Open Access. Powered by Scholars. Published by Universities.®

Economics Commons™

Open Access. Powered by Scholars. Published by Universities.®

Central Bank of Nigeria

Discipline
Keyword
Publication Year
Publication
Publication Type
File Type

Articles 391 - 420 of 1240

Full-Text Articles in Economics

A Study Of Technical Efficiency Of Deposit Money Banks In Nigeria (2007 - 2012), Auwalu I. Fagge Dec 2014

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 …

Go to article

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 Dec 2014

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?

Go to article

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 Dec 2014

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.

Go to article

An Overview And Dynamics Of Financial Market Development In Nigeria And Imperatives For Exchange Rate Stability, E.U. Ukeje Dec 2014

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,

Go to article

Exchange Rate And Inflation: Is There A Relationship In Nigeria, C.N.O. Mordi Dec 2014

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 …

Go to article

Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu Dec 2014

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.

Go to article

Dollarisation: Any Possibility In Nigeria And Its Effects On Economic Management And Exchange Rate Stability, E.A. Abolo Dec 2014

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.

Go to article

Forecasting Nigerian Stock Market Returns Using Arima And Artificial Neural Network Models, Godknows M. Isenah, Olusanya E. Olubusoye Dec 2014

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 …

Go to article

Nexus Of Exchange Rate Deregulation And Agricultural Share Of Gross Domestic Product In Nigeria, Oyakhilomen Oyinbo, Falola Abraham, Grace Z. Rekwot Dec 2014

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 …

Go to article

Testing Volatility In Nigeria Stock Market Using Garch Models, Ngozi V. Atoi Dec 2014

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 …

Go to article

The Balance Sheet Channel Of Monetary Policy Transmission: Evidence From Nigeria, Olorunsola E. Olowofeso, Abiodun S. Bada, Kufre J. Bassey, Kumafan S. Dzaan Dec 2014

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 …

Go to article

Relationship Between Money Supply And Government Revenues In Nigeria, Yakubu Musa, Umar Usman, Aminu B. Zoramawa Dec 2014

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 …

Go to article

Cointegration Analysis Of Public Expenditure On Tertiary Education And Economic Growth In Nigeria, Japheth T. Torruam, Moses A. Chiawa, Cyprian C. Abur Dec 2014

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.

Go to article

Determinants Of Economic Growth In Nigeria, Kazeem B. Ajide Dec 2014

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 …

Go to article

Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh Nov 2014

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

Go to article

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 Sep 2014

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 …

Go to article

Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule Sep 2014

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.

Go to article

Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide Sep 2014

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 …

Go to article

Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni Sep 2014

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 …

Go to article

Modification Of Hansen-Hurwitz’S Estimators For Negatively Correlated Variates, Jonathan A. Ikughur Jun 2014

Modification Of Hansen-Hurwitz’S Estimators For Negatively Correlated Variates, Jonathan A. Ikughur

CBN Journal of Applied Statistics (JAS)

Most estimators in probability proportional to size (PPS) with replacement (WR) sampling design are defined for positively correlated variables. The literature on estimators involving negatively correlated variates is underdeveloped. This study utilized the law of inverse proportion to derive selection probabilities to modify the Hansen-Hurwitz’s estimator for use when negatively correlated variables are encountered in surveys. The suggested estimator is unbiased and could perform better than other estimators when information conveyed by correlation coefficient is used.

Go to article

Structural Breaks, Cointegration And Demand For Money In Nigeria, Sani I. Doguwa, Olorunsola E. Olowofeso, Stephen O. U. Uyaebo, Ibrahim Adamu, Abiodun S. Bada Jun 2014

Structural Breaks, Cointegration And Demand For Money In Nigeria, Sani I. Doguwa, Olorunsola E. Olowofeso, Stephen O. U. Uyaebo, Ibrahim Adamu, Abiodun S. Bada

CBN Journal of Applied Statistics (JAS)

This paper estimates the money demand function in Nigeria in the aftermath of the recent global financial crisis and examines whether its underlying properties has changed over the years. Specifically, the existence of a stable long-run demand for money function during the period 1991:Q1-2013:Q4, while accounting for the possibility of structural breaks is investigated. The Gregory-Hansen residual based test for cointegration detected both intercept and regime shifts in 2007:Q1 as the null of no cointegration is rejected at 1 per cent significance level, indicating that long run relationship exists between real money supply, real income, real monetary policy rate, exchange …

Go to article

The Relationships Of Inflationary Trend, Agricultural Productivity And Economic Growth In Nigeria, Oyakhilomen Oyinbo, Grace Z. Rekwot Jun 2014

The Relationships Of Inflationary Trend, Agricultural Productivity And Economic Growth In Nigeria, Oyakhilomen Oyinbo, Grace Z. Rekwot

CBN Journal of Applied Statistics (JAS)

This study investigates the links existing between inflationary trend, agricultural productivity and economic growth in Nigeria using time series data spanning from 1970 to 2011. The results of the analyses indicate a unidirectional causality from inflationary trend to agricultural productivity, unidirectional causality from agricultural productivity to economic growth with no causality between inflationary trend and economic growth. Based on these findings, it is recommended that the Central Bank of Nigeria should pay more attention to the trend of inflation and pursue policies that will ensure single digit inflation.

Go to article

Developing Banking System Stability Index For Nigeria, Angela Sere-Ejembi, Ini S. Udom, Audu Salihu, Ngozi V. Atoi, Baba N. Yaaba Jun 2014

Developing Banking System Stability Index For Nigeria, Angela Sere-Ejembi, Ini S. Udom, Audu Salihu, Ngozi V. Atoi, Baba N. Yaaba

CBN Journal of Applied Statistics (JAS)

This study constructed a banking system stability index (BSSI) for Nigeria, using a combination of financial soundness indicators and macro-fundamentals. It applied statistical and Conference Board Methodology normalisation processes on Nigeria’s banking and macroeconomic data from 2007Q1 to 2012Q2. The resultant index traced fairly well the episodes of crisis in the system over the study period. Hence, the BSSI is capable of acting as an early warning mechanism of signaling fragility. It could, therefore, be used as a complimentary regulatory policy tool to detect potential threat to enable monetary authorities take timely pre-emptive policy measures to avert crisis.

Go to article

Modeling And Forecasting Currency In Circulation For Liquidity Management In Nigeria, Alvan Ikoku Jun 2014

Modeling And Forecasting Currency In Circulation For Liquidity Management In Nigeria, Alvan Ikoku

CBN Journal of Applied Statistics (JAS)

This paper presents forecasts of currency in circulation prepared for liquidity management at the Central Bank of Nigeria. Forecasts were produced using ARIMA, ARIMA with structural variables, VAR and VEC models. The performance of the forecasts was then evaluated under a rolling forecast scenario, where the estimation sample is augmented by one observation and the forecast sample is brought forward. The evaluation of the forecasts was based on average performance over a number of rolling forecasts. We found that the most accurate models were mixed models with structural as well as ARIMA components, augmented by seasonal and dummy variables. We …

Go to article

Measuring Respondent Burden In Nigeria: A Case Study Of Central Bank Of Nigeria Enterprise Surveys, Ibrahim Adamu, Ismaila S. Sabi, Sani Bawa Jun 2014

Measuring Respondent Burden In Nigeria: A Case Study Of Central Bank Of Nigeria Enterprise Surveys, Ibrahim Adamu, Ismaila S. Sabi, Sani Bawa

CBN Journal of Applied Statistics (JAS)

This paper uses diffusion indices, percentages and reported time spent to measure the respondent burden in survey of foreign assets and liabilities (SOFAL) and business expectations survey (BES). The results show that respondents found it easy but time consuming to complete the SOFAL questionnaire with an average of 24 hours spent in collecting information and over 2 hours to fill the questionnaire. In contrast, respondents found it much easier and quicker to complete the BES questionnaire, spending an average of 47 minutes to collect relevant information from their records and another 36 minutes to complete the questionnaire. The paper identified …

Go to article

Foreign Trade-Economic Growth Nexus: Evidence From Nigeria, Nosakhare L. Arodoye, Milton A. Iyoha Jun 2014

Foreign Trade-Economic Growth Nexus: Evidence From Nigeria, Nosakhare L. Arodoye, Milton A. Iyoha

CBN Journal of Applied Statistics (JAS)

This study examines the nexus between foreign trade and economic growth in Nigeria using quarterly time-series data for 1981Q1 through 2010Q4. In order to fully account for feedbacks, a vector autoregressive model is utilized. The results show that there is a stable, long- run relationship between foreign trade and economic growth. The variance decomposition results show that the predominant sources of Nigeria economic growth variation are due largely to “own shocks” and foreign trade innovations. The study therefore recommends adoption of trade expansion policies as a means of accelerating economic growth in Nigeria.

Go to article

Destination Sectors And Originating Economies Of Nigeria’S Private Foreign Assets And Liabilities In 2012, Sani I. Doguwa, Mohammed M, Tumala, Isaiah Olufemi Ajibola Jun 2014

Destination Sectors And Originating Economies Of Nigeria’S Private Foreign Assets And Liabilities In 2012, Sani I. Doguwa, Mohammed M, Tumala, Isaiah Olufemi Ajibola

CBN Journal of Applied Statistics (JAS)

The 2013 survey of foreign assets and liabilities of enterprises in Nigeria was conducted to determine destination sectors of foreign private capital flows and economies where such investments originate. The survey covered 649 large establishments in Nigeria with 87.4 per cent response rate. The cross border transactions/investments of the respondents during 2011 and 2012 indicate total foreign claims on the Nigerian economy as at end 2012 rising to N16, 790.78 billion from N13, 647.19 billion recorded in 2011. Of this total, 98.1per cent came in the form of direct investments, while portfolio investments and other capital flows accounted for 1.1 …

Go to article

Effect Of Monetary Policy On Agricultural Sector In Nigeria, Elias A. Udeaja, Udoh A. Elijah Jun 2014

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 …

Go to article

An Autoregressive Distributed Lag (Ardl) Approach To The Oil Consumption And Growth Nexus: Nigerian Evidence, N. Inuwa, H. M. Usman Jun 2014

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 …

Go to article

A Test Of The Fisher Effect In Nigeria, M. K. Tule, U. M. Okpanachi, E. T. Adamgbe, S. E. Smith Jun 2014

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.

Go to article

First Prev Next Last