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Articles 1 - 21 of 21
Full-Text Articles in Social and Behavioral Sciences
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 …
Big Data And Inflation Forecasting In Nigeria: A Text Mining Application., M. A. Adebiyi, A. O. Adenuga, T. S. Olusegun, O. O. Mbutor
Big Data And Inflation Forecasting In Nigeria: A Text Mining Application., M. A. Adebiyi, A. O. Adenuga, T. S. Olusegun, O. O. Mbutor
Economic and Financial Review
The success of monetary policy is substantially predicated on the availability of reliable forecast of inflation. However, the shocks arising from COVID-19 and the Russia-Ukraine war have brought about significant economic uncertainties; thus, necessitating the fine-tuning of existing forecasting models of the Central Bank of Nigeria. This study explores the usefulness of public sentiments obtained using machine learning methods to improve the predictive power of the existing short-term inflation forecasting model (STIF) in Nigeria. Findings indicate that, for all components of inflation, models that include the computed sentiment index perform better in both in-sample and out-sample forecasts than those excluding …
Implications Of The African Continental Free Trade Area For Nigeria’S Economic Growth, O. S. Aigheyisi, M. A. Iyoha
Implications Of The African Continental Free Trade Area For Nigeria’S Economic Growth, O. S. Aigheyisi, M. A. Iyoha
Economic and Financial Review
The objective of this paper is to examine the effect of intra-African Trade on Nigeria’s economic growth from 1981 to 2019. To achieve this, the ARDL modeling technique is employed to investigate the short-run and long-run effects of intra-African trade on Nigeria’s economic growth. The study finds that though the short-run effect is positive but not significant; the long-run effect is significantly positive, and robust to alternative estimation techniques. This suggests that expansion of trade among African countries, which is expected to result from the full implementation of the African Continental Free Trade Agreement (AfCFTA), would have positive growth effect …
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 …