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A Review and Analysis of Agricultural Prices in Nigeria, 1977 - 1993
No full textThis paper reviews and analyses the various prices that have been in existence in the agricultural sector since the re-organization of the produce marketing system in 1977 to the present free market system. It was observed that a close relationship existed between the market prices and the determined prices. However, some upward revisions in the official prices were found to be neither rational nor based on any concrete study. Moreso, most commodities were implicitly taxed during the period 1977-1985. The increases in the prices recorded between 1986 1993 due to market liberalization had an added problem of marketing. The domestic market prices were exaggerated for round-tripping naira by merchants, the produce exported were of low, deteriorating quality and there were no buyers of last resort. The paper concluded that in spite of the problem of the liberalized produce market, it is still highly favoured and recommended that commodity market if established would address these problems
The conduct of monetary policy by the Central Bank of Nigeria 1959-1995.
No full textFor ease of exposition, the presentation is divided into six parts. Part I contains the theoretical framework for the design of monetary policy. Part Il deals with the conduct of monetary and financial policies and the regime of direct control in 1960-1986. Factors and developments which influence the Bank in adopting specific policy stance and the use of policy instruments are indicated. Part Ill summarises the outcomes of policies pursued during the regime of direct controls. The inadequacies of policy instruments and factors militating against the effectiveness are indicated. The ensuing monetary instability and adverse macroeconomic developments especially in the 1980s leading to a shift to the indirect approach in 1986 are also summarised. Part IV describes the conduct of financial and monetary policy from 1986 to the present. The outcomes of policies are reviewed in Part V. Part VI deals with the lessons of CBN\u27s conduct of monetary policy in Nigeria and proffers some recommendations to guide the conduct of monetary policy now and in the future
Determination, issuance and distribution of currency in Nigeria.
No full textThe purpose of this paper is to examine and discuss the subject of the \u27Determination of Currency Supply and its Distribution in Nigeria\u27. Put in a more comprehensive sense, the paper will attempt to explain the procedures and processes involved in the determination of the volume and value of currency required to service the Nigerian economy and its distribution. The discussion will inevitably lead us into the issue of the determination of the structure of the currency which is of paramount importance in the overall currency management. It is not going to be a lengthy paper as it is essentially a factual account of an on-going activity. For convenience, the paper is made up of four parts. It shall begin with a brief discussion about currency itself, including some highlights on the historical evolution of the Nigerian currency from the mid-1940s to the present day. The second part focuses on the determination of the volume, value and structure of the currency, while the issue of distributing the currency to where it is needed is the subject matter of part III. The concluding fourth part touches on some new thoughts and ideas as well as the prospects for the future
Manpower training and development for efficient central banking: the CBN experience.
No full textThe scope of training and manpower development as a management function is very wide indeed and, while the cost involved is extremely high, very little is known about the pay-offs. Training and manpower development are not an end in themselves. Rather, they provide the necessary opportunity for employees to sharpen their skills and acquire knowledge and experience, which they can apply in the execution of their jobs. For example, if you manage by objectives, as you should do, you will have specific goals to accomplish. However, you may not know how to plan effectively, how to organise, how to establish a suitable control system or even what your duties are. These skills and knowledge gaps can be filled by planned training and manpower development activities. If these issues are internalised effectively and efficiently, then the productivity of the programme-training and manpower development has proved its value. At the organisational level too, the so-called organic or healthy body corporate is an that organisation is able to adapt to changes in its external environment through continuous restructuring and renewal of its internal sub-systems. Since the human resource sub-system is the prime mover of all corporate activities, its planned and purposeful cultivation through training and development, will make a the difference to the capacity of the organisation to innovate, face future challenges with confidence and to not only survive but also maintain that vital competitive edge. Even though the Central Bank of Nigeria is not in competition with any financial institution, its survival and growth needs are not different. Accordingly, training, re-training and continuing development form the bedrock of the Bank\u27s human resource management philosophy. With this brief introduction, the focus of the rest of the paper will be on the definition of key concepts, evolution of manpower training and development in the Central Bank of Nigeria: the process of formulating and implementing the annual training plan, and how we monitor and evaluate manpower training and development. The paper ends with summary and conclusion
Relationship between central banks and international financial institutions.
No full textFinancial institutions are intermediaries that mobilise and channel funds from surplus savers and make them available to borrowers. In the same way, the International Financial Institutions (IFIs) may be defined as those multinational financial organisations which provide financial intermediation between surplus institutions/countries and deficit institutions/countries. For ease of discussion, the author\u27s typology of IFIs will cover only global financial institutions, with particular reference to the Bretton Wood System. This is underpinned by the fact that the Bretton Woods institutions have become the dominant actors and at the epicenter of the international financial system since the end of the Second World War. These Institutions include the International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD or World Bank) as well as the affiliates of the World Bank - the International Development Association, the International Finance Corporation and the Multilateral Investment Guarantee Agency. It should be mentioned from the outset that membership in these institutions is open only to independent sovereign states. In this regard, the Central Bank of Nigeria has no self membership in the Bretton Woods institutions but participate in collaboration with the Federal Ministry of Finance as the agents of the Federal Government of Nigeria. In this way the Central Bank of Nigeria acts in concert with other central banks and multilateral financial institutions in finding solution to global economic and financial problems to enable Nigeria better achieve her national economic goals. In what follows, the paper shall examine the relationship between Central Banks and the International Financial Institutions, with emphasis on the Nigerian experience. To this end, the discussion is organised into four parts. Part I will sketch the historical antecedents of the Bretton Woods system while Part II focuses on the salient features of the Bretton Woods institutions. In Part Ill, the relationship of the Central Bank of Nigeria with the multilateral financial institutions is discussed while Part IV contains the summary and concluding remarks
Problems and challenges of developing an efficient payments system in Nigeria.
No full textThis papers emphasizes two main issues, namely, the prospects for modernizing Nigeria\u27s payments system and what needs to be done in our circumstances to achieve this objective. Modernization of the payments system implied less reliance on cash transactions and increased use of cheques and related instruments, including electronic payment instrument
Managing self-help groups (SHGs) linkage programme for effective savings mobilisation and credit delivery.
No full textThe article is an address by Eyo Ernest on the operations and problems of the Self-Help Groups (SHGs) Linkage Programme for Effective Savings Mobilisation and Credit Delivery*to date with a view to providing a basis for deliberation during the workshop and the role of banks ln the implementation of the Programme
The role of the Central Bank of Nigeria as banker to the Government.
No full textSection 2 (d) of the Central Bank of Nigeria Decree 1991 provided that one of the principal functions of the Bank shall be to act as banker and financial adviser to the Federal Government . The 1958 Central Bank Act and amendments also contained provisions to this effect. This cardinal statutory responsibility has been performed by the Bank since its inception. As banker to the Federal Government of Nigeria, the Bank maintains accounts not only for the Federal Government but also for all the State Governments, the Abuja Federal Capital Territory as well as Federal and State ministries and quasi-government institutions. This paper is structured in three parts: Part I treats the role of the Bank in the maintenance of bank accounts, part II contains the Bank\u27s role in the management of domestic public debt of the Federal Government. while Part Ill concludes the paper
Equipment leasing in Nigeria: trends and prospects.
No full textThis paper seeks to appraise the development of equipment leasing in Nigeria. To this end, the paper is divided into four sections. Section 1 discusses the evolution and historical background to equipment leasing as well as its trend in Nigeria. Section 2 states the types of leases and the structure of assets leased in Nigeria. Sections 3 examines the advantages and disadvantages of leasing in general, and the major constrains to the development of this industry in Nigeria. Section 4 recommends policies and concludes the pape
Monetary and banking policies in the 1995 Federal Government Budget.
No full textThe focus of this paper is on the role of monetary policy in the budget. It outlined and analyse the monetary programme which forms part of the macroeconomies policy framework of the Budget