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Articles 1 - 30 of 31
Full-Text Articles in Social and Behavioral Sciences
Fluctuations Of Macroeconomic Variables And Manufacturing Output: Issues, Challenges And Prospects Of The Growth Of Manufacturing Output In Nigeria, Chris Ac-Ogbonna
Fluctuations Of Macroeconomic Variables And Manufacturing Output: Issues, Challenges And Prospects Of The Growth Of Manufacturing Output In Nigeria, Chris Ac-Ogbonna
Bullion
The study examined the impact of fluctuations of macroeconomic variables such as exchange rate, lending rates and inflation rates on the manufacturing output in Nigeria. The paper used descriptive analysis to investigate the relationship between manufacturing output and macroeconomic stability in Nigeria. The findings revealed that macroeconomic instability impacted negatively on the manufacturing output. The paper therefore recommended that policies that will streamline the multiple and volatile exchange rates, interest rate and inflation control should be designed and implemented to ensure their predictability to aid planning and attract both domestic and foreign investors to the, manufacturing sector. This is expected …
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Bullion
The paper examines the relationship between volatility in domestic oil production, oil prices, and exchange rate in Nigeria. The study employs monthly time series data, from January 2006 to August 2018. Data for the Nigerian Bonny light oil prices (COP), Domestic Oil Production (DOP) and Exchange Rate (EXC) are obtained from the Central Bank of Nigeria (CBN) website. While, dummy variable (DUM) represents stability and instability in the Niger-Delta oil-rich region was traced from historic oil disruptions in the region. Autoregres s i ve Di s tributed Lag (ARDL)/bound testing method and pairwise granger causality were employed. Unit root test …
Portfolio Balance Approach To Asymmetries, Structural Breaks And Financial Crisis: Testing A Model For Nigeria, Portfolio Balance Theory, Oluwasegun B. Adekoya
Portfolio Balance Approach To Asymmetries, Structural Breaks And Financial Crisis: Testing A Model For Nigeria, Portfolio Balance Theory, Oluwasegun B. Adekoya
CBN Journal of Applied Statistics (JAS)
This study tests the Portfolio Balance Theory (PBT) for Nigeria for the period starting from September 1997 to September 2018. It extends the hypothesized linear inverse relationship between exchange rate and stock price to include asymmetries and structural breaks. It further examines the impact of the 2008 global financial crisis on the PBT to determine its stability after the crisis. The full sample results show that the PBT holds for Nigeria and asymmetries and structural breaks matter in the nexus between stock price and exchange rate. However, the impact of stock price on exchange rate diminished in the long-run with …
Impact Of Trade Openness On Economic Growth Among Ecowas Countries: 1975-2017, Victor U. Ijirshar
Impact Of Trade Openness On Economic Growth Among Ecowas Countries: 1975-2017, Victor U. Ijirshar
CBN Journal of Applied Statistics (JAS)
This study assesses the impact of trade openness on economic growth among ECOWAS countries using secondary data from 1975 to 2017. The study uses non-stationary heterogeneous dynamic panel models through the application of Pooled Mean Group (PMG) and Mean Group (MG) estimators since time dimension was more than cross-sections. Using the Hausman test, PMG estimator was preferred. Results show that trade openness has positive effects on growth in ECOWAS countries in the long-run but mixed effects in the short-run. The study therefore recommends that ECOWAS member countries improve cooperation among economic actors by using export consortia so as to help …
Modelling Volatility Persistence And Asymmetry Of Naira-Dollar Exchange Rate, Mutiu A. Oyinlola
Modelling Volatility Persistence And Asymmetry Of Naira-Dollar Exchange Rate, Mutiu A. Oyinlola
CBN Journal of Applied Statistics (JAS)
This paper modelled the volatility persistence and asymmetry of naira-dollar exchange rate in interbank and Bureau de Change (BDC) using monthly data between January 2004 and November 2017. The study employed Generalized Autoregressive Conditional Heteroscedasticity [GARCH (1,1)], Threshold GARCH [TGARCH (1,1)] and Exponential GARCH [EGARCH (1,1)]. The results of Bai-Perron (2003) structural break identified two significant breaks in each market. Interestingly, the breaks, particularly for the interbank exchange rate(December, 2014 and January, 2015), seem to have coincided with the period of depreciation in the country’s exchange rate which could be linked to the precipitous movement in the international crude oil …
Monetary Policy Management In Nigeria Today: Issues In Stagflation And Recession, Moses K. Tule
Monetary Policy Management In Nigeria Today: Issues In Stagflation And Recession, Moses K. Tule
Bullion
This article explore the rare and challenging economic problem faced by Nigeria refers to as stagflation. i.e. a condition characterized by the co-existence of declining growth rates along with high unemployment and inflation rates. These negative economic development have raised major concern for policy makers and other economic agents because of the adverse effects on investment, financial stability and livelihood.
Exchange Rate Management In Period Of Economic Uncertainty, Emmanuel U. Ukeje
Exchange Rate Management In Period Of Economic Uncertainty, Emmanuel U. Ukeje
Bullion
The paper examines current developments in the management of foreign exchange by the Central Bank of Nigeria in the period of economic uncertainty. It explains how the Bank has implemented different regimes of foreign exchange in order to maintain the external value of its currency as well as ensure them.
Day-Of-The-Week Anomaly: An Illusion Or A Reality? Evidence From Naira/Dollar Exchange Rates, Osarumwense Osabuohien-Irabor
Day-Of-The-Week Anomaly: An Illusion Or A Reality? Evidence From Naira/Dollar Exchange Rates, Osarumwense Osabuohien-Irabor
CBN Journal of Applied Statistics (JAS)
This study examines the day-of-the-week effect in the Nigerian foreign exchange market (Naira against the US dollars), its volatility as well as the asymmetric effects, for the period of 12th May 2009 to 12th June, 2015. The empirical results of GARCH-t(1,1), EGARCH-t(1,1), GJR-GARCH-t(1,1), IGARCH and the OLS methodology shows that the detection of the day-of-the-week effect is influenced by the choice of the volatility model applied. Similarly, the highest or lowest volatility market day goes with the influence of these models. Thus this study clearly support the argument of Charles (2010), that, the days of the week anomalies lies on …
Is The Discovery Of Oil A Curse Or A Blessing To Nigeria?, Ahmed S. Saidu, Saidu B. Aliyu, Umar A. Zubair
Is The Discovery Of Oil A Curse Or A Blessing To Nigeria?, Ahmed S. Saidu, Saidu B. Aliyu, Umar A. Zubair
Bullion
The discovery of oil in commercial quantity in Oloibiri in Niger Delta in 1955 opened a new chapter in the economic landscape of Nigeria. Before the discovery of oil resources, agriculture was the main source of government revenue. Over the years however, revenue from oil export become the backbone of the economy. The annual budget, which defines economic direction the country charts, is solely based on crude oil revenue. This situation can be likened to one putting his eggs in one basket. And it is exactly this situation that has become the major source of agitation by oil producing areas …
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Economic and Financial Review
The author discussed the role of non-oil exports in the structural transformation and sectoral diversification processes which are inherently associated with sustainable growth and development outcomes as well as the focus of the analysis shifts to an examination of the role of non-oil exports in promoting economic growth and development.
Exchange Rate Management: Evolution Of The Nigerian Foreign Exchange Market, Bismark J. Rewane
Exchange Rate Management: Evolution Of The Nigerian Foreign Exchange Market, Bismark J. Rewane
Bullion
To grasp the challenges facing the naira, an understanding of the framework of the exchange rate system is imperative. This article highlights key developments and presents an analysis of the current issues facing the Nigerian currency.
Factors Explaining Exchange Rate Volatility In Nigeria: Theory And Empirical Evidence, H. E. Oaikhenan, O. S. Aigheyisi
Factors Explaining Exchange Rate Volatility In Nigeria: Theory And Empirical Evidence, H. E. Oaikhenan, O. S. Aigheyisi
Economic and Financial Review
The study empirically investigated the factors explaining the volatility of the bilateral exchange rate of the naira to the U.S. dollar, using data for 1970-2013 period. The EGARCH (1.1) modeling technique was used. The empirical evidence indicated that volatility of the naira exchange rate was characterised by clustering, strong leverage effect and moderate degree of persistence. It was found that increased net capital flows, greater integration of the Nigerian economy into the global market, deepening of the nation’s financial system, favourable crude oil prices, increase in the level of external reserves as well as economic growth were germane to dampening …
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.
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 …
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–Rates Volatility In Nigeria: Application Of Garch Models With Exogenous Break, Bala A. Dahiru, Joseph O. Asemota
Exchange–Rates Volatility In Nigeria: Application Of Garch Models With Exogenous Break, Bala A. Dahiru, Joseph O. Asemota
CBN Journal of Applied Statistics (JAS)
This paper examines exchange–rate volatility with GARCH models using monthly exchange–rate return series from 1985:1 to 2011:7 for Naira/US dollar return and from 2004:1 to 2011:7 for Naira/British Pounds and Naira/Euro returns. The study compare estimates of variants of GARCH models with break in respect of the US dollar rates with exogenously determined break points. Our results reveal presence of volatility in the three currencies and equally indicate that most of the asymmetric models rejected the existence of a leverage effect except for models with volatility break. Evaluating the models through standard information criteria, volatility persistence and the log likelihood …
Money And Inflation: Evaluating The Effectiveness Of Monetary Policy In Nigeria, Mbutor O. Mbutor, Okafor Ifeanyi Izuchukwu, Ameh Oguche Sunday
Money And Inflation: Evaluating The Effectiveness Of Monetary Policy In Nigeria, Mbutor O. Mbutor, Okafor Ifeanyi Izuchukwu, Ameh Oguche Sunday
Bullion
The paper establishes the relationship between monetary policy and inflation.
Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan
Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan
Bullion
The exchange rate is a key macroeconomic variable in the context of general economic policy making, and of economic reform programmes, in particular. It is a very important price which governments take very active interest in. However, two concepts of exchange rate are commonly distinguished: nominal exchange rate and real exchange rate. - The nominal exchange rate (NER) is a monetary concept which measures the relative price of two moneys or currencies, e.g., Naira in relation to the U. S dollar. - But the real exchange rate (RER), as the name implies, is a real concept that measures the relative …
Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu
Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu
Bullion
The paper discusses the role of macroeconomic policy in achieving social as well as macroeconomic objectives in attaining poverty reduction in Nigeria. Nigeria's economy is growing at an impressive rate compared to the historical. This reflects in part increased investor confidence due t o the improvement in macroeconomic management and positive dividends of the new found economic direction and general political stability. However, the renewed optimism is unlikely to be sustained if appreciable progress is not made to advance growth, general macroeconomic stability and poverty reduction. The reveals that, In order for growth to be poverty reducing, the link between …
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria
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 …
Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria
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. …
Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria
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 …
Central Bank Of Nigeria Statistical Bulletin, December 1996, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, December 1996, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from documents like balance sheets and financial statements to meet legal and administrative requirements, rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, while the Financial Statistics Office compiles the analytical CBN balance sheet. Monetary authorities and deposit money banks consolidate accounts to produce monetary survey accounts. Monthly interest rate returns compute weighted average lending and deposit interest rates, and deposit rates are computed for various maturities. Clearing house statistics show the number and value of cheques cleared within the commercial banking system, reflecting the …
Central Bank Of Nigeria Statistical Bulletin, June 1996, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, June 1996, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from documents like balance sheets and financial statements, which are primarily designed for legal and administrative purposes. The Finance and Accounts Department uses Bloomberg sources to prepare CBN accounting balance sheet data for the Research Department to compile analytical accounts. The Financial Statistics Office compiles the analytical CBN balance sheet without reclassifications or rearrangements of available accounting data. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates. Deposit rates are computed for various maturities. Clearing …
Central Bank Of Nigeria Statistical Bulletin, December 1995, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, December 1995, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from balance sheets and financial statements, which are primarily designed for legal and administrative purposes rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities and the summary trial balance as benchmarks. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Deposit money banks are highly prone to volatility and fragility, making them subject to regulations and …
Convertibility Of The Naira: Issues And Prospects., J. O. Ashinze, E. A. Onwuoduokit
Convertibility Of The Naira: Issues And Prospects., J. O. Ashinze, E. A. Onwuoduokit
Bullion
The rapidly unfolding development's in the world economy in recent times, have led to resurgent calls for moves towards currency convertibility (basically, the unrestricted use of a country's currency for international transactions, allowing it to be freely exchanged for foreign currencies) as a part of the process of integration into the world market economy. This paper seeks to discuss the issues and prospects of naira convertibility. The paper is divided into four parts. Part 1 discusses the various concepts of and preconditions for currency convertibility. Part II, evaluates Nigeria's economic conditions in relation to the issue of convertibility. In Part …
Central Bank Of Nigeria Statistical Bulletin, June 1995, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, June 1995, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from balance sheets and financial statistics, which are designed for various logistical and administrative requirements rather than economic analysis. Final data compilation involves aggregating the financial system's accounts to discern macroeconomic tendencies. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities (BANKOS 324) as a benchmark and the summary trial balance (BANKOS 302) as a source for detailed information. The Financial Statistics Office consolidates the accounts of monetary authorities and deposit money banks, producing monetary survey accounts. Deposit money banks are …
Central Bank Of Nigeria Statistical Bulletin, December 1994, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, December 1994, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from various documents, such as balance sheets and financial statements, 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, using the monthly return of Assets and Liabilities and the summary trial balance as benchmarks. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. Monetary survey accounts are produced by consolidating accounts of monetary authorities and deposit money banks. Monthly interest rate returns are used to compute weighted average lending and deposit interest …