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Central Bank of Nigeria

1997

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Full-Text Articles in Social and Behavioral Sciences

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria Dec 1997

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria

CBN Annual Report

In 1997, Nigeria experienced its third consecutive year of macroeconomic stability, resulting in modest improvement in domestic output growth and a persistently low inflation rate. The balance of payments position showed a modest surplus, and significant success was achieved in reducing domestic liquidity growth. Domestic output expanded further due to increased agricultural output and crude petroleum production, while the inflation rate declined further. Domestic output, measured by the Gross Domestic Product (GDP), increased by 3.8% in 1997, as against the average growth rate of 2.3% in the preceding three years. The fight against inflation was highly successful, reaching a single …

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A Profile Of The Nigerian Educational System And Policy Options For Improved Educational Development For Rapid Economic Growth And Development, M O. Ojo, O. Adesanya, A. Bamidele Dec 1997

A Profile Of The Nigerian Educational System And Policy Options For Improved Educational Development For Rapid Economic Growth And Development, M O. Ojo, O. Adesanya, A. Bamidele

CBN Occasional Papers

Attempts is made in this paper to situate Nigeria's educational system within the context of her overall economic development in view of the universal acceptance of the ultimate importance of human resources in determining the level and manner of economic progress. The various ways in which education contributes to the process of economic development are explored. A statistical review and appraisal of the Nigerian Educational system show that given its current level, the system is under-developed as reflected by an overall adult literacy ratio of 49.5% and primary school enrollment level of 63.5% of the primary school-age cohort as at …

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The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma Dec 1997

The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma

Bullion

This is an address by the Governor of the Central Bank of Nigeria which examines the evolving relationship between banking sector development and technology in Nigeria and highlight both the future role of banking technology and the challenges that lie ahead. The address also argues that the economy is not only driven by technological advances, but have also in turn spawned technological developments. Technology has been the hub of banking development since the last decade and will continue to be so, well into the 21st century. the main focus of the address is information technology in the integrated form of …

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Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose Dec 1997

Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose

Bullion

The paper examines the management of the foreign exchange in Nigeria the next decade. The paper is structured into four main sections after these introductory remarks. section 1 discusses some conceptual issues such as:-foreign exchange versus external reserves, objectives of reserve management, strategies employed in managing the reserves and techniques for reserve management. section 11 discusses tools of reserve management the third section provides some thoughts as to the direction of foreign management in the next decade. section IV summarises and concludes the paper.

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Interest Rate Policies In Ecowas Countries: A Comparative Analysis., Benji C. Onyido Dec 1997

Interest Rate Policies In Ecowas Countries: A Comparative Analysis., Benji C. Onyido

Bullion

This paper reviews the experiences of developing countries in the management of interest rates, with emphasis on ECOWAS countries. While the Anglophone countries have adopted independent interest rate policies overtime, the Francophone members of the West African Monetary Union (WAMU) have shared similar experiences-a common currency (the CFA franc),a central bank (BCEAO) and common monetary policies. The paper is divided into four parts, in part I, it examines the roles of, and factors affecting interest rates. The part II highlights the characteristics of interest rates in developing countries and requirements for a successful interest rate reform. Part III reviews the …

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Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe Dec 1997

Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe

Bullion

The objective of this paper is to familiarize course participants with the importance of financial sector reform to the effective conduct of monetary policy based on free market principles, and examine the challenges posed to the monetary authorities in Nigeria in this regard. The paper is divided into four parts. following this introduction, part 11 of the paper analyses the framework for financial sector reform and implications for monetary policy. in part 111 an attempt is made to outline the implementation of financial sector reforms in Nigeria, while part IV evaluates the effectiveness of monetary policy between 1990 and 1997 …

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Government Fiscal Policy In 1996/1997: Implications For Economic Development And Survival Of Banks., Sarah Omotunde Alade Dec 1997

Government Fiscal Policy In 1996/1997: Implications For Economic Development And Survival Of Banks., Sarah Omotunde Alade

Bullion

The paper highlights the implications of fiscal policies in the economy and the survival of banks. It provide a broad overview of the impact of the fiscal policies adopted in 1996 and 1997 and its implications for development. The current fiscal policies are predicated on the 1995 budget, the discussion of the effect of fiscal policies on the economy will start from 1995 when the present fiscal policy stance of government began. The structure of the paper is as follows. The introduction, followed by the conceptual role of fiscal policy in an economy, while section III looks at the fiscal …

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Performance Evaluation Of Small-Medium Enterprises (Smes) In Nigeria., B S. Adebusuyi Dec 1997

Performance Evaluation Of Small-Medium Enterprises (Smes) In Nigeria., B S. Adebusuyi

Bullion

This paper attempts to evaluate the performance of the SME sub-sector in view of both the general and specific government developmental strategies and policies channelled to the sub-sector. The paper is structured into five sections. The first section reviews the definition, characteristics and roles of the SMEs. section II discusses government policies for the promotion of SMEs, and an evaluation of the performance of the sub-sector is undertaken in section III. The outstanding problems of the SMEs are outlined in section IV, while section V summarises and concludes the paper.

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Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria Dec 1997

Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. …

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The Need For Exchange Rates Convergence In Nigeria, P. J. Obaseki Sep 1997

The Need For Exchange Rates Convergence In Nigeria, P. J. Obaseki

Economic and Financial Review

This paper examined the relevance of exchange rates convergence in the context of a realistic exchange rate and the implementation of a successful Economic Adjustment Programme, with particular reference to external sector competitiveness and viability. The paper was unambiguous in respect of the superiority of convergence over other schemes ranging from multiple to a dual exchange rate system. A unified exchange rate system, resulting from a free interplay of market forces, eliminates waste arising from subsidies and inefficient allocation of foreign exchange. A unified rate also reduces rent-seeking behaviours that flourish under a dual or multiple exchange rate system. After …

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Strategy For Growth-Led Poverty Alleviation In Nigeria, A. S. F. Atoloye Sep 1997

Strategy For Growth-Led Poverty Alleviation In Nigeria, A. S. F. Atoloye

Economic and Financial Review

The economic growth process of a country is determined by a number of factors among which is technological change. Increased output/performance permitted by this goes a long way in alleviating poverty. Rapid and sustained economic growth utilizing a new industrial strategy calls for proficient use of the natural advantages of modern infrastructures which further serves as a poverty-reducing strategy. The author states that the most credible option by which the poor can receive a fair share of the benefits of development is by subjecting the economy to the full discipline and rigours of market forces for a poverty-reducing growth. Governments …

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Measurement Issues In Poverty, A. Englama, A. Bamidele Sep 1997

Measurement Issues In Poverty, A. Englama, A. Bamidele

Economic and Financial Review

The paper defines poverty as certain disabilities such as the inability to participate with dignity in society. It also demonstrates that in measuring poverty, emphasis should not be mainly on income or consumption, hut that cognizance should be taken of social, economic and basic infrastructures as well as environmental factors. The paper farther mentions some inherent problems in measuring poverty such as conceptual and data problems. Once these problems are overcome, a simple head count could provide an insight into poverty measurement. J11e depth and severity of poverty can be determined by the P-Index which captures the number of the …

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Public Sector Growth: An Econometric Test Of Wagner's Law, E. A. Essien Sep 1997

Public Sector Growth: An Econometric Test Of Wagner's Law, E. A. Essien

Economic and Financial Review

This study makes use of recent developments in econometric technique to test Wagner s Law of increased state activity according to which Government Expenditure must increase at a rate faster than National Output. It makes use of three different interpretations of the Law, namely, increasing relative share for the public sector in the total economy as per capita real income grows, total government expenditure as a function of real income, and relating per capita total government expenditure to per capita income. In all cases the variables were not cointegrated hence a long run equilibrium relationship could not be established between …

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Mobilizing Rural Savings In Papua New Guinea: Myths, Realities, And Needed Policy Reform (N.A. Fernando, The Journal Of Institute Of Development Economics, Tokyo, Japan, Vol. Xxix, No. 1, March, 1992), M. Abdulkadir Sep 1997

Mobilizing Rural Savings In Papua New Guinea: Myths, Realities, And Needed Policy Reform (N.A. Fernando, The Journal Of Institute Of Development Economics, Tokyo, Japan, Vol. Xxix, No. 1, March, 1992), M. Abdulkadir

Economic and Financial Review

A review of the article "Mobilizing Rural Savings in Papua New Guinea: Myths, Realities and Needed Policy Reforms" is imperative considering the efforts of the Federal Government and monetary authorities, especially the Central Bank of Nigeria to mobilize rural savings in Nigeria. This is evidenced by the establishment of the Nigerian Agricultural and Cooperative Bank ( 1973), the Agricultural Credit Guarantee Scheme ( 1977), the Central Bank of Nigeria Rural Banking Programme (1977), the Peoples Bank (1990) and the Community Bank (1990) nationwide.

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Foreign Private Investment In Nigeria - 1995, Central Bank Of Nigeria Cbn Sep 1997

Foreign Private Investment In Nigeria - 1995, Central Bank Of Nigeria Cbn

Economic and Financial Review

The net flow of foreign private investment into the Nigerian economy increased substantitally by more than twelve-folds from "M1, 907. 2 million in 1994 to N48, 677. 0 million in 1995, reflecting the stable macro-economic conditions during the period. All the components of foreign investment flows contributed to the increase with the contribution of unremitted profit accounting for the highest. Analyses of the investment flows showed that companies of Western Europe accounted for 78. 7 per cent of the total net inflow mainly through firms in the mining and quarrying sector. The survey revealed that the cumulative level of foreign …

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Seasonal Adjustment Of Naira Exchange Rate Statistics 1970-1995, O M. Akinuli Aug 1997

Seasonal Adjustment Of Naira Exchange Rate Statistics 1970-1995, O M. Akinuli

CBN Occasional Papers

This paper uses a current statistical approach to examine and adjust the seasonalities in the Naira exchange rate statistics, vis-a-vis the U.S. Dollar and the pound sterling for a period of twenty-five (25) years. Such study is necessary as it helps to understand the behavioural pattern of a trend in an attempt to predict the future. An investigation like this also helps to expose both the short and long run tendencies of a series which may require urgent or new policy measures to be taken sooner than expected. This paper reviews the regimes of exchange rate under the period, the …

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Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria Jun 1997

Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from financial statements and balance sheets, which are designed to meet legal and administrative requirements rather than economic analysis needs. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department to compile the CBN analytical accounts. However, major revisions were made due to imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation on foreign assets. The Computer Services Department uses high-level computing to generate both summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation …

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Determinants Of Currency Composition Of External Reserves In Nigeria: An Empirical Investigation, Newman C. Oputa Mar 1997

Determinants Of Currency Composition Of External Reserves In Nigeria: An Empirical Investigation, Newman C. Oputa

Economic and Financial Review

This paper discusses the determinants of the currency composition of external reserves in Nigeria. The empirical analysis reveals that the main factors influencing the currency composition of external reserves in Nigeria are international trade transactions and currency composition of external debt, while reserve adequacy aided the diversification into more currencies. Exchange and interest rates were relatively significant in the share of each currency in the reserve basket. A review of CBN's external reserves policy confirmed that vigorous diversification was embarked upon when there was remarkable increase in the level of the reserve. However, current CBN reserve management policy shows a …

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Macroeconomic Determinants Of Domestic Private Investment In Nigeria: An Empirical Exploration, Louis N. Chete, Godwin Akpokodje Mar 1997

Macroeconomic Determinants Of Domestic Private Investment In Nigeria: An Empirical Exploration, Louis N. Chete, Godwin Akpokodje

Economic and Financial Review

Despite a decade of profound macroeconomic adjustments, the record of private investment recovery has been disappointing. This paper empirically investigates the determinants of private investment in Nigeria. The results reveal that a combination of internal disequilibria and external shocks account for the slow pace of private investment resurgence. Conclusively, the paper advocates the synchronization of monetary, fiscal, trade and exchange rate policies of government in a mutually reinforcing manner to facilitate the attainment of the objectives of price stability, higher rates of investment and growth.

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Foreign Direct Investment In Nigeria: Evidence From Time Series Data, Akpan H. Ekpo Mar 1997

Foreign Direct Investment In Nigeria: Evidence From Time Series Data, Akpan H. Ekpo

Economic and Financial Review

This paper examines the relationship between foreign direct investment (FDI) in Nigeria and some macroeconomic variables. The preliminary empirical results, covering the period 1970-1994, suggest that high debt service and low credit ratings discourage FDI. FDI is also sensitive to real per capita income and low rates of inflation.

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Foreign Private Investment In Nigeria - 1993., Central Bank Of Nigeria Cbn Mar 1997

Foreign Private Investment In Nigeria - 1993., Central Bank Of Nigeria Cbn

Economic and Financial Review

The result of the annual foreign private investment survey conducted by the Central Bank of Nigeria in 1993 are presented in this report. The survey covers 721 establishments that are either fully foreign owned or are in partnership with Nigerians/Nigerian agencies or enterprises doing business in Nigeria. Questionnaires were retrieved from 370 companies, representing a response rate of 51.0 per cent. Statistical adjustment were however made for the non-responding institutions. The analyses of the report are presented in eight parts. In Part I, the flows of foreign investment by regions of origin, components and sectoral distributions are discussed. The cumulative …

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Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma Mar 1997

Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma

Bullion

This is a lecture presented by the Governor of Central Bank of Nigeria. It examines the Nigeria federal budget critically on strategy and framework for the successful implementation of the 1997 policy measures, taking into account the absorptive capacity and constraints of the Nigerian economy.

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A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade Mar 1997

A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade

Bullion

The paper contains the special address by the Honourable Minister of National Planning at the opening ceremony of the CBN/NCEMA/NES policy seminar on the 1997 Federal Government Budget. The budget provides the framework for implementing the short-term components of medium-term national development policies and programmes.

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A Review And Appraisal Of The Monetary And Other Financial Policies In The Federal Government Budget For 1997., M O. Ojo Mar 1997

A Review And Appraisal Of The Monetary And Other Financial Policies In The Federal Government Budget For 1997., M O. Ojo

Bullion

This paper is to be attempts to address the the question: can monetary policy cope with the seemingly increasing challenge of stabilization and growth of the Nigerian economy? In order to provide an appropriate background to the central focus of the paper which is to review and appraise the 1997 monetary policy package, an attempt is made in the second section of the paper to analyse the recent financial and economic conditions in the Nigerian economy after which the basis and elements of the monetary programme for 1997 are outlined in section three. Section four contains an articulation of some …

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Budget Of Economic Growth And Development, Sani Abacha Mar 1997

Budget Of Economic Growth And Development, Sani Abacha

Bullion

This is the budget speech of the Head of State of Nigeria which implies a budget of renewal. It examines the success of the 1995 experiment that motivated the second step, of the budget which is to steadfastly fine tune and consolidate the gains of the 1995 budget. The 1996 budget is therefore, essentially a budget of consolidation, designed to continue on a higher plane, to lay a solid substructure for an efficient market economy.

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Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria Mar 1997

Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria

Bullion

This paper contains the outlines of the monetary, credit, foreign trade and exchange policy guidelines for banks and other financial institutions in Nigeria during fiscal 1997. The circular is structured into three sections and Appendix. Section one reviews developments in the economy and the policy environment in 1996 and thus provides the background to the policy measures for 1997. While section two outlines the monetary and credit policy measures and guidelines for banks and other financial institutions. The foreign trade and exchange policy measures for 1997 are highlighted in section three and lastly a list of prohibited import and export …

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On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa Mar 1997

On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa

Economic and Financial Review

The question of stability over time of the adjusted money multiplier relation is of crucial importance for adjusted base money to act as the main link to money supply. This paper tests the hypothesis of stability of money multiplier relations in Nigeria using the forward recursive cusum of squares that uses a confidence interval which is distributed as Pyke 's modified Kolmogrov-Smirnov statistic. The results of the stability tests applied to monthly data from January, 1991 to December, 1995 suggest that the functions underlying the adjusted money multipliers were not stable between March, I992 and December, I994. The two multiplier …

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