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Nigerian exchange rate administration under the structural adjustment programme.
No full textThis paper has been concerned with describing the administration of the naira exchange rate primarily under the on-going Structural Adjustment Programme (SAP). The aim of this paper is to briefly review the administration of Nigeria\u27s exchange rate policy since inception of the market- determined exchange rate system. The discussion is organized in four main parts. Part I, exchange rate administration before the introduction of Structural Adjustment Programme (SAP) in July 1986 is briefly reviewed to provide the necessary background for adopting the market-determined system under SAP. Part II is devoted to the analysis of the structure of the foreign exchange market (FEM), while Part III provides a brief explanation on why the naira exchange rates have not been stabilized since the beginning of FEM. Part IV contains the summary and conclusion
Developments in the banking and finance industry: institutional framework 1970 - date changes in ownership structure.
No full textThis paper provides a historical review of the ownership structure of Nigerian banks from the beginning of banking activities in the country in 1894 to the present. It shows that the ownership structure has both influenced changes in the institutional and legal framework and has also been influenced by them. The paper also analysed some of the implications of the changing structure of ownership and offered some recommendations
International financial operations in Nigeria’s Export Processing Zones (EPZs)
No full textSince the inception of SAP, the Federal Government has introduced many far reaching economic and financial measures aimed at promoting non-oil exports. Such measures include the promulgation of the incentives and Miscellaneous Provisions Decree, No. 18 of 11th July, 1986, the establishment of the Nigerian Export Import Bank (NEXIM) to provide different funds and financial assistance to exporters, the introduction of the Nigeria Economic Reconstruction Fund (NERFUND), the setting up of Small and Medium Scale Enterprises Fund (SMEs Fund) and the deregulation of the Foreign Exchange Market (FEM) which has resulted in significant depreciation of the naira exchange rate. The objective of this paper is to highlight the likely financial operations in Nigeria\u27s EPZs with a view to acquainting the potential investors with the types of business transactions and modes of payment they are likely to encounter. The remaining part of the paper is divided into three sections. The characteristics of Export Processing Zones are presented in Section I. Section II contains some of the main provisions of the decree that established EPZs in Nigeria. The policy issues at stake in foreign financial operations in the zones are treated in Section III
The role of banks in successful implementation of the premier export processing zone in Nigeria.
No full textThe establishment and promotion of Export Processing Zones (EPZs) has been identified as a potential scheme for boosting manufactured exports. A decree (No. 34 Nigerian Export Processing Zones Decree 1991) formally establishing export processing zones in Nigeria was promulgated by the Federal Government on August 9, 1991. Consequently, an area beside the port of Calabar has been chosen as the site of Nigeria’s premier EPZ and the foundation stone was laid by the President in November,1991. This paper, therefore, examines the expected roles of the banks with a view of alerting them to the challenges ahead
Sustaining private sector - public sector partnership for a viable Nigerian polity
No full textA welcome address by the Military Head of State, His Excellency General Ibrahim Badamasi Babangida at the Fifth Annual General Meeting of Nigeria Incorporated PIC
The need for discount houses in Nigeria
No full textThe paper deals with the desirability of establishing discount houses in Nigeria and their potential to assist financial institutions manage their idle cash balances by bringing together surplus and deficit units in the market. It argues that the need arises not only because of the necessity to reduce the dominant role played by the Central Bank of Nigeria (CBN) in underwriting the issues of treasury securities, but also the attendant large credit usually made available to government by the CBN as a result. In addition, the paper stresses that the existence of discount houses will also induce banks to take up a larger proportion of treasury securities than they have done hitherto. Another major reason emphasized by the paper is the need to provide conducive financial environment as well as appropriate institutional structures for the shift from direct to indirect monetary control that has recently been tentatively put into operation. The paper concludes with the observation that discount houses face bright prospect in Nigeria especially with the array of instruments available to them in a rapidly expanding economy, provided that they ensure the existence of secondary market and generally be innovative towards the attainment of rapid growth and competitiveness
Central Bank of Nigeria Statistical Bulletin, December 1992
No full textThis volume data on various aspects of Nigeria\u27s economy, including debt and banking sub-sector, central banking, financial markets, non-bank financial institutions, system clearinghouse activities, merchant and commercial banking, and public finance statistics for the year 1999. The data on financial institutions is based on the consolidation of commercial and merchant banks\u27 first and second schedule statutory returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, aggregate and sectoral distribution of credits, and the structure of licensed banks loans and advances. The data on financial markets is based on the consolidation of new issues, subscription of treasury securities and money market assets outstanding, computation and conglomeration of data on Nigerian Stock Exchange (NSE) transactions, brokerage firms, ownership of government development stocks, and other issues relating to capital markets. The public sector indicators are the revenue and expenditure of the Federal Government. Agricultural crops are defined in terms of staples and other cash crops, while electricity generation and consumption are converted to tonnes. Consumer price indices (CPIs) measure changes in retail prices paid by consumers. The Balance of Payment (BOP) is a systematic record of economic transactions between residents and non-residents, including the provision and receipt of real resources goods, services, and income. The foreign exchange rate management in Nigeria has evolved from an officially pegged exchange rate system to a market-determined system. International trade takes place between the residents of a country, the reporting economy, and the rest of the world, usually divided into three sections: the Current Account, the Capital Account, and the Reserve
A Review of Small-Scale Enterprises Credit Delivery Strategies in Nigeria
No full textThe paper reviews the crucial role of Small-Scale Enterprises [SSEs] in facilitating industrial development, some special advantages of existing credit schemes to small-scale enterprises, the peculiar handicaps which SSEs face, the most crucial being poor access to development finance, and highlights areas and ways in which credit guarantee and insurance schemes for SSEs could substantially contribute to their development and growth in Nigeria. Notable among the credit schemes and institutions reviewed are the Small-Scale Industries Credit Scheme (SSICS) introduced in 1971; the Nigerian Bank for Commerce and Industry (NBC!) established in 1978; the Nigerian Industrial Development Bank (NIDB); the Central Bank of Nigeria\u27s credit guidelines for SSEs under the Bank\u27s Monetary Policy Guidelines; and the Central Bank\u27s Rural Banking Programme, effective from 1979. Other relatively new schemes and institutions also covered include the National Economic Reconstruction Fund (NERFUND); the World Bank-sponsored Small and Medium-Scale Enterprises Loan Scheme (SMEX); the Nigerian Export and Import Bank (NEXIM); the People\u27s Bank of Nigeria (PBN) and the Community Banks.
A review of monetary and credit policy guidelines for 1992
No full textThis paper reviews the current monetary policy measures adopted by the monetary authorities in 1992 in the light of prevailing circumstances. To this end, the paper is divided into three parts. Part one deals briefly with the objectives and instruments of Monetary Policy while Part two examines the background to current monetary measures in Nigeria. Part three reviews the current monetary and credit policy guidelines
The role of discount houses in monetary policy implementation.
No full textDiscount houses are financial institutions which shift funds between the central bank on one hand and licensed banks on the other hand, through the provision of discounting and re-discounting of eligible short-term securities such as treasury bills and certificates and commercial bills. The purpose of this paper therefore is to highlight the role of discount houses in monetary policy implementation. Part I discusses the assets structure a d functions of discount houses. Part II discusses the role of discount houses in monetary policy implementation. Part II highlights the relationship between a central bank and discount houses while Part IV focuses on the prospects of growth of discount houses in Nigeria