THE ROLE OF CENTRAL BANK OF NIGERIA IN THE DEVELOPMENT OF NIGERIA ECONOMY
(A case study of Central Bank of Nigeria, Kaduna Branch)
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ABSTRACT
This research work is aimed at the examination of the role of central bank of Nigeria in the development of Nigeria economy. The banking industries in the public and private sector whose main activities are valuable. Usually such companies are characterized by heavy capital. The Role of central bank in development of Nigeria economy, the method of data collection for this research it content analysis and this data on table and percentages, etc. these data were from C.B.N. Annual Report of financial economic review. Reports made by previous researchers and statistic bulletin. Monetary policy which is aimed at development and growth of the economy should also focus on the stability of foreign debts resulting in the smooth running of the countries.
CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The Central Bank of Nigeria as the Apex Financial institution within the financial structure, consist of commercial banks and the Allied Institution, it’s primarily created to promote monetary stability and sand financial system. The important of the central bank of Nigeria (C.B.N) can be fully appreciated when one understands its dominant role in development of Nigeria Economy. The major role of Central of Nigeria includes:-
Issuing or mounting the National currency such as maintaining its values, enhancing the mobilization of funds and facilitating the competition among banks and other non financial banking institutions within the systems and other role of central bank of Nigeria includes moderation of inflation, reduction of unemployment, enhancing external reserve position and creating appropriate monetary and financial environment to whether the development of Nigeria economy is facilitate the growth and development of Nigeria Economy.
However, if the Economy condition of a Nigeria can be a yardstick or index to judge the effectiveness of central bank of Nigeria, then the current economy depreciation is unfortunately the manifestation of poor performance of the central bank of Nigeria, this can be justified by raising confusion in the financial Institutions, such as distress, syndrome, problems in the foreign exchange, Transaction, particularly, the continuing depreciation of Naira it value of much should be maintained and stabilized by the Central Bank of Nigeria.
In the light of these, the researcher is inspired to examined the expected role of the central bank of Nigeria against the existing performance in order to establish enhancing not the focus of the study is the central bank of Nigeria (CBN) Kaduna branch, which control the monetary and fiscal policies and also of the recent recapitalization which as been introduced by central bank of Nigeria.
1.2 STATEMENT OF THE PROBLEM
The central bank of Nigeria, despite its credibility still have short coming. The short comings are:
i. The central bank of Nigeria is supposed to serve as a lender of last resort, but some times, there is delay in granting assistance to some commercial banks. When they run out of enough funds to pay their customers.
ii. Sales and purchase of securities are riot timely and adequately done to curb inflation
iii. The bank (Central bank of Nigeria) is constrained in selecting the tools to enhance the realization of the mandates.
iv. The appointment of official in the bank is based on political influence rather than merit and has created inefficiency in same section of the bank.
1.3 OBJECTIVE OF THE STUDY
The purpose of this research work is to example the expected role of the central bank of Nigeria against the existing performance in order to establish whether the development of Nigeria Economy is enhancing or not and also to find ways of solving particular problem associated with the smooth running and operations of the central bank of Nigeria, particularly, the Kaduna Branch.
Therefore the purpose of this study will be determined as follows:
i. The legal framework of the central bank has to be strengthened in other to address Lapses in the financial system.
ii. The roles which central bank of Nigeria has played in the development of Nigeria since inception.
iii. Ways and how to make other financial institutions comply with the central bank act of 1958, Which were largely unregulated.
iv. To streamline the practice of the banking operations, so as to ensure monetary in the economy.
v. The Amendment of the banking acts which depends on the operations and stipulated penalties and effectively carried out.