using Cluster analysis to evaluate revenue allocation in Nigeria, States and LGAs exhibiting similarity in revenue received were grouped and their common …
Threshold Effect Of Inflation On Economic Growth In Nigeria, Sani Bawa, Abdullahi S. Ismaila
Threshold Effect Of Inflation On Economic Growth In Nigeria, Sani Bawa, Abdullahi S. Ismaila
CBN Journal of Applied Statistics (JAS)
It is widely believed that price stability promote long-term economic growth, whereas high inflation is inimical to growth. This paper utilized a quarterly time series data for the period 1981 – 2009 to estimate a threshold level of inflation for Nigeria. Using a threshold regression model developed by Khan and Senhadji (2001), the study estimated a threshold inflation level of 13 per cent for Nigeria. Below the threshold level, inflation has a mild effect on economic activities, while above it, the magnitude of the negative effect of inflation on growth was high. The negative and significant relationship between inflation and …