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Articles 31 - 60 of 85
Full-Text Articles in Macroeconomics
Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe
Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe
Bullion
When the ongoing reforms of banking in Nigeria commenced, there were several arguments against the seeming harshness of the measures. As the revelations increased, the argument became the manner the revelations were made. All these pointed to the capacity of humans to resist change. lt was generally accepted that things went terribly wrong and some drastic steps needed to be taken. This paper examines existing and emerging financial reforms in the Nigeria banking sector. The outcome of the greed-induced crisis was not peculiar to Nigeria, as banks failed all around the world as their capital was eroded. There are obvious …
Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada
Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada
Bullion
Globally, banks in developing countries are expected to play very vital and effective roles in financing their economic projects and activities as their contribution in ensuring sustainable economic growth. This expectation is as a result of the fact that there is acute shortage of capital in the developing countries of the world. ln this paper, attempt was made to address how banking system credit can be used as an instrument of economic growth in Nigeria. The specific objectives that banking system credit were expected to achieve were also stated. lt's was revealed that though credits have increased tremendously in recent …
Naira Convertibility: The Journey So Far, Moses K. Tule
Naira Convertibility: The Journey So Far, Moses K. Tule
Bullion
This paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria's efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would …
An Overview Of Financial Sector Reforms And Intermediation In Nigeria, George Okorie, Uche J. Uwaleke
An Overview Of Financial Sector Reforms And Intermediation In Nigeria, George Okorie, Uche J. Uwaleke
Bullion
Financial systems all over the world play very important roles in the development and growth of the economy. However, the effectiveness and efficiency of the system as well as its scope and capacity varies quite considerably among economies. This is partly because of the varied levels of ,development. More developed financial systems tend to be associated with the more developed economies. This paper advocates the speedy adoption of international financial reporting standard for all Nigerian banks (currently in the pipeline). This reform, while by no means a cure-all for problems of bank transparency, would nonetheless be a significant step forward, …
Islamic Banking In Nigeria: Issues And Prospects, Ismaila S. Abdullahi
Islamic Banking In Nigeria: Issues And Prospects, Ismaila S. Abdullahi
Bullion
This paper analyzes the challenging issues and highlight the prospects of Islamic banking in Nigeria. Following this introduction is section two which discusses the evolution of Islamic banking including the basic principles as well as the products/services offered by the system. Section three reviews Islamic banking practices in Nigeria. Section four analyzes the challenging issues and highlights the prospects of practicing Islamic banking in Nigeria. Section five concludes the paper and proffers policy recommendations.
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 …
Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun
Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun
Bullion
Pension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 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 …
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 …
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 …
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.
Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako
Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako
Bullion
The reform of the pension industry in Nigeria was necessitated by many problems confronting both the public and private sectors pension schemes. The public sector operated largely the Defined Benefit - Pay As You Go (PAYG) scheme, which depended on budgetary provisions from various tiers of governments for funding. This paper discuss the conceptual issues of Contributory pension scheme in Brazil, the structure of the pension system and the features of the pension scheme as well as some other pension reforms in Brazil. The study concluded that. the pension systems were introduced into the country by the colonial administrators. The …
Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi
Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi
Bullion
Prior to the adoption of the economic reforms measures of the 1980's, most African economies were predominantly characterised by extensive public ownership, management and control of productive and social infrastructures and institutions. This paper discuss the trend of investments and pension schemes with its risks and challenges in Nigeria. The study however confirmed the non applicability of the financial reform theory hypothesized by McKinnon and Shaw in Nigeria 'This Paper quantitatively examine the outcomes of financial sector reforms in Nigeria with a view to validating the applicability of the Mckinnon Shaw hypothesis of financial liberalization. The impact of reforms on …
Investments And Risk Management Under The New Pension Scheme., Luka A. Dalang
Investments And Risk Management Under The New Pension Scheme., Luka A. Dalang
Bullion
Pension today, has become a topical issue. one that has engaged the commitment of government, attention of employers and workers not only in Nigeria but also in many developing and emerging economies of Africa, Asia and Latin America This paper discuss the trend of investments and pension schemes with its risks and challenges in Nigeria. The study however confirmed the non applicability of the financial reform theory hypothesized by McKinnon and Shaw in Nigeria.' . The National pension Commission guidelines as mentioned earlier, are designed to ensure transparency, integrity and objectivity in the vestment process. and to ensure that the …
Nigeria's External Trade And The New Perspectives For Its Enhancement, G. K. Sanni
Nigeria's External Trade And The New Perspectives For Its Enhancement, G. K. Sanni
Bullion
Trade has been universally acknowledged as indispensable tool to rapid economic growth and development. This is because increased participation in trade is associated with higher inflows of foreign investment and new technologies which can be adopted to transform the economy through appropriate policy. This paper analyses Nigeria's foreign trade with a view to examining the composition and direction as well as impediments to the growth of trade, and proffer suggestions for enhancing Nigeria's foreign trade. The paper is divided into five sections. Following the introduction are the theoretical issues. This is followed by the analysis in section three of the …
Post-Consolidation Challenges., Biodun Adedipe
Post-Consolidation Challenges., Biodun Adedipe
Bullion
This paper tend to look at the huge complexity of a consolidation programme of the kind embarked upon by the CBN demands caution, constant reappraisal of strategies and actions, and full attention to the identified and emerging challenges. The paper is structured into three parts, dealing with the benefits of a properly conceived and effectively implemented consolidation programme, which has several components. beyond the benefits, the challenges that the banking industry stakeholders (especially the Central Bank of Nigeria) will face when the "dust settles". The final part offers some advice on what the CBN and other stakeholders should do in …
Keynote Address, Sanusi O. Joseph
Keynote Address, Sanusi O. Joseph
Bullion
This is a keynote address delivered at the 5th Annual Finance Correspondents and Business Editors Seminar held in Owerri, lmo State from 26th – 28th January, 2004. It is the fifth in the series of the seminar initiated by the Central Bank of Nigeria (CBN), to enhance the understanding and analytical ability of Finance Correspondents and Business Editors on topical economic issues, particularly monetary and financial sector development. It presents an opportunity for them to appreciate and analyse the Bank's policies and operations better, as well as, facilitate improvement in reporting on those issues. It will help …
An Overview Of The Nigerian Financial System, Aderibigbe J. O.
An Overview Of The Nigerian Financial System, Aderibigbe J. O.
Bullion
Financial systems, the world over, play fundamental roles in the development and growth of the economy. The effectiveness and efficiency in performing these roles, particularly the intermediation between the surplus and deficit units of the economy, depend largely on the level of development of the financial system. It is to ensure its soundness that the financial sector appears to be the most regulated and controlled by the government and its agencies. This paper discusses issues and strategies for enhancing the soundness and stability of the nation's financial system, the roles of the financial system in the promotion of economic growth …
The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben
The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben
Bullion
The central bank is pivotal in the management of the national economy. lts role is not only to regulate and monitor the financial system, but also to ensure its development, prevent financial distress which could undermine confidence in the system as well as facilitate sustained growth. This paper presents an overview of the Nigerian financial system, the functions of the Central Bank of Nigeria (CBN). It examines the Bank's monetary management, surveillance and promotional roles and the challenges for the CBN. The study concludes that, the enhanced operational autonomy of the CBN has provided a unique opportunity for the Bank …
The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan
The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan
Bullion
The Banks and Other Financial institutions Act (BOFIA) defines an NBFI to mean "any individual, body, association or group of persons; whether corporate or unincorporated, other than the banks licenced under the Act which carries on the business of a discount house, finance company and money brokerage and whose principal object include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchase order financing, export finance, project consultancy financial consultancy, pension fund management and such other business as the Bank may, from time to time, designate". This paper affords the opportunity to explain and …
Causes Of Bank Distress And Resolution Options, Donli J. G
Causes Of Bank Distress And Resolution Options, Donli J. G
Bullion
A meaningful analysis of causes of bank distress and the options for resolution would probably need to be preceded by a brief discussion of the role of banks in an economy. This paper examines the meaning of bank distress, it presents a detailed discussion of the main causes of bank distress as they relate to Nigeria in particular, it provides a review of the literature on resolution options as well as an enumeration of resolution options adopted to address bank distress in Nigeria. lt's has been observed in the paper that while the general causes of bank distress appear to …
The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius
The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius
Bullion
Capital occupies a vital position in the life of a bank, like any other business. It plays the role of a cushion for losses resulting from crystallisation of the various risks a business entity is exposed to. This paper summarises the 1988 Accord and its inadequacies. It introduces the new Accord, the need for it and its structure. It highlights the challenges to both operators and regulators, and It discusses efforts of the supervisory authorities to implement the Accord in Nigeria. The challenges highlighted in this paper are by no means exhaustive but it is believed that the attempt would …