CBN Digital Commons (Central Bank of Nigeria)
Not a member yet
1580 research outputs found
Sort by
Foreign exchange management in Nigeria.
No full textThe purpose of this paper is to provide a basis for discussion on the topical issue of Foreign Exchange Management among seminar participants. Accordingly, the paper shall explore briefly the evolution and current practices of Foreign Exchange Management, with particular reference to the Central Bank of Nigeria. Foreign Exchange refers to the revenues earned by a country in covertible currencies from exports of goods and services. Nigeria\u27s principal source of foreign exchange earning is from the export of crude oil. Other sources of foreign exchange flows include non-oil exports, capital importation, foreign investment flows, service incomes, other invisible items, such as external borrowings and foreign aids. The totality of the foreign exchange earned and available at any given time for the settlement of Nigeria\u27s external obligations is referred to as the foreign exchange reserve. The foreign exchange reserve plus Nigeria\u27s holdings of monetary gold, Special Drawing Right (SDRs) and the Reserve Tranche at the IMF constitute the country\u27s External Reserves. The maintenance of an adequate level of reserves is crucial for safe guarding the strength of the economy and the value of the naira against other international currencies. On the other hand, foreign exchange management in its broadest sense, refers to the efficient holding and optimal deployment of all the country\u27s foreign exchange reserves in order to meet its foreign exchange expenditures and other monetary policy targets. Thus foreign exchange management must aim at accounting for all receivable foreign exchange revenues, investing the foreign exchange reserve in a most efficient manner, determining a sustainable exchange rate for the Naira vis-a-vis other foreign currencies and above all, provide immediate liquidity in meeting Governments\u27 commitments
Structural Adjustment Programmes and External Trade in Developing Countries: Lessons for Nigeria
No full textThe failure of trade liberalization in developing countries is attributed to the economic dependency relationships initiated during the colonization period when the developed countries exploited their colonies as a source of cheap raw materials. After independence, and especially in the 1970s and 1980s, most sub-Saharan African countries experienced stagnation and decline in their share of world trade. The introduction of the structural adjustment programmes with its attendant trade liberalization prescriptions has further worsened the terms of trade in developing countries. Neither complete trade liberalization nor complete protectionism can be of benefit to developing countries. These countries need to reduce the competitive disadvantage against their manufactures in international markets, explore both regional and multilateral channels of trade and develop their common interests through mutually beneficial regionalism, rather than relying completely on the World Trade Organization
Trends in Nigeria\u27s Balance of Payments (1980 - 1994)
No full textThis paper examines trends in Nigeria\u27s balance of payments. Factors which have contributed to the continuous weakness of Nigeria\u27s balance of payments include the poor performance of non-oil exports, fluctuations in crude oil prices, payments for the provision of international services, e.g., shipping, insurance, tourism, the low level of income from direct Nigerian investments abroad and high debt service payments. More fandamental problems underlie these factors.\u27 a hostile international environment; a deterioration in terms of trade; a huge external debt servicing; slippages in fiscal and monetary policies and inappropriate exchange and interest rate policies. The failure of policy reforms to redress the adverse impacts of all these problems adequately indicates that Nigeria\u27s balance of payments will continue to experience persistent pressure and show widening deficits from 1995 to 1998. Projections to 1998 reveal that the problem will remain large and non-oil export receipts will remain low. A reversal of the projected trend is possible if a programme of economic transformation is undertaken. This should be based on raising the level of domestic productivity, reducing domestic absorption (expenditure) through reduction in fiscal deficits and the adoption of sustainable and realistic interest and exchange rates. under a largely liberalized economic environment
The role of the Central Bank Of Nigeria: current issues In Nigeria\u27s exchange rate policy.
No full textThe purpose of this paper, therefore, is primarily to examine the ability of the CBN to pursue an effective and dynamic exchange rate policy. For this purpose, the paper is divided into four parts. Part one examines the conceptual and analytical issues in exchange rate management, while part two reviews the naira exchange rate policy from 1980-1995. Part three examines the ability of the CBN to pursue an effective and dynamic exchange rate policy, while part four contains some recommendations and concludes the paper
Vote of thanks at the 3rd CBN Executive Seminar.
No full textThe vote of thanks at the opening ceremony of the third in the series of the CBN Executive Policy Seminar organised by Research Department in collaboration with the Personnel Department. One of the aims of these series of seminars which began in 1993, is to create a forum in which Bank executives could have a healthy exchange of ideas and experiences and provide an opportunity for participants to update their knowledge of issues relevant to the work of the Bank
Foreign exchange budgeting and monitoring in Nigeria.
No full textIt was once observed that the character of a nation is written in its budget. Although this may be an overstatement, there is no doubt that the national budget is a plan or blue print for guiding the activities of the government over a period of time, usually one year. Accordingly, the budget embodies government intentions and policies that if would like to pursue in the coming year together with a financial plan describing in detail the estimated receipts and proposed expenditures/disbursements under various heads. The focus of this paper is on foreign exchange budget, in other words, budgeting for expected foreign exchange earnings and allocation among various possible uses. To a large extent, foreign exchange budget is associated with foreign exchange control regimes. Since exchange control is adopted primarily because of shortage or inadequacy of foreign exchange resources, the need to optimally use the available resources necessitates the drawing up of a foreign exchange budget. For ease of analysis, the rest of the paper is structured as follows: In the next section the principle of foreign exchange budgeting in general is examined. Here the rationale and elements of foreign exchange budget are briefly discussed. Foreign exchange budgeting, in Nigeria is discussed in section three. In section four, the focus is on the need for monitoring and the arrangement put in place for monitoring foreign exchange budget in Nigeria. Section five appraises foreign exchange budgeting and monitoring in Nigeria while concluding remarks are contained in section six
The Central Bank of Nigeria and the payments system.
No full textThe payments system of any country is the mechanism for the settlement of business and personal transactions, thus providing a link between the real sector and the financial sector. The Central Bank and the commercial (clearing) banks are the main participants in the payments system. In any modem economic society, the need for a functioning and efficient payments system is very obvious. Modem economies have developed or are developing multilateral payments systems in response to the sophistication in the development of economic activities, having developed beyond the stages of barter and bilateral systems of payments. This permits the settlement of financial obligations for economic operators no matter where such transactions are made. For the payments system to function efficiently, it is important that the financial system is properly developed and efficient, and other participants in the system support and promote its smooth and efficient functioning. In particular, the Central Bank must play a leading role by encouraging the introduction of appropriate payments instruments and formulating policies supportive of the efficient functioning of the payments system. The rest of this paper, limited to the Nigerian payments system, is divided into four main parts. Part II outlines the payment instruments in Nigeria. Part III examines the role of the Central Bank of Nigeria in the payments system while an attempt is made in Part IV to proffer solution to the problems. Part V contains the summary and conclusions
Budget of renewal 1995
No full textThe paper contains the 1995 Budget speech of the Head of State and Commander-in-Chief of the Armed Forces of Nigeria, General Sani Abacha
Financing farmers\u27 cooperative societies under the agricultural credit guarantee scheme fund (ACGSF): the self-help groups (SHGs) linkage option.
No full textThis paper examine the performance of Cooperative Societies in credit utilisation under the Agricultural Credit Guarantee Scheme (ACGSF) for ease of presentation, the paper is divided into five parts. Part Ideals with the establishment of Agricultural Credit Guarantee Scheme (ACGS). Part II focuses on the performance of Cooperative Societies under ACGS. Part III discusses the concept of Self-Help Groups (SHGs) Linkage Programme as an improved model in rural credit Administration. Part IV examines the problems and prospects of SGHs as viable channels of credit; while Part V contains some recommendations and conclusion
A comparative Review of the Major Options for the Marketing of Nigeria\u27s Agricultural Commodities
No full textThe main aim of the paper is to critically review past commodity marketing systems in Nigeria, highlight some of the weaknesses which constrained their efficiency, as well as assess the performance of the present system and determine the advisability of retaining or modifying the present marketing arrangement. The performance of the Commodity Boards before their abolition in 1986 was adjudged unsatisfactory. However, since the abolition of the Boards, it has been observed that the new produce marketing arrangement has introduced some dynamism into commodity pricing as produce prices for the first time have been determined by the combined forces of demand and supply. Some problems inherent in the new system were identified to include its inability to ensure overall stability of commodity prices, guarantee the quality of produce and effectively perform the role of “buyer of last resort” among others. In a bid to plug these loopholes, various new options for marketing the Nigerian agricultural produce were examined and the viable solution to many of the identified marketing problems found to be the commodity exchange