CBN Digital Commons (Central Bank of Nigeria)
Not a member yet
1580 research outputs found
Sort by
The role of banks in promoting the growth of corporate financing in Nigeria.
No full textCapital formation whether financed from internal or external sources, requires the mobilization of economic surpluses. For investment to increase, there must be a growing surplus over and above current consumption that can be channelled into productive uses. The different ways of accumulating capital entail different institutional arrangements. The objective of this paper is to discuss the role of banks in promoting the growth of corporate financing in Nigeria. The rest of the paper is structured into three major parts. Part 1 outlines the evolution of the Nigerian banking system. Part II examines the role of banks in fostering the growth of corporate financing in Nigeria. An attempt is made to delineate the role of the Central Banks, the Commercial and Merchant Bank, in the financial system in general and in relation to the bank. Part III reviews the role of banks in the capital market which provide long-term corporate financing
National agricultural information management system: meeting of data requirements of specialized institutions.
No full textThe paper examines the general deplorable situation with respect to accumulation of suitable statistical information in the country which has been of grave concern to agriculturalist, economists, business and institutions which need such information for their operations. Many specialized institutions, including the Central bank of Nigeria have, over the years, had their share of bad experience with inadequacy of data, especially with respect of monitoring the performance of the economy and evaluating the impact of policy measures adopted by the government. The main objective of this paper is to explore ways of minimizing identified problems, including the meeting of the data needs of specialized institutions and how to ensure flexibility of the system. This paper is divided into four sections. Section I highlights the perceived role of individual agencies and their links with National Agricultural Information Management System to ensure flexibility of the system. Section II dwells on the data needs of specialized institutions and characteristics and uses of the data produced by an institution such as central bank. The third section discusses the relevance of a functional National Agricultural Information Management System to the central bank and other specialized institutions in the economy in general while section IV concludes the paper and provides some suggestions for further enrichment of the National Agricultural Information Management System
The Demand for Monetary Function in Nigeria: An Empirical Investigation
No full textThis paper provides _further empirical evidence ,in the nature ,if the demand for money function in Nigeria for the period 1960-1991. \u27The paper also addressed the issue of the appropriate adjustment process, structural stability of the estimated equation, as well as the influence of external factors on money demand function in an open economy, such as Nigeria
The origin, development and future prospects of government securities trading in Nigeria
No full textThis paper provides the administrative, institutional, legislative and political background to the evolution of government securities trading in Nigeria and highlights the relationship between such securities, open market operations and discount houses. The paper then examines the future prospects of securities trading in Nigeria and proffers recommendations for enhancing the prospects. It is indicated that the CBN acted as the fiscal agent of Government in the management of public debt since its inception in 1959, issuing in succession the three marketable government securities currently being used-treasury bills, treasury certificates and development stocks. The Federal Government Development Stocks, introduced in 1959, were designed to provide long-term finance for government development projects, and later most of the proceeds were on-lent to State Government. Treasury bills, on the other hand, were introduced in 1960 to develop the domestic money market. Both instruments were• intended to create investment avenues for banks\u27 surplus funds previously exported abroad and provide cheap source of credit for rapid economic development. In the same vein, treasury certificates of one and two-year maturities were introduced in 1968 to increase the range of money market instruments. Later, however, increased issues of all the securities were necessitated by government deficit financing needs. All the three instruments are shown to have registered significant growth over the years. The factors influencing growth trends, ownership distribution and the effect of issue or discount rates on security trading are examined. The relationship between government securities, open market operations and discount houses is traced to the fad that open market operations are conducted largely, though not exclusively, in government securities in the secondary market; and discount houses are principal dealers with which Central Banks conduct their open market operations. The paper concludes that the prospects of further development and profitability of securities trading in Nigeria are tremendous. It then offers recommendations for improving the institutional framework of primary and secondary marketing as well as for stimulating sustained growth of the money market for the enhancement of government securities trading
1992 First Half Year Report on Industrial Core Projects
No full textThe Industrial Core Projects are the basic capital intensity industries deliberately established by the Federal Government to provide material inputs for downstream industries. They include steel plants, refineries and petrochemical plants, paper mills, fertilizer, marble, sugar and cement companies. During the first half of 1992, the performance of most of the Industrial Core Projects was generally unsatisfactory with the exception of petroleum-based plants. Most of them operated low capacities due largely to inadequate funding. Other constraining factors were high cost of production due in part to poor infrastructural facilities and in part to a depreciated currency and stiff competition from imports as well as frequent breakdown of plant and machinery arising from poor maintenance
Why Fiscal Policies Matter in African Countries
No full textThe paper discusses the critical role of fiscal policy in developing African economies. While it is accepted that fiscal management is one of the important functions of a modern state, the nature of the fiscal management in a specific environment determines, to a large extent, the overall effect of such intervention. The Nigerian experience indicates a very narrow revenue base that could not withstand the weight of public expenditure and investment
Banking supervision and inspection
No full textThe paper examines banking supervision and regulation. It is organized into two parts: part one, introduction, discusses the overview of banking supervision and regulation and part two looks at the internal audit function, internal control measures and procedures for internal control. The concluding part examines the opportunities of financial conglomerates created in the Nigerian scene as well as the problem of proper risk management for the supervisory authorities
Exchange rates developments in Nigeria
No full textThis paper discusses the determinants and behaviour of exchange rates. It also examines the exchange rate policies in Nigeria from 1960 - 1991. The pricing methodology was examined with an overview of the Naira exchange rate movements from 1986 - 1991. The paper is divided into four parts. Part I highlights the determinants and behaviour of exchange rates. Part II discusses the exchange rate policies in Nigeria from 1986 - 1991. Part III focuses on the pricing methodology with an overview of the Naira exchange rate movements from 1986-1991. Part IV examines the Parallel market and the Bureau DE Change rates, while Part V provides the summary and conclusion
Regulatory framework of non-bank financial institutions in Nigeria.
No full textThis article examines the regulatory framework of non-banking institutions (NBFIs) in Nigeria. Those institutions often referred to as non-banks have been identified. However, it is noted that in this paper non-bank financial institution are those defined as other financial institutions by the Banks and Other Financial Institutions Decree (BOFID). The objective of this paper is to present an overview of the regulation of the non-bank financial institutions over the years. Part One of this paper identified the relevant institutions termed non-bank financial institutions. Part Two, the new regulatory framework is reviewed. This is followed in Part Three by an appraisal of the problems and prospects of the regulatory framework. The final section is the summary and conclusion
Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 1992.
No full textIn 1992, Nigeria\u27s economy faced significant pressures but showed resilience, with rapid growth in output and economic liquidity. The Central Bank of Nigeria (CBN) intensified efforts to achieve inflation and exchange rate stability while improving the efficiency of the financial sector. The financial sector experienced rapid growth and structural changes, with the strongest growth occurring in common unity banking and mortgage finance institutions. Monetary and credit aggregates expanded at unprecedented rates, matching the all-time highs of the oil boom era of the mid-seventies. Interest rates rose significantly, with both deposit and lending rates rising in tandem with the movements of the inter-bank funds market. Financial savings also rose, surpassing the trend since 1988. The money market was dominated by transactions in the inter-bank funds market, and the capital market recovered significantly. The Federal Government\u27s fiscal operations resulted in a larger deficit than the previous year, with a decline in GDP ratio. Public debt outstanding increased substantially by 58% over the 1991 level. The domestic economy grew moderately, but problems of unemployment and low-capacity utilization in the industrial sector persisted. Inflationary pressures accelerated due to rapid growth in aggregate demand and rising production costs. Rural development was facilitated by the Department of Food Roads and Rural Infrastructure (DFRRI) and the Better Life Programme (BLP), which completed rural feeder roads, improved water and electricity supply, and increased supplies of improved fruit seedlings, arable crop seeds, and fish fingerlings. Nigeria\u27s external sector performance deteriorated in 1992, with the overall balance of payments position swinging into a deficit. However, the current account position remained impressive with a much larger surplus compared to 1991.In 1992, industrial countries experienced moderated inflation due to economic slowdowns and tight monetary and fiscal policies. However, developing countries experienced mixed price developments due to wage increases and price deregulation. The Central and Eastern European Countries and the former Soviet Union experienced hyper-inflation due to price deregulation and lack of monetary and fiscal discipline. World trade expansion was sustained, with industrial countries\u27 total trade value rising by 4.3% over 1991. Inflation in major foreign exchange markets persisted due to long-drawn recessionary trends, fiscal imbalances, exchange rate misalignment, weak financial sector, and sluggish economic growth. The International Monetary Fund provided financial assistance to countries with external debt and balance of payments problems. The Central Bank of Nigeria (CBN) issued and allocated stabilization securities to commercial and merchant banks, resulting in a net operating surplus of N6.966.1 million. The bank continued to undertake policy reforms to make the Foreign Exchange Market more efficient and responsive to the underlying macroeconomic environment