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Central Bank of Nigeria

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Articles 631 - 660 of 1240

Full-Text Articles in Economics

Keynote Address At The Seminar On: "Financial Sector Developments: Challenges For Risk Based Supervision And Effective Monetary Policy Implementation, Sarah O. Alade Dec 2008

Keynote Address At The Seminar On: "Financial Sector Developments: Challenges For Risk Based Supervision And Effective Monetary Policy Implementation, Sarah O. Alade

Economic and Financial Review

This is the sixteenth in the series (Executive Seminar) jointly organized by the Research and Human Resources Departments of the Bank. The forum represents one in which the Executives of the Bank brainstorm on contemporary economic issues to stir the banking and financial sector in particular and, the economy at large, on the path of sustainable growth and development. The forum also provides an avenue for capacity building and human resource improvement through intense dialogue with economic and financial experts on current developments.

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Monetary Policy Implementation And Financial Sector Developments In Nigeria: The Journey So Far., M. A. Ajayi Dec 2008

Monetary Policy Implementation And Financial Sector Developments In Nigeria: The Journey So Far., M. A. Ajayi

Economic and Financial Review

The paper examined the implementation of monetary policy in recent years following the successes recorded in the banking sector reforms and noted the achievement of most of the objectives of monetary policy. In addition, in terms of financial sector development, Nigeria has achieved greater institutional and regulatory capacity as well as products varieties that have improved development in the financial sector. The quantitative assessment of the financial sector indicates a healthy state of the banking industry.

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The Remittance Environment In Nigeria, A. Englama Nov 2008

The Remittance Environment In Nigeria, A. Englama

CBN Occasional Papers

This preliminary study is on the remittance environment in Nigeria which became compelling because of low availability of information and empirical research on the subject. The need to obtain evidence-based information to drive policy formulation on remittances inflow which grew from US$1.4 billion in 2002 to US$17.9 billion in 2007 and tap its potentials to promote economic growth in Nigeria were the rationale for the study. An understanding of the drivers, inhibitors, characteristics, cost of transaction and channels of the flows would promote policy formulation to improve the remittance environment. The objectives of the survey were to examine current trend …

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Consolidated Supervision Of Banks: Concept And Practices, U. Kama Sep 2008

Consolidated Supervision Of Banks: Concept And Practices, U. Kama

Bullion

The paper has considered two basic issues in financial supervision. These are the separation of financial supervision from central banking and the rationale and challenges of establishing an integrated supervision structure in Nigeria. lt identified three basic functions of financial supervision as micro prudential, macro prudential and conduct-of-business supervision, which address systemic stability, financial soundness of individual institutions and consumer protection respectively . The paper is divided into six sections. Following this introduction is section ll which examines the conceptual and theoretical issues in consolidated supervision. Section lll reviews the experience of other jurisdictions in the practice of consolidated supervision. …

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Integrated Financial Supervision For Nigeria: Emerging Issues And Challenges., Anachi Arua Sep 2008

Integrated Financial Supervision For Nigeria: Emerging Issues And Challenges., Anachi Arua

Bullion

In the supervisory architecture of financial institutions have been of interest to policymakers and the academic. It began to be discussed in the late eighties when the Scandinavian countries were establishing a single supervisory authority in their country. The discussion heated up in the late nineties when the United Kingdom created the Financial Services Authority (FSA) and continued in this decade as many developed and developing countries consider the adoption of more integrated supervision structures. The paper considers the issues of separation of financial supervision from central banking and the rationale and challenges of establishing on integrated supervision structure in …

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Consumer Protection And Financial Stability In Malaysia Lessons For Nigeria, Ngozi Egbuna Sep 2008

Consumer Protection And Financial Stability In Malaysia Lessons For Nigeria, Ngozi Egbuna

Bullion

The paper highlights the Bank Negara Malaysia (BNM)'s approach to consumer protection and financial stability in Malaysia with the aim of drawing lessons for Nigeria. The paper proposes an action for the establishment of a financial mediation bureau in Nigeria, to be set up by the Central Bank of Nigeria (CBN). To achieve this, the paper is structured in six sections. Following th is July - Sept. 2008 introduction is section 2 which examined the conceptual issues while Section 3 dealt with an overview of the consumer protection infrastructure in Nigeria. Section 4 focused on the Malaysian experience giving a …

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Is Nigeria Ready For Inflation Targeting, Mbutor O. Mbutor Sep 2008

Is Nigeria Ready For Inflation Targeting, Mbutor O. Mbutor

Bullion

Inflation Targeting as a framework for monetary policy implementation simply describes a policy framework in which central banks accept and announce the realization of certain forecast targets of inflation, over a given time period, as the measure policy anchor and are accountable for deviations from actual inflation from the said target. The primary goal of the paper was to expose the prospects and challenges facing the implementation of inflation targeting in Nigeria. To put the subject in proper perspective, common terminologies often used in discussing lT were defined. The preconditions for effective lT were also highlighted. The paper has argued …

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Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele Sep 2008

Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele

Bullion

As a country's monetary authority, a central bank is responsible for the conduct of monetary policy. This onerous process begins with developing a plan of action of employing interest rates or controlling the money stock to influence the economy. The focus of monetary policy is to safeguard the value of the domestic currency in terms of what it can purchase as a basis of providing a framework for the achievement of wider government economic objectives of non-inflationary economic growth, employment, stable exchange rate, favourable balance of payments and more generally a stable financial environment for the economy. In view of …

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Appropriate Mix Of Energy Resources For Economic Development In Nigeria., Ngozi T. I. Agboegbulem* Mar 2008

Appropriate Mix Of Energy Resources For Economic Development In Nigeria., Ngozi T. I. Agboegbulem*

Economic and Financial Review

The article identifies the various forms of energy resources available in Nigeria and proposed how best these energy resources could be into efficient use. It observed that Nigeria sis blessed with abundant renewal energy and non-renewable energy resources and appreciated the fact that, while renewables will continue to play a granting role, “they are not expected to overtake fossiI fuels in the near future in meeting both Nigerian and global energy demand. The paper concludes that most of the energy consumed in the country come from oil and gas and viewed this to be a move in the right direction …

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An Empirical Investigation On The Effectiveness Of Open Market Operations (Omo) In Nigeria, Phebian N. Omanukwue, Magnus O. Abeng Mar 2008

An Empirical Investigation On The Effectiveness Of Open Market Operations (Omo) In Nigeria, Phebian N. Omanukwue, Magnus O. Abeng

Economic and Financial Review

This article attempts to investigate the effectiveness of the open market operations in Nigeria adopting an error correction methodology. The study showed that in the conduct of defensive open market operations, inflationary expectations, treasury bill rate, income and fiscal balances exert significant influences on the volume of bank reserves. The persistent effect of fiscal balances on the volume of bank reverses in the short run shows that consideration of government activities remains important in developments in the financial sector. Findings from the study revealed that the system adjusts itself to equilibrium within three quarters in the event of a shock. …

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Appraising Nigeria's Tax Effort: A Comparative Econometric Analysis, Peter D. Golit Mar 2008

Appraising Nigeria's Tax Effort: A Comparative Econometric Analysis, Peter D. Golit

Economic and Financial Review

The article employs the conventional model of tax effort to appraise Nigeria’s tax performance in comparison to other counties of the West African Monetary Zone (WAMZ). The key objective of the study is to determine whether Nigeria is limited it its revenue collections by a low capacity to generate tax revenue by non-commitment-towards using the available tax capacity to fund public services. If the country has the capacity to increase tax revenue, what are the appropriate channels through which tax revenue can be increased. Empirical evidence suggests that Nigeria is not making the optimal of her taxable capacity as the …

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A Framework For Financial Stability, Rafiu O. Olaitan Mar 2008

A Framework For Financial Stability, Rafiu O. Olaitan

Economic and Financial Review

This is a review of the article “a framework for financial stability” by Andrew Haldane, Central Banking Quarterly Journal, Vol XV, No. 3, February 2005.

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Managing Oil Price Risks In Developing Countries: A Review, Chioma P. Nwosu Mar 2008

Managing Oil Price Risks In Developing Countries: A Review, Chioma P. Nwosu

Economic and Financial Review

This is a review of the article “managing oil price risks in developing countries” by-Julia Devin and Sheridan Titman, World Bank Research Observer 2004, Vol 19, No 1

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2007, Central Bank Of Nigeria Dec 2007

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2007, Central Bank Of Nigeria

CBN Annual Report

In 2007, the Central Bank of Nigeria (CBN) faced significant challenges in monetary management due to statutory allocations to government tiers, autonomous foreign exchange inflows, and pre-election spending. These challenges were addressed through Open Market Operations (OMO), issuance of treasury securities, standing facilities, and foreign exchange swaps. The introduction of the monetary policy rate (MPR) in December 2006 moderated inter-bank rates, encouraged trading, and improved the transmission of monetary policy actions. The Bank intensified its non-regular management activities to ensure the Policy Support Instrument (PSI) target was met. The financial system at end-2007 comprised the CBN, the Nigeria Deposit Insurance …

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Overview Of Monetary Policy In Nigeria, S. N. Ibeabuchi Dec 2007

Overview Of Monetary Policy In Nigeria, S. N. Ibeabuchi

Economic and Financial Review

This article provides and overview of monetary policy which is the instruments at the disposal of the monetary authorities to influence the availability and cost of credit/money M with the ultimate objective of achieving price stability. This overview is with reference to Nigeria.

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Exchange Rate Policy Design: Choosing The Right Exchange Rate Response In A Changing Environment, M. I. Obadan Dec 2007

Exchange Rate Policy Design: Choosing The Right Exchange Rate Response In A Changing Environment, M. I. Obadan

Economic and Financial Review

This article examines exchange rate policy design with reference to how to choose the appropriate exchange rate Response for the right environment. The article is structured into four parts with the introduction as part I. Part II gives the overview of Nigeria's exchange rate framework. Part III reviews different concepts of equilibrium exchange rates with a focus on the fundamental equilibrium exchange rate (FEER) and the behavioural equilibrium exchange rate (BEER) approaches. Part IV discusses the challenges encountered in choosing the right exchange rate response in the new banking sector environment. Part V concludes the paper and proffers the way …

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Towards Inflation Targeting Framework For Monetary Policy In Nigeria: The Challenges For Central Bank Of Nigeria, M. Hugman Dec 2007

Towards Inflation Targeting Framework For Monetary Policy In Nigeria: The Challenges For Central Bank Of Nigeria, M. Hugman

Economic and Financial Review

This article examines inflation with reference to Nigeria. As an emerging market environment. Part one outlines briefly the underlying mechanisms of inflation-management and general approaches to inflation targeting. Part two focuses on issues that specifically relate to inflation targeting (IT) in emerging markets, including the possible macroeconomic impact of the transition process. Part three considers the sequence and timing of the transition to IT in Nigeria, on the shift in exchange rate management required to achieve long-term price stability. Additionally, Nigeria-specific challenges are also addressed. The paper concludes by noting that both the time frame and coordination for a successful …

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Inflation Targeting As A Tool Of Monetary Management: International Experiences, A. F. Odusola Dec 2007

Inflation Targeting As A Tool Of Monetary Management: International Experiences, A. F. Odusola

Economic and Financial Review

This article seeks to address the main prerequisites and key challenges of implementing inflation targeting across many countries and draws relevant lessons for countries that are contemplating the adoption of IT. To achieve this objective, the rest of the paper has been structured as follows. Following the introduction is part II which examines the theoretical framework for IT while the review of international experiences is contained in part III. Contemporary issues and challenges are considered in part IV while recommendations and conclusion are the focus of part V.

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Asset Price Movements And Derivatives: Implications For Monetary Policy In Nigeria, Ola Sholarin Dec 2007

Asset Price Movements And Derivatives: Implications For Monetary Policy In Nigeria, Ola Sholarin

Economic and Financial Review

The article highlights the importance of maintaining accurate market value for a wide variety of asset classes. From the perspective of speculators, the author discusses the methodology for identifying undervalued or overvalued assets for taking appropriate bet on such assets. From analysts, hedgers or investors perspective, this paper discusses how financial instruments derivative could be used to protect financial assets and return on such assets against volatility. The author highlights application of the same set of derivative instruments for speculative, regulatory arbitrageurs and other purposes. For the same group, this paper identifies fundamental variables that determine assets' prices in a …

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Special Remarks, C.N.O. Mordi Dec 2007

Special Remarks, C.N.O. Mordi

Economic and Financial Review

This the special remarks delivered on the occasion of the opening ceremony of the 2007 CBN Executive Seminar on monetary policy in a changing environment for CBN Executive Staff.

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Opening Address, O. A. Demuren Dec 2007

Opening Address, O. A. Demuren

Economic and Financial Review

The opening address at the 2007 CBN Executive Seminar the on monetary policy in a changing environment.

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Keynote Address By S. O. Alade, Sarah O. Alade Dec 2007

Keynote Address By S. O. Alade, Sarah O. Alade

Economic and Financial Review

Keynote Address by Dr Sarah Alade, the Deputy Governor (Economic Policy), Central Bank of Nigeria at the CBN Executive seminar on monetary policy in a changing environment for CBN Executive Staff.

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Monetary Policy And Economic Growth: Theoretical And Conceptual Issues, D. G. Omotor Dec 2007

Monetary Policy And Economic Growth: Theoretical And Conceptual Issues, D. G. Omotor

Economic and Financial Review

This article seeks to address the relationship between monetary policy and economic growth by enunciating the conceptual and theoretical issues that relate to monetary policy and economic growth. The paper is divided into five sections. Following the introduction in section 1, section 2 discusses the objectives of monetary policy. The monetary transmission mechanisms are schematically explained in section 3. Section 4 reviews the performance assessment of monetary policy and its framework in Nigeria. The constraints of monetary policy management in Nigeria are espoused in section 5. The final section concludes the paper.

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Exchange Rate Versus Capital Account Liberalization In Nigeria: Some Important Issues, A. E. Akinlo, D. O. Yinusa Dec 2007

Exchange Rate Versus Capital Account Liberalization In Nigeria: Some Important Issues, A. E. Akinlo, D. O. Yinusa

Economic and Financial Review

This article examines the relationship between exchange rate and account liberalization in Nigeria. It focuses on monetary policy design and management in a fast-changing world. It highlights that the need for continuous research into this subject is highlighted by the reliance on monetary policy as the principal tool for economic stabilisation in emerging market economies.

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Monetary Policy Transmission Mechanism In Nigeria, M. Ajayi Dec 2007

Monetary Policy Transmission Mechanism In Nigeria, M. Ajayi

Economic and Financial Review

This article reviews the monetary policy transmission mechanism in Nigeria and the various challenges of the transmission process. Also, it highlights the need to continuously examine the channels of monetary policy in the economy to enhance policy design and implementation in Nigeria. The paper is divided into five parts. Following the introduction as part I, Part II, discusses conceptual issues of monetary policy transmission mechanism, while Part III gives country experiences. Part IV x-rays monetary policy transmission mechanism in Nigeria and lessons from international experiences while Part V contains the concluding remarks.

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Standing Facilities And Liquidity Management In Nigeria: Progress So Far And Challenges Under An It Environment, J. K. A. Olekah Dec 2007

Standing Facilities And Liquidity Management In Nigeria: Progress So Far And Challenges Under An It Environment, J. K. A. Olekah

Economic and Financial Review

This article discusses the Central Bank of Nigeria (CBN) standing facilities and their effectiveness in reducing interbank interest rate volatilities as well as the challenges that have been faced by both the CBN and market operators in the implementation. The paper is organized into six sections. Following this introduction in section II, the CBN indirect monetary policy instruments are discussed as a prelude to the introduction of the standing deposit/lending facilities in December 2006. The CBN standing facilities as instruments of liquidity management are discussed in section III. Some of the countries that have adopted the policy instruments are surveyed …

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Welcome Address, C. E. Nkwonta Dec 2007

Welcome Address, C. E. Nkwonta

Economic and Financial Review

This is the welcome address for the seminar on "Monetary Policy in a Changing Environment" for CBN Executive Staff.

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Effect Of Financial Globalization On Developing Countries: Some Empirical Evidence By Eswar S. Prasad Et Al - A Review., Margaret Johnson-Hilili Jun 2007

Effect Of Financial Globalization On Developing Countries: Some Empirical Evidence By Eswar S. Prasad Et Al - A Review., Margaret Johnson-Hilili

Economic and Financial Review

A review of the paper "Effect of Financial Globalization on Developing Countries: Some Empirical Evidence" by Eswar S. Prasad. This paper provides an assessment of empirical evidence on the effect of financial globalization on developing economies. The authors used dejure restrictions on capital flows and actual capital flows across national borders in measuring the extent of a country's financial integration with the global economy.

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Issues In Nigeria's Transport Data For Planning And International Comparison, G.T. Arosanyin Jun 2007

Issues In Nigeria's Transport Data For Planning And International Comparison, G.T. Arosanyin

Economic and Financial Review

This paper examines the types, sources and shortcomings of transport data required for planning and international comparison in Nigeria. The paper found that transport data as published in Nigeria are deficient in terms of transport development indicators, projections, comprehensiveness, consistency, adequacy and classification accuracy, among others. For Nigeria's transport data to be very useful for planning and international comparison there is the need for the government to adequately fund transport surveys regularly; harmonize the functions of the various agencies responsible for transport data collection and publication and; computerize the data storage and retrieval system.

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Tariff And Factor Allocation In A Small Open Economy: Nigeria, T. B. Dipo, Elias A. Udeaja Jun 2007

Tariff And Factor Allocation In A Small Open Economy: Nigeria, T. B. Dipo, Elias A. Udeaja

Economic and Financial Review

This paper examines the likely impact of import tax reduction and its subsequent elimination on factor re-allocation under alternative exchange rate regimes in Nigeria. The study observed that the patterns of reallocation are quite qualitatively similar under alternative exchange rate regimes. Particular findings suggest that, under both exchange rate regimes, as import tariff is reduced progressively, the services industry loses labour employment to the manufacturing and agricultural sectors while the agricultural sector loses capital to both the manufacturing and service sectors. Under the different exchange rate regimes, the manufacturing sector is a net employer of labour and capital. The study …

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