Macroeconomics Commons^™

Appraisal Of Past And Present Policy Measures For Reviving Nigeria's Non-Oil Sector And Policy Implications For The Future, A. P. Awoseyila

Economic and Financial Review

The objective of this paper is to review the major non-oil sector policy measures from I 960 to date, appraise them in the context of growth in output; and to put on record the implications for future policy direction. The rest of the paper is organized into three Sections. Section II reviews the major policy measures (past and present). The focus of the section is the articulation of policies and strategies adopted to diversify the productive base and stimulate growth of the non-oil sector. Section III appraises the effectiveness of the measures as well as their shortcomings, while Section IV …

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

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

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

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

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 …

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

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 …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1994, Central Bank Of Nigeria

CBN Annual Report

In 1994, Nigeria faced economic challenges such as declining GDP growth, inflation, and a weakened external sector due to expansionary fiscal and monetary policies, political unrest, and labor issues. Despite this, the global economy saw stronger recovery in industrialized countries and developing regions like Asia and Latin America. The Nigerian economy struggled with slow growth, manufacturing decline, rising inflation, large budget deficit, and weakened external sector performance. Efforts to stabilize the exchange rate were hindered by differences between official and unofficial market rates. Internationally, there were improvements in the world economy with higher growth rates in developed and developing countries. …

A Review And Appraisal Of Nigeria's Experience With Financial Sector Reform, M. O. Ojo

CBN Occasional Papers

The primary aim of the paper Is to highlight the policy reforms In Nigeria's financial sector since 1986, assess the results of the reform programme, and Identify the lessons that can be learned from the policy initiatives. The reform package was introduced in 1986 against the background of prolonged macro-economic distortions and economic deterioration, especially during the first half of the 1980s. Financial sector reforms under the aegis of the Structural Adjustment Programme were designed to induce more domestic savings and reduce the distortions in investment decisions. To this end, measures were introduced between 1986 and 1992 (the period covered …

Central Bank Of Nigeria Statistical Bulletin, June 1993, Central Bank Of Nigeria

CBN Statistical Bulletin

This volume/year presents data on the Money and Banking sub-sector, including central banking, financial markets, non-bank financial institutions, clearing house activities, merchant and commercial banking, and public finance statistics. The data includes consolidation of commercial and merchant banks' first and second schedule statistical returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, and reconstitution of the Central Bank's balance sheet. The data also indicates the level of banking habit in the industry.

It further explains the classification of insurance companies by their business type, including whole life, non-life, and mixed …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1992., Central Bank Of Nigeria

CBN Annual Report

In 1992, Nigeria's economy faced significant pressures but showed resilience, with rapid growth in output and economic liquidity. The Central Bank of Nigeria (CBN) intensified efforts to achieve inflation and exchange rate stability while improving the efficiency of the financial sector. The financial sector experienced rapid growth and structural changes, with the strongest growth occurring in common unity banking and mortgage finance institutions. Monetary and credit aggregates expanded at unprecedented rates, matching the all-time highs of the oil boom era of the mid-seventies. Interest rates rose significantly, with both deposit and lending rates rising in tandem with the movements of …

Central Bank Of Nigeria Statistical Bulletin, December 1992, Central Bank Of Nigeria

CBN Statistical Bulletin

This volume data on various aspects of Nigeria's economy, including debt and banking sub-sector, central banking, financial markets, non-bank financial institutions, system clearinghouse activities, merchant and commercial banking, and public finance statistics for the year 1999. The data on financial institutions is based on the consolidation of commercial and merchant banks' first and second schedule statutory returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, aggregate and sectoral distribution of credits, and the structure of licensed banks loans and advances. The data on financial markets is based on the consolidation …

The Demand For Money Function In Nigeria: An Empirical Investigation, F.O. Oresotu, C.N.O. Mordi

CBN Occasional Papers

This paper provides further empirical evidence on the nature of the demand for money function in Nigeria for the period 1960-1991. The paper also addressed the issue of the appropriate adjustment process, structural stability of the estimated equations, as well as the influence of external factors on money demand function in an open economy, such as Nigeria. The main conclusions which emerged from the analysis are that, the real adjustment mechanism appeared to be the most appropriate adjustment process for modelling money demand in Nigeria; the influence of external variables like the foreign interest rate and exchange rate should not …

Central Bank Of Nigeria Statistical Bulletin, June 1992, Central Bank Of Nigeria

CBN Statistical Bulletin

This volume data on various aspects of Nigeria's economy, including debt and banking sub-sector, central banking, financial markets, non-bank financial institutions, system clearinghouse activities, merchant and commercial banking, and public finance statistics for the year 1999. The data on financial institutions is based on the consolidation of commercial and merchant banks' first and second schedule statutory returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, aggregate and sectoral distribution of credits, and the structure of licensed banks loans and advances. The data on financial markets is based on the consolidation …

The Need For Discount Houses In Nigeria., O S. Oduyemi

Bullion

Given the rapid expansion of Nigerian economy and the growth in government activities, discount houses in Nigeria will not only have busy schedules but will also be lucrative. The paper discusses the antecedents for the establishment of discount houses in Nigeria as well as their functions. To facilitate the presentation, the paper is divided into three parts. Part I highlights the role of discount houses and their functions. Part II discuss the rationale for establishing discount houses in Nigeria. The paper ends in part III which contains a discussion on prospects of discount houses in Nigeria as well as a …

The Role Of Discount Houses In Monetary Policy Implementation., B. A. Oke

Bullion

Discount houses are financial institutions which shift funds between the central bank on one hand and licensed banks on the other hand, through the provision of discounting and re-discounting of eligible short-term securities such as treasury bills and certificates and commercial bills. The purpose of this paper therefore is to highlight the role of discount houses in monetary policy implementation. Part I discusses the assets structure a d functions of discount houses. Part II discusses the role of discount houses in monetary policy implementation. Part II highlights the relationship between a central bank and discount houses while Part IV focuses …

Nigerian Exchange Rate Administration Under The Structural Adjustment Programme., E A. Owolabi

Bullion

This paper has been concerned with describing the administration of the naira exchange rate primarily under the on-going Structural Adjustment Programme (SAP). The aim of this paper is to briefly review the administration of Nigeria's exchange rate policy since inception of the market- determined exchange rate system. The discussion is organized in four main parts. Part I, exchange rate administration before the introduction of Structural Adjustment Programme (SAP) in July 1986 is briefly reviewed to provide the necessary background for adopting the market-determined system under SAP. Part II is devoted to the analysis of the structure of the foreign exchange …

Indirect Monetary Control In Nigeria: Problems And Prospects, A. Ahmed

Bullion

A speech delivered at the Annual Dinner of the Chartered Institute of Bankers of Nigeria by the Governor of Central Bank of Nigeria, Ahmed, A. on the proposal by the Federal Government to shift the technique of monetary credit management from the imposition of credit ceilings on banks to the use of market based instruments.

Indirect Monetary Control: What It Means And How Nigeria Is Moving Towards It., J. A. Olekah

Bullion

This paper examines what indirect monetary control is, and how Nigeria is moving towards it. The first section of the paper explained indirect monetary control as the techniques of controlling money supply through manipulation of the monetary base which comprises of total bank reserves plus currency in the hands of the non-bank public.

A Review Of Monetary And Credit Policy Guidelines For 1992, S N. Ibeabuchi

Bullion

This paper reviews the current monetary policy measures adopted by the monetary authorities in 1992 in the light of prevailing circumstances. To this end, the paper is divided into three parts. Part one deals briefly with the objectives and instruments of Monetary Policy while Part two examines the background to current monetary measures in Nigeria. Part three reviews the current monetary and credit policy guidelines.

Exchange Rates Developments In Nigeria, R A. Olukole

Bullion

This paper discusses the determinants and behaviour of exchange rates. It also examines the exchange rate policies in Nigeria from 1960 - 1991. The pricing methodology was examined with an overview of the Naira exchange rate movements from 1986 - 1991. The paper is divided into four parts. Part I highlights the determinants and behaviour of exchange rates. Part II discusses the exchange rate policies in Nigeria from 1986 - 1991. Part III focuses on the pricing methodology with an overview of the Naira exchange rate movements from 1986-1991. Part IV examines the Parallel market and the Bureau DE Change …

Understanding Nigeria's Flow Of Funds Accounts, Odoko F. O.

Bullion

The describes the flow of funds system of accounts and also indicate its analytical uses including how a change in real activity has been financed, the forecasting of interest rates and the effects of economic policy changes. The major steps in the preparation of the accounts were outlined. ln particular, the author indicated that sectoring in FOF accounts is institutionally defined. Some of the basic data are available only after a considerable delay, e.g., national accounts figures, while others have to be estimated (households) leading to residual errors, Nevertheless, the flow of funds system serves as a useful instrument even …

Central Bank Of Nigeria Statistical Bulletin, June 1991, Central Bank Of Nigeria

CBN Statistical Bulletin

The financial statistics section offers comprehensive data on various financial subsectors, including money and banking, financial markets, non-bank financial institutions, and public finance statistics. Key areas covered include data consolidation of commercial and merchant banks, liquidity ratios, cash reserves, loan/deposit ratios, and credit distribution. Clearing house statistics provide information on volume of transactions within the commercial banking system and the number and value of cheques cleared. Financial markets provide information on new issues, treasury securities, money market assets, Nigerian Stock Exchange (NSE) transactions, and government debt instruments. Public finance statistics include federal government revenue and expenditure, sources such as oil, …

Interest Rate Behaviour Since Deregulation, Oresotu F. O.

Bullion

This paper examines the effects of interest rates with reference to deregulation of various sector of the economy. The interest rates used in this part of the paper are the commercial bank rates. This bas not affected the analysis as the commercial bank rates are in general lower than those of the merchant banks.

Central Bank Of Nigeria Statistical Bulletin, December 1990, Central Bank Of Nigeria

CBN Statistical Bulletin

The Central Bank of Nigeria (CBN) is recognized for its role in collecting, collating, analyzing, and disseminating data on the Nigerian economy. It has made available as much information as possible through its regular publications such as the Monthly, Half-Year, and Annual Reports, as well as the Economic and Financial Review and the Intermediate Economic and Financial Indicators. However, the bulk of the statistics published in these documents have focused mainly on the current and irregular reporting periods. This has led to a gap in the availability of relevant statistics in the country. The first issue of the CBN Strategic …

Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria

CBN Annual Report

The Nigerian economy showed improvement in 1989 compared to 1988. Economic Growth: Gross Domestic Product (GDP) increased by 4.0%, driven by growth in agriculture and industry. The overall balance of payments moved from a deficit to a surplus, largely due to a significant increase in crude oil exports. The unemployment rate declined slightly, with more jobs created through government programs. Nigeria's external assets increased significantly, reflecting a deliberate policy to build official reserves. Inflation: Despite some improvement, inflationary pressures remained high, with domestic prices rising by 40.9%. Stagnant Manufacturing: Manufacturing production grew at a slow pace due to high production …

Developments In The Agricultural Sector During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

There was a renewed optimism during the quarter that substantial growth in output could occur during the year, if the improvement in weather conditions and production environment was sustained. Available data showed that average monthly rainfall during the quarter was 177.53mm, representing a substantial rise over the 15 .4mm of the preceding quarter (which experienced an unusually prolonged dry spell) and about 18.3 per cent over the level of 150.1mm in the corresponding period of 1988. The distribution pattern showed that all the states of the Federation recorded rains during the quarter.

Developments In The Industrial Sector In The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

Aggregate industrial output improved during the second quarter of the year in spite of the problems of high production costs and liquidity constraints. The index of industrial production at 225.6 (1972 = 100) increased by 6.7 and 3.6. per cent over its levels 'in the corresponding quarter of 1988 and the first quarter of 1989, respectively (see table I). Compared with its level in the corresponding quarter of 1988, the rise in industrial output was accounted for by the respective increases of 20.6 and 2.4 per cent in mining and manufacturing output which outweighed the decline of 2.8 per cent …

Stock Market Report For The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

The main event that dominated the transactions on the Nigerian Stock Exchange during the second quarter, 1989 was the compulsory transfer of the accounts of ministries and parastatals from the commercial and merchant banks to the CBN. In an attempt to raise their liquidity positions the banks and other private holders of Federal Government Development Stocks unloaded their holdings of the stocks on the Exchange. Consequently, the total volume of stocks traded rose from 14.9 million in 6558 deals during the first quarter of 1989 to 270.9 million in 8307 deals in the quarter under review. Compared with the corresponding …