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Articles 1 - 30 of 48
Full-Text Articles in Social and Behavioral Sciences
Sequencing Capital Account Liberalisation, Bright Okogu, Philip Osafo-Kwaako
Sequencing Capital Account Liberalisation, Bright Okogu, Philip Osafo-Kwaako
Economic and Financial Review
This paper focuses on the case of Nigeria and examines whether following the successful implementation of the recent reform program, appropriate policies are now in place for effective capital account liberalization.
Capital Account Liberalization: What Options For Developing Economies, Biodun Adedipe
Capital Account Liberalization: What Options For Developing Economies, Biodun Adedipe
Economic and Financial Review
This paper deals with some basic facts about Capital Account Liberalization, Liberalization Experiences, problems and prospects, policy options and recommendations.
Capital Account Liberalization: Experience From The Emerging Market Economies, Mike I. Obadan
Capital Account Liberalization: Experience From The Emerging Market Economies, Mike I. Obadan
Economic and Financial Review
The liberalization of the capital account of the balance of payments is rooted in economic theory and is said, can help to bridge savings and foreign exchange gaps in national economics thereby promoting national growth. In the light of the foregoing, this paper explores the experiences of the developing countries in particular, the emerging market economies, in capital account liberalization.
Capital Account Liberalization In Nigeria: Problems And Prospects, Ayodele F. Odusola
Capital Account Liberalization In Nigeria: Problems And Prospects, Ayodele F. Odusola
Economic and Financial Review
Capital Account is one of the lynchpins of globalization and it is often seen as an inevitable path to economic development for developing countries. This is based on the premise that liberalizing capital account would permit financial resources to flow from capital abundant countries to capital scarce countries. This paper examines the problems, prospects and challenges of foreign private capital flows in Nigeria.
Capital Account Liberalization: The Ecowas Experience, M.O. Ojo
Capital Account Liberalization: The Ecowas Experience, M.O. Ojo
Economic and Financial Review
Capital account liberalization can enhance economic growth and development through access to foreign savings for domestic investment, improvement in the efficiency of resources allocation for greater competitiveness in the global economy. The paper focuses on the status of Capital account liberalization in the ECOWAS region and the policy measures that could be adopted.
Capital Account Liberalization: The Way Forward For Nigeria, Sam Omoruyi
Capital Account Liberalization: The Way Forward For Nigeria, Sam Omoruyi
Economic and Financial Review
Capital account liberalization is a complex and multifaceted issue, which if not properly addressed could increase the risks of a crisis in a country with serious negative consequences for the real sector. The purpose of this paper is to dwell in some detail on capital account liberalization, emphasizing the preconditions for tits safe implementation, the degree and sequencing of implementation, effects of capital account liberalization, noting costs and the way forward to its effective administration in Nigeria.
Welcome Address At The 2006 Executive Seminar "Capital Account Liberalization: Issues, Problems, And Prospect", E.O. Alilonu
Welcome Address At The 2006 Executive Seminar "Capital Account Liberalization: Issues, Problems, And Prospect", E.O. Alilonu
Economic and Financial Review
The welcome address was given by the then Branch Controller, Calabar Branch of the Central Bank of Nigeria at the 2006 Executive Seminar.
Globalization And Capital Account Liberalization, Ademola T. Oyejide
Globalization And Capital Account Liberalization, Ademola T. Oyejide
Economic and Financial Review
This paper reviews some aspects of the debate on the linkages between globalization and capital account liberalization. This paper analyses globalization and the associated capital flows and then discusses the impact of the capital flows on the financial and real sectors of the economy.
Keynote Address At The Cbn Executive Seminar On "Capital Account Liberalization: Issues, Problems, And Prospect", Obadiah Mailafia
Keynote Address At The Cbn Executive Seminar On "Capital Account Liberalization: Issues, Problems, And Prospect", Obadiah Mailafia
Economic and Financial Review
The keynote address was given by the Deputy Governor, (Economic Policy), Central Bank of Nigeria. He highlighted the aptness of the theme for the seminar in view of the developments in the global economy and the policy reforms embedded in the National Economic Empowerment and Development Strategy (NEEDS) and the Millennium Development Goals (MDGs).
Currency Restructuring: The Role Of The Media., Festus O. Odoko
Currency Restructuring: The Role Of The Media., Festus O. Odoko
Bullion
One of the mandates of the Central Bank of Nigeria (CBN) as provided in the CBN Act of 1991 (as amended) is the issuance of legal tender currency. This paper examines the rationale for currency restructuring so as to elicit the buy-in and support of the media and in that way enhance the acceptability of the currency in economic transactions in Nigeria. The rest of the paper is organized as follows: Section 2 outlines the major elements of currency restructuring, while section 3 discusses the critical success factors. In section 4 the role of the media is enunciated while section …
Capital Account Liberalization: Reflections On Theory And Policy, Obadiah Mailafia
Capital Account Liberalization: Reflections On Theory And Policy, Obadiah Mailafia
Economic and Financial Review
Developing countries as well as other member countries of the IMF have been encouraged to open up to foreign capital flows through the liberalization of their capital account transactions. Capital account liberalization is embedded in international standards and codes as best practice necessary for developing countries engaging in inter-governmental and non-governmental international relations. It also represents the systemic removal of administrative and legal controls on international capital transactions.
Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji
Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji
Bullion
Over the past 20 to 25 years small scale enterprises have exploded in the informal sector of the Nigeria's businesses. The informal sector study (CBN, NISEK 2000) showed that over 25,000 small scale enterprises were in existence in the agro industrial production sector of the economy during the year 2000. This paper proffers a model of funding called "Proof of Concept Fund" as a bridging credit facility to research institutes and small scale industrialist who would want to patent/franchise budding research findings to commercialization. The study reveals that there are substantial empirical studies of countries that have used the Proof …
Economic Growth And Human Capital Development: The Case Study Of Nigeria, Moses F. Otu, Adeniyi O. Adenuga
Economic Growth And Human Capital Development: The Case Study Of Nigeria, Moses F. Otu, Adeniyi O. Adenuga
Economic and Financial Review
The paper examines empirically the relationship between economic growth and human capital development using Nigeria data. Microeconomics variables such as Growth of real gross domestic products (RGDPG), capital expenditure (CE) on education. recurrent expenditure on education (RE), real gross capital formation (RGCF) was used to proxy physical formation, enrolment into primary (PRYE), post-primary (PPE) and tertiary (TERE) educational institutional were used to proxy human capital development. It found that investment in human capital, through the availability of infrastructure requirements in the education sector accelerates economics growth.
Risk-Based Capital Standard For Banks: A Critique, N. Arua
Risk-Based Capital Standard For Banks: A Critique, N. Arua
Economic and Financial Review
This paper presents a critique of the form of the risk- based capital standard known as Basel I & II. It examines the likely implication of the Based II capital accord for the Nigerian banking system and advises that the CBN should consider carefully the cost of implication of the new Accord before developing a timetable for its implementation.
Towards Developing A Vibrant Bonds Market In Nigeria: A Review, Salam N. Gbadebo
Towards Developing A Vibrant Bonds Market In Nigeria: A Review, Salam N. Gbadebo
Economic and Financial Review
The paper highlights two major challenges in bond market which reflects in Nigeria. The author suggests methods and proposal that will enhance a better performance derivatives in long time. The article seek to established the narrative on two argument that, bond finance is less expansionary than money finance and that the expansion is sometime undesirable. While the Microeconomics argument posited that bonds are issued for different reasons. the findings revealed that corporate borrowers use debt market to obtain working capital and new equipment.
Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi
Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi
Bullion
The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. It is important that the monetary authority, in its bid to designing an appropriate and sustainable exchange rate policy framework, addresses issues that are fundamental to the introduction of the policy itself. This paper discussed the challenges of exchange rate volatility management …
The Challenges Of Sustainability Of The Current Exchange Rate Regime In Nigeria., H. T. Sanni
The Challenges Of Sustainability Of The Current Exchange Rate Regime In Nigeria., H. T. Sanni
Bullion
The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. In the quest for corrective measures to minimize distortions in the foreign exchange market, the monetary authority initiates the current exchange rate reform. the objective of this paper is to discuss the challenges of sustaining the recently introduced exchange rate regime in …
The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji
The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji
Bullion
The fact that Naira is floating is not a panacea for effective monetary policy management learning from the Argentina experience. Also with volatile capital flows, there are associated over - and undershooting of exchange rates that the economy would encounter. This paper discuss the achievement of convergence in the Nigerian foreign exchange market and monetary policy, the liberalization of the foreign exchange market and the process of foreign exchange convergence. It was observed that there were supply shortage and so the supply side of resource allocation was deployed. It was also observed that the harmony between the money market and …
Economics Of Exchange Rate Management, Ayodele Odusola
Economics Of Exchange Rate Management, Ayodele Odusola
Bullion
Exchange rate policy plays an important role in national economic development management. If well managed, it could facilitate the achievement of macroeconomic objectives of rapid economic growth, low rate of inflation, high employment generation, buoyant balance of payment condition, and progressive income distribution. Of all economic policies, it is the most suitable policy for ensuring internal and external balances. This paper examine the economics of exchange rate management; the conceptual issues in exchange rate management in view of attaining the macroeconomic objectives for rapid economic growth and development. One of the critical issues in the management of foreign exchange is …
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 …
Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda
Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda
Bullion
Effective management of foreign exchange reserves is one of the major macroeconomic objectives of countries like Nigeria. This is against the background of rapid rise and accumulated challenges currently facing many emerging economies especially oil producing countries. In Nigeria, the reserves has risen from USD4.99 billion in May 1999 to USD38.07 billion as at July 31, 2006 (see table 1). The paper examines the key issues, challenges and prospects of effective management of external reserves in Nigeria and how the Central Bank of Nigeria has fared in coping with these challenges. The recent accumulation of foreign reserves is not peculiar …
Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama
Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama
Bullion
The banking industry around the world has witnessed remarkable changes in recent decades, given t h e i n c r e a s i n g w a v e o f globalization, structural and technological changes, and integration of financial markets. As McKinnon and Shaw (1973) observed in their seminar work on the key roles of banks as propel lands of growth and development in developing economies, a feeble banking system is repressive, distortionary and dis-connect the intermediation process thereby precipitating macroeconomic instability. The paper reviews the various reforms in Nigerian banking industry since 1986 particularly the complementary …
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 …
Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba
Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba
Bullion
It is often held that capital accumulation is necessary and sufficient condition for growth and capital accumulation is almost synonymous with saving, hence the route to growth is then one of raising savings and smoothing consumption (Deaton, 1991). Savings is one of the key relevant macroeconomic variables in any economy. Its impact on the rate of capital accumulation, productivity and the degree of dependency of a nation on foreign capital and foreign ownership of domestic assets cannot be overemphasised. This paper reviews conceptual issues on savings behaviour in Nigeria. It also provided an analysis of the factors that may have …
Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit
Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit
Bullion
Financial liberation involves the elimination of credit, controls, deregulation of interest rates, easing of entry into the financial services industry, development of capital markets, increased prudential regulation and supervision, and liberalization of international capital flows. This paper assess the impact of financial sector reforms in Nigeria, especially on the development of the financial sector. Accordingly, the paper dwells on theoretical issues and brief review of literature and presented a brief analysis of financial sector reforms in Nigeria. Attempt is also made to assess the impact of the reforms. Furthermore, the paper analyzes the roles of the indicators that are studied …
A Pro-Poor Framework For Enhancing Micro-Savings In Nigeria., M. C. Ononugbo, C. P. Nwosu
A Pro-Poor Framework For Enhancing Micro-Savings In Nigeria., M. C. Ononugbo, C. P. Nwosu
Bullion
Nigerians generally do not seem to have what is usually referred to as “the saving culture”. This assertion may not entirely be true as it based on information from the formal banking system without recourse to the savings activities at the informal sector of the economy. It is a fact that the informal sector of the economy is large with unrecorded transactions. Consequently, this paper attempts to examine the fundamental issues in saving and thereafter design a formal savings habit of the populace, especially the low-income group. The framework is designed to mobilise micro-savings, hitherto kept with thrift collectors and …
Overview Of Currency Management In Nigeria., K. S. Adeyemi
Overview Of Currency Management In Nigeria., K. S. Adeyemi
Bullion
This paper seeks to highlight the issues in currency management, identify the challenges of currency management in Nigeria, and situate the currency management reforms of the Central Bank of Nigeria in proper context. The paper is structured into six sections. Following the introduction, the key dimensions of the currency management function is highlighted in section 2. Section 3 reviews the major currency episodes in Nigeria while section 4 examines the shortcomings of the existing currency arrangements. Nigeria's reform effort in currency management is discussed in Section 5 and the paper is concluded in section 6 by observing that: as inflation …
The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye
The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye
Bullion
This paper reviews the adequacy of the existing legal framework for Currency Management in Nigeria. The paper is structured into three parts. Part I is an introduction to the paper. The legal provisions governing currency management in Nigeria and some of the legal challenges for the CBN are highlighted and examined in part II. Part III concludes the paper: that a major legal challenge facing the CBN is the absence of specific provisions of the law criminalizing such acts as tampering, deliberate mutilation, spraying and marching of currency.
Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede
Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede
Bullion
The payments and settlement system represents the plat-form upon which financial resources is exchanged for goods and services. This paper discussed the different alternatives of non-cash payment methods as well as the advantages, modes of payments and challenges. The study concluded that, there is need not only to further the laudable reforms of the Federal Government of Nigeria, but also to ensure that business and non-business financial transactions are accessible and convenient for the average Nigerian. These reforms in the payment system can only fast track the integration of Nigeria into the international financial system with attendant benefits for the …
Promoting The Use Of Coins In Nigeria., A O. Ikuseedun
Promoting The Use Of Coins In Nigeria., A O. Ikuseedun
Bullion
The main purpose of currency in any nation is to facilitate transactions and serves as a store of value. Currency is made up of banknotes and coins. While banknotes are expected to be used for relatively large value payments, coins are for low value ones. The paper examines the factors responsible for low usage of coins in Nigeria and suggest possible remedial measures. The paper observes that there had been a general low use of coins for retail transactions in Nigeria. This was reflected in the relative value of coins in circulation as against the value of currency which was …