THE ROLE OF NIGERIA MONEY MARKET IN SAVINGS MOBILIZATION
COMPLETE PROJECT MATERIAL COST 5000 NAIRA
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ABSTRACT
This research is on an issue which is of great importance to the Nigeria economy, it is on the Nigeria money market and its role in savings mobilization.
The seminar report comprises of three chapters, chapter one is on the introduction of the topic, chapter two is on the review of the existing literature relating to the subject matter, chapter three dealt on summary of finding recommendations and conclusions.
The research traced the evolution, development, objectives for its establishment and instruments used in the Nigeria money market in mobilizing savings.
Also touched were the efficiency of the Nigeria money market in savings mobilization and lastly, the problems and prospects of the market and the importance of the money market in savings mobilization.
TABLE OF CONTENTS
CHAPTER ONE:
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEM
1.3 PURPOSE OF THE STUDY
1.4 SCOPE OF THE STUDY
1.5 SIGNIFICANCE OF STUDY
1.6 LITATION OF THE STUDY
1.7 DEFINITION OF TERMS
CHAPTER TWO
- REVIEW OF RELATED LITERATURE
- EVOLUTION AND DEVELOPMENT OF NIGERIA MONEY MARKET.
- OBJECTIVE FOR THE ESTABLISHMENT OF MONEY MARKET
- INSTRUMENT USED IN MONEY MARKET FOR MOBILIZING SAVING
- TREASURY BILL
- TREASURY CERTIFICATE
- ELIGIBLE DEVELOPMENT STOCK
- BANKERS UNIT FUND
- COMMERCIAL BILLS
- THE EFFICIENCY OF THE EMONEY MARKET IN SAVINGS MOBILIZATION
CHAPTER THREE
- SUMMARY OF FINDING AND RECOMMENDATION/CONCLUSION
- FINDING/OBSERVATION
- RECOMMENDATION
- CONCLUSION
- REFERENCE
CHAPTER ONE
1.0 INTRODUCTION
DEFINITION: A money market is a market fro short term securities, it provides service that are essential to modern economy. According to professor G.O. Nwankwo “it offers access to variety of financial instruments that enables economic agent to pool price and exchange risk, through assets with attractive yields liquidity and risk characteristic, it encourage saving in financial firm”.
This is very important for government and other institutions in need of short-term funds and to supplies of short-term funds who, because of their assets in liquid form.
Late professor W.O. Uzoga, observed that the primary objective of developing a local money market was to stern the representation of short-term fund into the London money market by creating domestic outlets for investments in short-term funds in Nigeria.
A colliery to this was the used to lay it sound foundation for efficient regulation for the monetary and banking system and to provide for the banks the basis financial instrument for effective management of their resources.
We should all be aware that the banking sector is quite distinct from other sectors of the economy. The banking sector deals with money and quasi-money technological equipment like we have in the industrial sector.
There is no need for the usage of raw material nor is there nay need to incure production cost and waste human being to pin-point specially the investors and the industrialist are their raw materials, while “the staff cost in terms of wages and salaries and remuneration are to be counted as their production cost”.
- BACKGOUND OF THE STUDY
As tradition might have it, the bank of any banks has been
depicted to encompass the development of the economy, peoples and the bank itself. As noted by Jerry Onyebula, a senior manager with Allied Bank Plc.
The direction which the development takes decision whether the economy will becomes more productive or reluctant “he goes further to argue that” when bank develop, its subordination in the right direction. It helps them to grow and become bigger and richer person.
This will directly determine whether he or she will develop, grow or whether improve or deteriorate. It is an under fact that no matter how the economy is depressed, people will still transact business and save their money in the banks since our economy is not quenched type of economy, people must still save, no mater what the economy seems to be .
It was in pursuit of these objectives that the first issue o treasury bill of N8million was made by the central bank of Nigeria in 1960, by the end of the year, treasury bill outstanding amounted to N18million.
Instead the Nigeria money market has expanded in both the number and value of money market instrument that were introduced during the period of 1960 to 1978. This was therefore, helped to stern the outflow of funds to the foreign market.
The treasury bill obligation during the same period accounted for over 94 percent of the total money market instrument. These securities, judged by the minimum amount required of potential inceptors are geared to large institutional investors rather than individual who, however could contribute but only indirectly through saving type of institution most of which were inaccessible to large area of the country.
The money market is of great important to the government and other institution in need of short-term funds who because of the nature of their habitués undertaken to maintain part of their assets in relatively liquidity of the instrument traded in the money market.
The single most important function of any finan