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Responsiveness of Nigeria’s short-term interest rates to changes in the policy rate
No full textThis paper appraised the efficacy of the Monetary Policy Rate (MPR) as an anchor for other short-term interest rates in the economy. Adopting the vector autoregression approach, the responses of Nigeria\u27s short-term interest rates to changes in the interbank rate (proxy for MPR) was modeled. The paper found that the pass-through from MPR to money market interest rates in the long-run is higher for the prime and lending rates than for changes in the Treasury bill rate and 3-month deposit rate. Overall, there seemed to be an asymmetric impact with an increase or fall in the interbank rate
Special remarks at the Executive Seminar on exchange rate policy and economic management in Nigeria - Is there a need for paradigm shift?
No full textThis is a special remark delivered by the Deputy Governor (Economic Policy) during the 23rd edition of the Annual Executive Seminar jointly organized by the Research and Human Resources Departments with the theme: Exchange rate policy and economic management in Nigeria- Is there need for a paradigm shift
Foreign exchange market segmentation, foreign exchange utilisation and exchange rate votatility: the Nigerian experience
No full textThis article is on the exchange rate regime impact on the economic growth, inflation and external reserves of emerging economies. The author emphasized that Nigeria had a pegged exchange rate regime and strong exchange controls before the introduction of the Structural Adjustment Programme (SAP)
GDP rebasing and implications for FSS 2020.
No full textA resilient economy founded upon a reliable financial system, is attainable upon the creation and management of a sound and progressive economic statistics and indicators such as the Gross Domestic Products (GDP) and other scholars’ parameters. This paper examines the GDP rebasing and its impact on Nigeria’s investment. The paper explains the concept of GDP; the need to maintain a strategic GDP; how it is computed and / or rebased. This is then followed by examining its implications, on all economic programs
A study of technical efficiency of deposit money banks in Nigeria (2007 - 2012)
No full textThis paper examines the technical efficiency of deposit money banks (DMBS\u27) in Nigeria. Measures of technical efficiency are derived in the Nigerian deposit money banks (DMBS\u27) by implementing non-parametric, data envelopment analysis technique on a cross section of 24 banks taken from 2007 to 2013. The efficiency concepts, measurement and methodology were discussed. The existence of technical efficiency is established. The result suggests that the sources of overall technical inefficiency, the observed issues are due to poor input utilization (managerial inefficiency) and failure to operate almost productive scale size. Therefore, in this research the paper suggests or considers some important factors which may exert on influence on the overall technical efficiency of a bank. This includes larger profit levels, market share, and exposure to off-balance sheet activities may hove positive result on the overall technical efficiency. On the other hand, poor assets quality (i.e., larger volume of Non-performing Asset in relation to total assets) has negative consequences on the overall technical efficiency of the bank. Examination of these factors would help placed banks\u27 efficiency better
Nexus of Exchange Rate Deregulation and Agricultural Share of Gross Domestic Product in Nigeria
No full textThe kernel of this study was to examine the causal relationship between exchange rate deregulation and the agricultural share of gross domestic product in Nigeria from an econometric perspective using time series data spanning a period of 26 years (1986 – 2011). Data on exchange rate and gross domestic product were analysed using augmented dickey fuller unit root test, unrestricted vector autoregression, pairwise granger causality and vector error correction model. The results showed the existence of unidirectional causality from exchange rate to agricultural share of gross domestic production and also, exchange rate deregulation had negative influence on agricultural share of gross domestic production in Nigeria. This implies that market driven exchange rate policy has been having undesirable influence on the trend in agricultural share of gross domestic production in Nigeria
Keynote Address by Sanusi L. Sanusi
No full textThe keynote address of the Governor, Central Bank of Nigeria at the CBN Executive seminar with the theme Global Capital Flows, Financial Markets and Macroeconomic Stability at Golden Tulip Hotel, Festac Town, Lagos, December 2-5, 2013
Does Gender Inequality Retard Productivity in Nigeria?: A Search for Evidence
No full textThe paper adopted the bounds test and autoregressive distributed lag approach to evaluate the impact of gender inequality in education on real productivity in Nigeria using quarterly data from 1985 to 2011. Empirical evidence to establish the rejection of the null hypothesis of no cointegration among the variables was provided . The empirical results suggest that gender inequality in education depresses real productivity, with an output elasticity of -0.1 per cent per quarter. Further empirical evidence indicates that higher school enrolment of males enhances real productivity in Nigeria, while the influence of female school enrolment was not affirmative owing to some socio-cultural factors that tend to inhibit female participation in economic activities. The paper, thus, recommends the implementation of deliberate policies to improve female participation in economic activities besides strengthening the policy on affirmative action for women in Nigeria
A framework for oil price benchmark determination: lessons for Nigeria
No full textThe main thrust of this paper is to draw lessons of experience from other selected oil producing countries. the outcome of the study is expected to help in strengthening Nigeria\u27s oil price framework in line with international best practice. Section 2 dwells on the theoretical and literature review on oil based fiscal rule, while section 3 presents the framework for oil price benchmark determination and section 4 examines those factors capable of stimulating determination of oil price benchmark, lastly section 5 discusses some lessons of experience from Nigeria and then the conclusion
Core resources of corporate strategy and performance-oriented bank management practice: a lesson for Nigeria
No full textIn the past three decades, the Nigerian banking industry has suffered from a host of vices namely miss-management, financial misappropriation, administrative recklessness, etcetera, reflecting incompetence on all levels of management and those have had dire consequences in the economy. In an attempt to re-position the industry on the path of performance, different governments in the past took various corrective steps to no avail. Thus this study seeks to explore the Core Resources of Corporate Strategy and Performance-oriented Bank Management best practice with a view to creating sustainable best practices in bank management in Nigeria. The findings from the study are quite robust with embedded policy implications for regulators and suggest that adopting a Competence-based strategy in recruitment and placement of bank employees at all managerial levels could and sustain performance in the banking industry in Nigeria