THE ROLE OF CENTRAL BANK OF NIGERIA IN THE REGULATION OF NIGERIA ECONOMY THROUGH MONETARY POLICY
(A CASE STUDY OF CENTRAL BANK OF NIGERIA ENUGU BRANCH)
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ABSTRACT
The study was done to ascertain the role which central bank of Nigeria played in the regulation of Nigeria economy through monetary policy.
Among the goals of economic stabilization the most important is to achieve full employment, price stability, balance of payments and exchange rate stability, hence monetary policy through central bank of Nigeria.
To solve the research problem, primary and secondary data were collected. The research instruments used in collection the data were questionnaires and oral interview. The respondents comprised of the top business executives both private and public servants.
In organizing and presenting data collected, tables and percentages were used questionnaires.
Data analysis and interpretation gave the following findings:
- Most respondents were of the opinion that corruption and political instability hinders economic growth of Nigeria.
- Respondents showed that central bank is not doing enough in the regulation of Nigeria economy.
- 76 respondents maintained that the economy of the country is in a state of near collapse.
TABLE OF CONTENTS
CHAPTER ONE
1.0 Introduction 1
- Background of the study 1
- Statement of problem 4
- The purpose of the study 5
- Scope of the study 5
- Research questions 6
- Significance of the study 6
- Definition of terms 7
CHAPTER TWO
2.0 Literature review 9
- Meaning of bank 9
- Brief history and meaning of CBN 11
- Objectives and functions of CBN 16
- The role of central bank in economic development 22
- Regulatory monetary policy of CBN 26
- The problems of Nigeria economy 34
CHAPTER THREE
3.0 Methodology 40
- Research design 40
- Area for the study 40
- Population for the study 41
- Sample and sampling procedure 41
- Instrument for data collection 42
- Validity of the instrument 42
- Reliability of the instrument 43
- Method of data administration of the instrument 43
- Method of data analysis 44
CHAPTER FOUR
- Presentation and analysis of data 45
CHAPTER FIVE
5.0 Summary of findings, recommendations and conclusion 53
- Summary of findings 53
- Conclusion 54
- Recommendation 56
- Limitations of the study 57
Reference 59
Appendix 61
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The development of central banking can be said to date from the middle of the 19th century. But precisely there is no exact data when banking started in Nigeria. Historically, records showed that domestic banking activities started in 1961, when a shipping company Elder Dempter Lines started banking services in Lagos the chairman of the company in 1392 established the first banking institution called African Banking Corporation, which metamorphosed, into First Bank of Nigeria. In 1917, Barchays banks now known as Union Bank of Nigeria Plc was established.
Before 1952, the West African Currency Board (WACB) established I 1912 was used as the state banks for Anglo-phone West African Countries, such as Nigeria, Serra-Leone. Ghana and Gambina. The West African Currency Board (WACB) was based in London and it issued notes and coins for the Anglo-phone West African countries.
The banking failure of the 1950’s could not but lead to the establishment of Central Bank to serve as banker to the banking system, to perform supervisory role over the commercial banks and issue currency notes and coins thus, regulating the supply of money in Nigeria. Not only these, it acts as financial adviser to the government on monetary policy and implementing the policy on behalf of the government.
The central bank of Nigeria is government bank, established to keep a country’s financial system under control and close supervision. The responsibility of managing the central bank of Nigeria is vested in the hand of the board of directors whose members are appointed by the government.
The central bank of Nigeria is expected particularly in promoting economy growth by fostering the development of money and capital market; develop banking habits and sound financial system. In order to facilitate economy development, central bank of Nigeria tends to engage in activities, which extend beyond its traditional functions. In this regard, it played a unique role in the development of Nigeria economy, particularly in promotion agricultural and industrial development in general.
Central Bank of Nigeria was established to act as the organ of government that should undertake the major financial operations of the government and by its conduct influence the behaviour of financial institutions so as to support the economic policy of the government. It follows therefore that the central banks of Nigeria must in some sense be a part of the government machinery with its action clearly co-ordinated with those of other executive branch of government.
Argument has been advanced for the complete independence of the central bank of Nigeria; so far this has not been achieved as there is no country where the central bank is completely free from government intervention.
There is no gainsaying in the fact that the role played by the central banks of Nigeria is establishing Nigerian economy through monetary policy is an enormous one.
Since it inception in 1958, it has engaged in one stabilizing role or the other, that is direct or indirect monetary policy.
1.2 STATEMENT OF PROBLEMS
The wind of change economically which is more pronounced in the development countries, especially Nigeria. In attainment stability in the economy of Nigeria the central bank of Nigeria is faced with many problems.
These problems include:
- In Nigeria, the banking habit is still not widespread.
- Our money market and capital market are not well developed.
- The failure of central bank in putting the non-bank financial intermediaries under it.
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