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- Nigeria (13)
- Monetary policy (6)
- Exchange rate (5)
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- Agriculture (3)
- Cointegration (3)
- Economic Growth (3)
- Interest rates (3)
- Nigerian economy (3)
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- Arbitrage pricing theory (1)
- Artificial neural networks (1)
- Assets and Liabilities (1)
- Autoregressive Distributed Lag (ARDL) (1)
- Balance sheets Channel; Deposit Money Bank; Financial Crisis; Monetary Policy; Output; Price (1)
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Articles 1 - 30 of 49
Full-Text Articles in Social and Behavioral Sciences
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.
Macroeconomic Trillema And Monetary Policy In Nigeria, Moses K. Tule
Macroeconomic Trillema And Monetary Policy In Nigeria, Moses K. Tule
Bullion
The paper explores how the macroeconomic trilemma influences monetary Policy choices and action in practical terms. Section 1 is the introduction, section 2 examines in greater details key conceptual issues. After it a review of the historical epochs of the trilemma, followed by contemporary country experiences in managing the trilemma. Section five examines the challenges of the trilemma in Nigeria while the last section concludes the paper.
Gross Domestic Product (Gdp) Rebasing And The Impact On Nigeria's Investment Environment, Bismark J. Rewane
Gross Domestic Product (Gdp) Rebasing And The Impact On Nigeria's Investment Environment, Bismark J. Rewane
Bullion
The paper looks at the impact of the rebasing on an important economic variable - investment. This is because investment is necessary for capital accumulation and economic growth. Specifically, this study examines the impact of GDP rebasing on Nigeria's investment environment. ln addition to this introduction section, section 2 considers GDP rebasing and the Nigerian case, section 3 is on the Nigerian Financial System Strategy (FSS) 2020, section 4 is on investment types, drivers and the Nigerian environment, section 5 offers some lessons for Nigeria and section 6 is the summary and conclusion.
Financial System Stability And The Payment System., Olubukola Akinniyi Akinwunmi
Financial System Stability And The Payment System., Olubukola Akinniyi Akinwunmi
Bullion
This article reviews the relationship between payments system and financial stability. lt explores the risks within the payments system and how they impact on financial system stability. Emerging issues in the payments system were highlighted and implications for the financial system stability were examined. The article also proposes sets of payments system indicators that may be adopted within the financial system stability analysis and policy making.
Gdp Rebasing And Implications For Fss 2020., Oluwatoyin Jokosenumi
Gdp Rebasing And Implications For Fss 2020., Oluwatoyin Jokosenumi
Bullion
A resilient economy founded upon a reliable financial system, is attainable upon the creation and management of a sound and progressive economic statistics and indicators such as the Gross Domestic Products (GDP) and other scholars’ parameters. This paper examines the GDP rebasing and its impact on Nigeria’s investment. The paper explains the concept of GDP; the need to maintain a strategic GDP; how it is computed and / or rebased. This is then followed by examining its implications, on all economic programs.
Basic And Computation Of Rebased Gross Domestic Product (Gdp) Nigeria's Experience, Emeka Godwin Ofili
Basic And Computation Of Rebased Gross Domestic Product (Gdp) Nigeria's Experience, Emeka Godwin Ofili
Bullion
The paper looks at the basic concepts in GDP compilation and the computational processes for the rebased GDP. The paper is structured into four sections. The first section deals with the introduction while section two explains some basic concepts and mathematics for GDP compilation. Section three takes a look at the GDP Rebasing while section four deals with the Recent Development from the rebasing exercise.
Rethinking Sovereign Wealth Fund In A Global Perspective - Lessons For Nigeria, Muhammad A. Abba
Rethinking Sovereign Wealth Fund In A Global Perspective - Lessons For Nigeria, Muhammad A. Abba
Bullion
The study explores the the global rise in the operation of sovereign wealth funds in a number of commodity and non commodity exporting counties has been of tremendous magnitude. The fact that, most, if not all the oil exporting countries of the world today have SWF clearly confirms the many benefits of having a sovereign wealth fund. Section two of the paper provides a brief review of literature. Section three discusses the rationale for SWFs with some stylized facts. The impact of SWFs on the economy is discussed in section four, section five discusses the significance of SWFs while, an …
A Study Of Technical Efficiency Of Deposit Money Banks In Nigeria (2007 - 2012), Auwalu I. Fagge
A Study Of Technical Efficiency Of Deposit Money Banks In Nigeria (2007 - 2012), Auwalu I. Fagge
Bullion
This paper examines the technical efficiency of deposit money banks (DMBS') in Nigeria. Measures of technical efficiency are derived in the Nigerian deposit money banks (DMBS') by implementing non-parametric, data envelopment analysis technique on a cross section of 24 banks taken from 2007 to 2013. The efficiency concepts, measurement and methodology were discussed. The existence of technical efficiency is established. The result suggests that the sources of overall technical inefficiency, the observed issues are due to poor input utilization (managerial inefficiency) and failure to operate almost productive scale size. Therefore, in this research the paper suggests or considers some important …
Nexus Of Exchange Rate Deregulation And Agricultural Share Of Gross Domestic Product In Nigeria, Oyakhilomen Oyinbo, Falola Abraham, Grace Z. Rekwot
Nexus Of Exchange Rate Deregulation And Agricultural Share Of Gross Domestic Product In Nigeria, Oyakhilomen Oyinbo, Falola Abraham, Grace Z. Rekwot
CBN Journal of Applied Statistics (JAS)
The kernel of this study was to examine the causal relationship between exchange rate deregulation and the agricultural share of gross domestic product in Nigeria from an econometric perspective using time series data spanning a period of 26 years (1986 – 2011). Data on exchange rate and gross domestic product were analysed using augmented dickey fuller unit root test, unrestricted vector autoregression, pairwise granger causality and vector error correction model. The results showed the existence of unidirectional causality from exchange rate to agricultural share of gross domestic production and also, exchange rate deregulation had negative influence on agricultural share of …
Forecasting Nigerian Stock Market Returns Using Arima And Artificial Neural Network Models, Godknows M. Isenah, Olusanya E. Olubusoye
Forecasting Nigerian Stock Market Returns Using Arima And Artificial Neural Network Models, Godknows M. Isenah, Olusanya E. Olubusoye
CBN Journal of Applied Statistics (JAS)
The study reports empirical evidence that artificial neural network based models are applicable to forecasting of stock market returns. The Nigerian stock market logarithmic returns time series was tested for the presence of memory using the Hurst coefficient before the models were trained. The test showed that the logarithmic returns process is not a random walk and that the Nigerian stock market is not efficient. Two artificial neural network based models were developed in the study. These networks are TECH (4-3-1) and TECH (3-3-1)whose out-of-sample forecast performance was compared with a baseline ARIMA (3,0,1) model. The results obtained in the …
Relationship Between Money Supply And Government Revenues In Nigeria, Yakubu Musa, Umar Usman, Aminu B. Zoramawa
Relationship Between Money Supply And Government Revenues In Nigeria, Yakubu Musa, Umar Usman, Aminu B. Zoramawa
CBN Journal of Applied Statistics (JAS)
The insights on the long run relationship amongst money supply and government revenues are of significant importance for monetary-fiscal policy formulation in a developing country like Nigeria. Taking into account the vital importance of these two variables, we empirically analyzed the long-run relationships and dynamic interactions between the money supply (broad money M2) and government revenues in Nigeria using an Autoregressive Distributed Lag (ARDL) bounds testing approach. The study spans the period 1970 to 2010. From the results, it is evident that there is the existence of a long run relationship between money supply and revenues when money supply is …
Cointegration Analysis Of Public Expenditure On Tertiary Education And Economic Growth In Nigeria, Japheth T. Torruam, Moses A. Chiawa, Cyprian C. Abur
Cointegration Analysis Of Public Expenditure On Tertiary Education And Economic Growth In Nigeria, Japheth T. Torruam, Moses A. Chiawa, Cyprian C. Abur
CBN Journal of Applied Statistics (JAS)
The paper investigates the Impact of public expenditure on tertiary education and economic growth in Nigeria using time series data for the period 1990- 2011.The econometric methodology employed was cointegration and error correction technique. The study concludes that public expenditure on tertiary education has positive impact on economic growth in Nigeria. The study recommended that government and private sectors should partner by mobilizing resources to furnish tertiary institutions and equip them with adequate facilities in order to enhance tertiary education development for sustainable economic growth.
The Balance Sheet Channel Of Monetary Policy Transmission: Evidence From Nigeria, Olorunsola E. Olowofeso, Abiodun S. Bada, Kufre J. Bassey, Kumafan S. Dzaan
The Balance Sheet Channel Of Monetary Policy Transmission: Evidence From Nigeria, Olorunsola E. Olowofeso, Abiodun S. Bada, Kufre J. Bassey, Kumafan S. Dzaan
CBN Journal of Applied Statistics (JAS)
This paper assesses the existence of a balance sheet channel of monetary policy transmission in Nigeria by examining whether variation in the official interest rate, with respect to the 2007- 2008 global financial crisis, feeds through to the deposit money banks (DMBs) balance sheets, and ultimately reflects in output and prices. Using quarterly macroeconomic data and stock from 2002 to 2012, the study employs an ordinary least squares (OLS) and autoregressive (VAR) framework to investigate the linkages between policy, DMB balance sheet, output and price. The results reveal the existence of a balance sheet channel in Nigeria with a significant …
Testing Volatility In Nigeria Stock Market Using Garch Models, Ngozi V. Atoi
Testing Volatility In Nigeria Stock Market Using Garch Models, Ngozi V. Atoi
CBN Journal of Applied Statistics (JAS)
The contributions of error distributions have been ignored while modeling stock market volatility in Nigeria and studies have shown that the application of appropriate error distribution in volatility model enhances efficiency of the model. Using Nigeria All Share Index from January 2, 2008 to February 11, 2013, this study estimates first order symmetric and asymmetric volatility models each in Normal, Student’s-t and generalized error distributions with the view to selecting the best forecasting volatility model with the most appropriate error distribution. The results suggest the presence of leverage effect meaning that volatility responds more to bad news than it does …
Determinants Of Economic Growth In Nigeria, Kazeem B. Ajide
Determinants Of Economic Growth In Nigeria, Kazeem B. Ajide
CBN Journal of Applied Statistics (JAS)
This paper investigates the role of Frazer Economic Freedom Index on FDI-growth relationship over the period spanning 1980 through 2010 using annual time series data. A Multivariate Regression approach was employed to estimate augmented growth models. Quite intriguingly, the impact of disaggregated economic freedom over aggregated composite index was found profoundly revealing. Emanated results show that the same set of variables like labour, life expectancy, degree of openness and economic freedom are factors affecting the level of economic growth in both but at different levels of significance. However, the estimates of disaggregated components of economic freedom data show that the …
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
Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule
Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule
Economic and Financial Review
This paper appraises the efficacy of the Monetary Policy Rate (MPR) as an anchor for other short-term interest rates in the economy. Adopting the vector autoregression approach, the responses of Nigeria's short-term interest rates to changes in the interbank rate (proxy for MPR) was modelled. The paper found that the pass-through from MPR to money market interest rates in the long-run is higher for the prime and lending rates than for changes in the Treasury bill rate and 3-month deposit rate. Overall, there seemed to be an asymmetric impact with an increase or fall in the interbank rate.
Analysis Of Monetary Policy Decision Making Among Heterogeneous Monetary Policy Committee (Mpc) Members At The Central Bank Of Nigeria, C. C. Ezema, O. J. Odonye, T. S. Shitile, O. O. Afiemo
Analysis Of Monetary Policy Decision Making Among Heterogeneous Monetary Policy Committee (Mpc) Members At The Central Bank Of Nigeria, C. C. Ezema, O. J. Odonye, T. S. Shitile, O. O. Afiemo
Economic and Financial Review
This paper provided an empirical analysis of policy-makers' voting patterns on interest rates in Nigeria. Employing a (pooled) Taylor rule and using real-time data obtained from published personal statements of monetary policy committee members at the Central Bank of Nigeria (CBN), the paper tests for preference heterogeneity among MPC members. The aggregate reaction function as well as individual reaction functions for MPC members were used to tests whether there is a difference between the voting patterns of internal members and that of external members of the committee. Our results suggest evidence of heterogeneity among MPC members and that the voting …
Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni
Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni
Economic and Financial Review
The paper aims 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. The resultant long-run …
Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide
Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide
Economic and Financial Review
The paper examines the impact of governance on stock market performance using quarterly data series spanning 1996Q1 to 2010Q4. An ARDL bound testing methodology was employed to explore such causal relationship. Long-run stable relationships were established through the error correction terms of each of the measures used to the tune of -0.4821,-0.4034 and -0.4080 for all share price index, market capitalisation and the value of total stock traded, respectively. Findings indicate that macroeconomic and financial stability should be constantly maintained and promoted as it constitutes a drag on the stock performance; any acts of corruption should be eschewed as it …
An Autoregressive Distributed Lag (Ardl) Approach To The Oil Consumption And Growth Nexus: Nigerian Evidence, N. Inuwa, H. M. Usman
An Autoregressive Distributed Lag (Ardl) Approach To The Oil Consumption And Growth Nexus: Nigerian Evidence, N. Inuwa, H. M. Usman
Economic and Financial Review
This study attempts to examine the relationship between oil consumption, carbon emission and economic growth in Nigeria covering the period 1980-2011. The study applied Dickey-Fuller Generalised Least Square (DF-GLS) unit root test and autoregressive distributed lag (ARDL) bound test approach to co-integration. The bond test results reveals a long-run equilibrium relationship among oil consumption, carbon emission and economic growth. The result also showed a positive and statistically significant impact of oil consumption on economic growth. The coefficient of error correction term in the ARDL model was statistically significant, indicating that the adjustment process by which long-run equilibrium is restored after …
Effect Of Monetary Policy On Agricultural Sector In Nigeria, Elias A. Udeaja, Udoh A. Elijah
Effect Of Monetary Policy On Agricultural Sector In Nigeria, Elias A. Udeaja, Udoh A. Elijah
Economic and Financial Review
The study examinee the effect of monetary policy on agricultural sector in Nigeria, utilizing time series data for the periods spanning from 1970 to 2010. The study captures both monetary and non-monetary policy variables such as lending rate, commercial banks credit to agriculture, exchange rate, government expenditure in agriculture and inflation rate in examining the effect of monetary policy on agricultural output. The methodology adopted is the Auto- Regressive Distributed Lag (ARDL) Bound Testing Approach. The results obtained shows that exchange rate and government expenditure had positive and significant effect on agricultural output and, hence agricultural sector in Nigeria. It …
A Test Of The Fisher Effect In Nigeria, M. K. Tule, U. M. Okpanachi, E. T. Adamgbe, S. E. Smith
A Test Of The Fisher Effect In Nigeria, M. K. Tule, U. M. Okpanachi, E. T. Adamgbe, S. E. Smith
Economic and Financial Review
This paper uses the state space model to investigate the dynamic relationship between real interest rate and inflation in Nigeria. The paper reveals varying degrees of effect across interest rate and time horizons.