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Social and Behavioral Sciences Commons™

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Economics

Central Bank of Nigeria

Bullion

2013

Articles 1 - 13 of 13

Full-Text Articles in Social and Behavioral Sciences

External Reserves Management And Utilization: Nigeria Experience, Emelogu C. Obioma, Abdurrahman Abdullahi Jun 2013

External Reserves Management And Utilization: Nigeria Experience, Emelogu C. Obioma, Abdurrahman Abdullahi

Bullion

The objective of this paper is to appraise developments in external reserves management and utilization in Nigeria, with o view to identifying major challenges and proffering solutions. The paper is divided into six sections. Following this introductory section, section two reviews some of the major conceptual and analytical issues on external reserves management and utilization, while section three discusses Nigeria's external reserves management process. Section four appraises developments in external reserves management and utilization, as well as examines the impact of external reserves on the four sectors of Nigerian economy. Section five highlights major challenges in external reserves management and …

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Nigeria 2002- 2012: High Economic Growth Rate, High Incidence Of Poverty, Why?, Mbutor O. Mbutor, Uba, I. Al-Hassan Mar 2013

Nigeria 2002- 2012: High Economic Growth Rate, High Incidence Of Poverty, Why?, Mbutor O. Mbutor, Uba, I. Al-Hassan

Bullion

Contrary to the widely held opinion that it is unthinkable that the Nigerian economy would have grown at the rate it did in the last decade and yet the incidence of poverty persisted, even grew higher, growth could actually occur without increasing employment or reducing poverty. This is possible if the economy were allowed to grow without a conscious effort to direct the direction of growth to the policymakers to make concerted efforts to smoothen the path of growth and introduce policies that will make growth pro-poor programmes is the one being currently pursued by the Central Bank of Nigeria, …

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A Framework For Oil Price Benchmark Determination: Lessons For Nigeria, Taiwo H. Sanni, Bassey D. Akpan Mar 2013

A Framework For Oil Price Benchmark Determination: Lessons For Nigeria, Taiwo H. Sanni, Bassey D. Akpan

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The main thrust of this paper is to draw lessons of experience from other selected oil producing countries. the outcome of the study is expected to help in strengthening Nigeria's oil price framework in line with international best practice. Section 2 dwells on the theoretical and literature review on oil based fiscal rule, while section 3 presents the framework for oil price benchmark determination and section 4 examines those factors capable of stimulating determination of oil price benchmark, lastly section 5 discusses some lessons of experience from Nigeria and then the conclusion.

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How Would Non-Interest Banking Affect The Effectiveness Of Monetary Policy In Nigeria, Yusuf Adamu Mar 2013

How Would Non-Interest Banking Affect The Effectiveness Of Monetary Policy In Nigeria, Yusuf Adamu

Bullion

This article espouses the effectiveness of monetary policy in a dual economic framework (interest bearing/non-interest bearing). In other words it examines how the element non-interest banking when combined with interest bearing framework affect the effectiveness of monetary policy. The use of interest based instruments can effectively be combined with the identified non-interest interest instrument to conduct monetary policy. This article recommend that Nigeria should start thinking towards a policy that takes into account the monetary aggregate instruments as the main tool for executing monetary policy.

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Fuel Subsidy And Other Unproductive Public Expenditures Removal: A Pragmatic Approach To Restructure And Transform The Nigerian Economy, Lawrence O. Akinboyo Mar 2013

Fuel Subsidy And Other Unproductive Public Expenditures Removal: A Pragmatic Approach To Restructure And Transform The Nigerian Economy, Lawrence O. Akinboyo

Bullion

While the short term measures to reduce recurrent expenditure are necessary conditions for fiscal sustainability, the long term imperative is to increase revenue. Thus, efforts should be made by the fiscal authorities in Nigeria to pursue the policy of balancing of expenditure with revenue improvements. The issues of the underperformance of the capital budget should be reversed before savings from cuts in recurrent expenditure can be diverted to the financing of capital expenditure. From the analysis, we say that removal of fuel subsidy would no doubt have some social and economic hardship on the people in the short run, However, …

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Financial Inclusion Initiatives And National Economic Development, Paul N. Eluhaiwe Mar 2013

Financial Inclusion Initiatives And National Economic Development, Paul N. Eluhaiwe

Bullion

The paper present a clear understanding of the term financial inclusion, its role in economic development, measures being adopted to forge financial inclusion by selected countries and the attempt being made by Nigerian to follow suit. Section two of this paper gives an overview of the concept financial inclusion, section three highlights the difference between financial inclusion and economic development. Section four presents country experiences on financial inclusion followed by highlights of the current state of financial inclusion in Nigeria.

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Core Resources Of Corporate Strategy And Performance-Oriented Bank Management Practice: A Lesson For Nigeria, Andrew O. Agbada Mar 2013

Core Resources Of Corporate Strategy And Performance-Oriented Bank Management Practice: A Lesson For Nigeria, Andrew O. Agbada

Bullion

In the past three decades, the Nigerian banking industry has suffered from a host of vices namely miss-management, financial misappropriation, administrative recklessness, etcetera, reflecting incompetence on all levels of management and those have had dire consequences in the economy. In an attempt to re-position the industry on the path of performance, different governments in the past took various corrective steps to no avail. Thus this study seeks to explore the Core Resources of Corporate Strategy and Performance-oriented Bank Management best practice with a view to creating sustainable best practices in bank management in Nigeria. The findings from the study are …

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Financial Inclusion In Nigeria: Measurements And Lessons, David Olu Ajakaiye, Afolabi Olowookere Mar 2013

Financial Inclusion In Nigeria: Measurements And Lessons, David Olu Ajakaiye, Afolabi Olowookere

Bullion

The operations of financial systems are crucial to people’s savings, credit, payment and risk management needs. More importantly, the inclusiveness of this system tends to benefit the poor and other disadvantaged groups in the society (Demirguckunt and Klapper, 2012). In the definition of the Centre for Financial Inclusion, “Full Financial Inclusion is a state in which all people who can use them have access to a suite of quality financial services, provided at affordable prices, in a convenient manner, and with dignity for the client” (Gardeva and Rynne, 2011). This entails building a financial system that serves as many people …

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Viable Agent Banking And Mobile Payment System In Nigeria, Fatokun Dipo Mar 2013

Viable Agent Banking And Mobile Payment System In Nigeria, Fatokun Dipo

Bullion

Agent banking and Mobile payments, especially in developing economies are rapidly evolving and having tremendous impact on the economies and lives of its citizenry. In addition to reducing costs, these new service offering channel help to encourage customers to use financial services more often, as locations are close by and in places where the customers are familiar with. In light of the afore-mentioned, the Central Bank of Nigeria noted the rapid growth of mobile telephony and the need to leverage existing business network infrastructure as a practical and well thought-out strategy for driving financial inclusion of the unbanked in Nigeria.

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Design, Implications And Analysis Of Household Survey: Practical Issues To Note, O. O. Akanji Mar 2013

Design, Implications And Analysis Of Household Survey: Practical Issues To Note, O. O. Akanji

Bullion

This paper is to enhance the analytic processes of survey data as generated in the established household survey framework for economic policy management and decision making. The paper is divided into four sections. Section 1 is the introduction while Section 2 is the descriptive statistics emphasizing the models that bring out the relationship between the survey variables, Section 4 concludes and proffers recommendations.

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The Role Of Financial Literacy And Consumer Protection In Fostering Financial Inclusion, Dutse Umma Mar 2013

The Role Of Financial Literacy And Consumer Protection In Fostering Financial Inclusion, Dutse Umma

Bullion

The objective of this paper is to establish the link on how financial consumer protection efforts and financial literacy initiatives help bring people on board the formal financial system. Among the key mandate of the Central Bank of Nigeria (CBN) is the promotion of a sound financial system, while a stable financial system cannot be easily captured in a few words, the attributes that could be demonstrated in a system that is described as financially stable will include public confidence and trust in the institutional framework. Financial stability, therefore, serves to instill confidence in users of financial services. It encourages …

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Unemployment And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwioduokit Mar 2013

Unemployment And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwioduokit

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This paper investigates the relationship between unemployment and economic growth in Nigeria through the implementation of the Okun’s law using the data from 1980 to 2013. The result indicates that the Okun’s law cannot be confirmed for Nigeria as the Okun’s co-efficient though properly signed was not significant at conventional level. As a result economic policies allied to demand management might not have the desired outcome of reducing unemployment in the country. Thus, the implementation of economic policy learning towards structural change and reforms in the labour market would be more appropriate to reduce unemployment in Nigeria.

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Communicating Financial Inclusion Policy In Nigeria: The Role Of The Media, Frank Aigbogun Mar 2013

Communicating Financial Inclusion Policy In Nigeria: The Role Of The Media, Frank Aigbogun

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The Central Bank of Nigeria (CBN) has shown great foresight in the effort to ensure that greater numbers of Nigerians that are currently financially excluded are brought into the fold, through effective policy initiatives that are hinged on global best practices. For instance, in 2012 the Bank incorporated information and knowledge that will eventually lead to the formulation to amend existing regulatory frameworks, including recommendations on microfinance, mobile financial services (MFS) and agent banking. The CBN’s aim of educating and imparting skills on financial system inclusion to journalists who through their media would inform the general public about this all-important …

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