CBN Digital Commons (Central Bank of Nigeria)
Not a member yet
1580 research outputs found
Sort by
Stabilization policy in Nigeria under alternative exchange rate regimes: a postulated empirical macro-model approach
No full textThe study examines the effectiveness of stabilization policy in Nigeria under alternative exchange rate regimes. A simple version of the Mundell - Fleming model was adopted. The results indicate that the exchange rate regime has implications for the outcome of any stabilisation measure adopted, and further, it is observed that the success of debt management strategies will depend on the exchange rate regime. The study argues that the impact of fiscal policy on the current account balance also depends on the exchange rate regime. It arrived at these conclusions based on certain assumptions such as static expectation and by ignoring price movement. In sum, the study supports the use of a flexible exchange rate regime by an indebted but reforming economy like Nigeria
Critical factors affecting Nigeria\u27s foreign exchange flows
No full textThis study articulates main factors that affected foreign exchange flows in Nigeria between 1987 and 1997. Foreign exchange inflow is made up of autonomous receipts. gifts and borrowed resources. Factors such as exchange rate, monetary expansion and fiscal imbalances, capital flight, excessive and spurious demand for foreign exchange and debt service burden, were identified in the study as factors which affect foreign exchange. Results from the regression analysis indicated that all the variables met a priori expectations in terms of statistical significance and correctness of signs. The study also established a significant impact of imports and external debt burden on foreign exchange flow, resulting partly from the absence of genuine industrialisation strategy that could lead to the diversification of the country\u27s export base. It further showed that the gains of any policy could impact more on the economy if the exchange rate is properly aligned to its realistic level through appropriate exchange rate management strategy that will encourage repatriation of export proceeds without coercion, boost foreign direct investment and curtail capital flight
The challenges of the year 2000 and beyond for central banks
No full textThe article highlighted the challenges which may confront central banks in the discharge of their inter-dependent responsibilities as they go into the next millennium and the 21st century rolls along
Recent reforms in personal income taxation in Nigeria.
No full textThe recent reform of Individual Income Taxation in Nigeria entails generous tax reliefs and allowances granted to tax payers. The reform aims at increasing the disposable income of workers so that they can adjust for the impact of inflation and the rising cost of living. Other objectives of the reform include alleviation of poverty, redistribution of income and promotion of economic development. The paper examined in detail the extent to which these objectives have been achieved by the reform. The study showed that the increase in the disposable income of workers particularly in the low income group was too insignificant to enhance their purchasing power to a level that would enable them to combat the rising cost of living or alleviate poverty
Fiscal deficits and inflation dynamics in Nigeria an empirical investigation of causal relationships
No full textGovernment expenditure in Nigeria has consistently exceeded revenue for most of the years beginning from 1980. This paper investigates the causal relationship between inflation and fiscal deficit in Nigeria from 1970 to 1994. It was empirically confirmed that although fiscal deficit causes inflation, there was no feedback between inflation and fiscal deficit. However the findings showed that feedback existed between inflation and fiscal deficit deflated by the GDP. The Structural model of inflation revealed that, it takes about two years for the fiscal deficit to impact on inflation in Nigeria. The study concluded that what should be of paramount concern -to policy makers as regards inflation should not so much be the level of fiscal deficits but the sources of its financing as well as the absorptive capacity of the economy. Thus, policies to tame inflation should have inbuilt ability to increase the productive capacity of the economy
An overview of privatisation in Nigeria and options for efficient implementation
No full textThe objective of this paper is to review the major issues influencing the choice of privatisation strategies and options for their implementation in Nigeria, as wellas, benefits derivable from the various options. For ease of presentation, the rest of the paper is divided into four parts. Part II reviews the relevant literature on the subject including policy framework while the status of privatisation/ commercialisation policy in Nigeria is treated in Part III. Part IV examines privatisation strategies and the Nigerian experience including prerequisites for successful privatization initiatives. Part V concludes the paper with some policy recommendations
Challenges facing an autonomous Central Bank of Nigeria
No full textThis article discussed the challenges facing an autonomous Central Bank of Nigeria, differentiated the unique functions of the Central Bank in different with other commercial banks and financial institutions. The author elaborated on what the autonomy or interdependence of a Central Bank implies
Nigeria\u27s economic growth and foreign debt: an analytical re-examination
No full textThe implied relationship between foreign debt and economic growth is empirically examined in this paper. ARIMA models were developed for the endogenous variables of a dynamic error in - variable type model. Using data for the Nigerian economy, results of the analyses lend credence to a significant positive relationship. The paper goes further to recommend a more focused approach to external debt management in Nigeria if growth is to be realised through externally injected funds
General Agreement on Tariffs and Trade (GAFF) and the World Trade Organisation (WTO): The Major Provisions and the Implication for Nigeria
No full textThis paper shall review the major provisions of the GATT with respect to the Multilateral Agreements on Trade in Goods only and the likely implications for Nigeria. The review of the General Agreement on Trade in Services and the Agreement on Trade - Related Aspects of Intellectual Property Rights shall be covered in another exercise. The rest of the paper is, therefore, organised into five parts. Part I discusses the GATT’s basic principles and the major agreements of the latest multilateral trade negotiations otherwise known as the Uruguay Round. The World Trade Organization, its major functions, structure and the decision-making process are discussed in Part II while the implications of the agreements for Nigeria come up in Part III. Part TV contains the options facing Nigeria as a developing country. Part V of the paper contains the summary and conclusions
The purchasing power parity (PPP) measure of Naira\u27s equilibrium exchange rate
No full textThis paper examined the relevance of the Purchasing Power Parity (PPP) concept in exchange rate analysis using Nigerian data. In this direction, the paper attempted to explore the relationship between the nominal exchange rate and relative prices to establish whether a long run relationship exists between them, and to determine whether the exchange rate is at a competitive level