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Technology innovations and the financial services industry.
No full textThis article explores the future of the financial services industry in the context of new technologies. Technological innovations were reviewed and likely implications for the industry were highlighted. The article suggests that a symbiotic relationship among new and incumbent financial services providers will benefit the industry. Since technology is re-defining the financial services industry and the global financial system as undergone transformation in the last couple of decades
Volatility in the Nigerian Stock Market: Empirical Application of Beta-t-GARCH Variants
No full textThe Generalized Autoregressive Score (GAS), Exponential GAS (EGAS) and Asymmetric Exponential GAS (AEGAS) are new classes of volatility models that simultaneously account for jumps and asymmetry. Using these models, we estimate the dynamic pattern of the Nigeria All Share Index (ASI) from January 3, 2006 to July 22, 2014. Parameter estimates of the models were obtained using the Quasi Maximum Likelihood (QML) approach, and in-sample conditional volatility forecasts from each of the models were evaluated using the minimum loss function approach. Among the classical volatility models, the initial results detected IGARCH-t as the best model for predicting volatility in the ASI. However, in estimating the GAS variants, the Beta-t-EGARCH model proves to predict the volatility in the stock returns better than the IGARCH-t. The estimates could not improve further when the skewed version of the Student-t distribution was considered. We therefore recommend the GAS, EGAS and AEGAS family models in predicting jumps, outliers and asymmetry in financial time series modelling
The impact of Relationship Marketing (RM) on Relationship Quality (RQ): empirical evidence from commercial bank customers in Nigeria.
No full textThe study set out to determine the impact of Relationship Marketing (RM) on relationship quality (RQ), with respect to the services Nigerian banks deliver to their clients. Three hypotheses were formulated to drive the study. Survey research design was adopted using a 48-item Likert style questionnaire to capture the opinions of valued clients. The study covered the six geo-political zones in Nigeria with 4 states drawn randomly from each zone. Extensive literature on RM and RQ were reviewed. Models/theories were lucidly discussed with the study evolving the quality/customer satisfaction model which is a modification of Zineldin\u27s (2006) technical and functional model of quality. Of the 1,080 questionnaires distributed to the l9 banks in Nigeria 1,000 were found usable adopting accidental sampling technique. Using SPSS vs. 17 correlations and multiple regression operations were performed on the data collected. Outcome revealed that out of the 9 predictor variables, 8 were positively associated with RQ, thus warranting the rejection of the null hypothesis in hypothesis 1. No significant impact was observed wit to RM and RQ, the closeness of their means and standard deviations notwithstanding. Regression outcome revealed the predictor variables of competence, communication, and timeliness of service delivery, efficiency and courtesy to be highly significant of 5%. However, factors of trust, commitment of bank service officers, customer complaint handling and level of bonding were not significant. Indeed, the factors of complaint handling and commitment to service delivery have negative Beta-coefficients. ln the light of these outcomes, the researchers recommend, among others; that banks in Nigeria should improve on training and motivation of service personnel to remedy poor complaints handling and low staff commitment. On account of poor impact of RM on RQ, the study recommends managerial wholesale adoption of RM practices with increased use of e-platforms. Managers are also advised to evolve better customer-centric policies to improve depositors\u27 confidence and loyalty
Exchange Rate Policy and Falling Crude oil Prices: Effect on the Nigerian Stock Market
No full textThis paper examines the effect of crude oil price movement on the Nigerian stock market and the role of exchange rate as a plausible countercyclical policy tool. Daily data on All Share Index of the Nigerian stock market, crude oil prices and exchange rate, were collected for two periods: 2008-2009 and 2012-2015. Results from the Autoregressive Distributed Lag (ADL) model show that oil prices are positively related with the performance of the Nigerian stock market thus would drag the market down in times of turmoil. Howbeit, devaluation of the naira is found to be effective in cushioning the effect of crude oil price decline on the stock market. Results from the granger causality test, however, suggest that this policy measure may not be potent as expected
An Empirical Analysis of the Macroeconomic Impact of Public Debt in Nigeria
No full textThis paper examines the impact of public sector borrowings on prices, interest rates, and output in Nigeria. It utilized a Vector Autoregressive framework, the Granger causality test, impulse response, and variance decomposition of the various innovations to study the impact. It found that shock to external debt stock increases prime lending rate, but with a lag. However, the level of external and domestic debt over the period of this study had no significant impact on the general price level and output
On Building Inference for the Statistical Neural Network with Application to Naira-Dollar Exchange Rate Efficiency: A Bootstrap Approach
No full textIn this study, we developed an inference procedure for the neural network using the bootstrap approach, and applied it to the market efficiency of the Nigerian exchange rate. Data used are exchange rate values from 2001 to 2015. We conducted a test on the market efficiency hypothesis, including test for relevance of individual and joint network inputs using method of partial derivative. The network architecture used is the multilayer perceptron. A valid statistical inference based on the estimated Statistical Neural Network was conducted using a well-known statistical resampling technique. Test of hypothesis that input or groups of inputs are relevant to a model was carried out at 1% and 5% levels of significance. Evaluation of model was carried out using the Durbin Watson and Ljung-Box tests (the test statistic are obtained are 1.98 and 0.5831 respectively). The tests showed that the residuals were independently and identically distributed and had no serial autocorrelation in the series. The exchange rates do appear to contain information that is exploitable for enhanced point prediction. Hence, the Implication of this is that there are possibilities of abnormal earning for the agents in this market
How micro small and medium enterprises (MSMES) can leverage on Central Bank of Nigeria\u27s real sector initiatives
No full textThis paper seeks to explore how MSMES can leverage on financing interventions of the CBN with a view to enabling them grow their businesses, employ more Nigerians and contribute to GDP
Promoting non-oil sector financing in Nigeria: the role of the media.
No full textln the case of Nigeria, the dominance of earnings from crude oil as a source of external revenue become pronounced in the wake of the positive oil shocks of the 1970s as the Organisation of Petroleum Exporting Countries (OPEC) began to effectively exert its powers as a cartel. In the light of a few developments in the sector, it is clear that the oil sector can no longer power the economy of Nigeria. As a result the non-oil and the private sector are required to ensure that Nigeria develops well-rounded and sustainable economic outcomes
Keynote address on Financing Government Programmes in Economic Downturn -The Role of Central Bank of Nigeria? delivered at the 2016 Central Bank of Nigeria executive seminar
No full textThis is a keynote address delivered by the Governor of Central Bank of Nigeria at the 2016 executive seminar with the theme financing government programmes in economic downturn - the role of central bank of Nigeri
Inclusive growth and poverty reduction in Nigeria
No full textThis study shows that Nigeria has not experienced inclusive growth over the years, using relevant national and global data. The country has experienced pervasive poverty, high rate of unemployment and high level of income/wealth inequality despite impressive economic growth rates over the years. The study also highlights the major factors that could be responsible for the non-inclusive growth in Nigeria; these factors include poor performance of the manufacturing sector, weak knowledge base, poor human capacity development and low level of global competitiveness. The study uses tabular presentations and verbal constructs in its analysis. The government and policy makers in Nigeria should take urgent steps to make Nigeria highly globally competitive that will pave the way for inclusive growth in the country. Adequate effort should be make to tremendously reduce poverty, unemployment and income/wealth inequality in the country