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Analysis of the effects of policies of microfinance institutions on the technological capabilities of micro-borrowers in Nigeria.
No full textThis paper examines the effects of Microfinance institutions\u27 policies on the technological capabilities of micro-borrowers in Nigeria. Nine (9) Microfinance institutions and 250 of their clients were surveyed in 2005 and 2006. The findings showed that between 2001 and 2005 there was significant growth in clientele, savings, and loans made by the MFIs reflecting increasing demand for microfinance services
The economic aftermath of the 1960s riots: evidence from property values: a review.
No full textThe paper focused on the impact of riots on the value of residential property with an emphasis on black owned property in the United States using census data. The focus was informed by the fact that property value is one of the indicators of neighbourhood quality and secondly the widening gap in housing values which may not be unconnected with the occurrence of riots
Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 2008.
No full textThe Central Bank of Nigeria (CBN)\u27s 2008 report evaluates macroeconomic policies and outcomes, focusing on corporate operations and the economy\u27s performance against domestic and external economic and financial developments. The CBN\u27s monetary policy stance and banking and financial measures were deployed to ensure price stability and financial sector soundness. Despite the global economic downturn, the financial system remained relatively stable and overall macroeconomic performance was satisfactory. The formal financial system at end-December 2008 comprised the CBN, the Nigeria Deposit Insurance Corporation, the Securities and Exchange Commission, the National Insurance Commission, the National Pension Commission, and various banks. The banking sector was sound, with an average Capital Adequacy Ratio consistently exceeding the stipulated minimum of 10.0 per cent. However, the bank defaulted on its minimum liquidity ratio of 30.0 per cent. The stock of external reserves increased by 3.3% above the level at end-December 2007 to US20,341.2 million by the three tiers of government in 2008. The real Gross Domestic Product (GDP) grew by 6.4%, mainly driven by sound monetary and fiscal policies and favourable weather
Asset price movement and derivatives: implications for risk-based supervision and effective monetary policy.
No full textThe consideration of asset price movements and monetary policy has attracted a lot of attention in the last few decades, as asset prices moved upwards significantly and there arose the general perception that there are bubbles in those prices. The argument revolves around the role that monetary policy can play in this whether it can be used to prick the bubble before it is due for natural burst, or it can be designed and implemented in such manner as to prevent bubbles to grow in the first place
Monetary policy implementation and financial sector developments in Nigeria: the journey so far.
No full textThe paper examined the implementation of monetary policy in recent years following the successes recorded in the banking sector reforms and noted the achievement of most of the objectives of monetary policy. In addition, in terms of financial sector development, Nigeria has achieved greater institutional and regulatory capacity as well as products varieties that have improved development in the financial sector. The quantitative assessment of the financial sector indicates a healthy state of the banking industry
The stock market channel of monetary policy transmission mechanism in Nigeria.
No full textThis paper investigates the impact of monetary policy on the stock market in Nigeria. We found that the current operating target of monetary policy, the monetary policy rate, influences bank retail rates and the level of activities in the stock market. However, we also found that the level of responsiveness is small and that aggregate activity responds marginally to changes in bank lending rates. The latter are not influencing domestic credit, as the interest elasticity of credit demand is low. The paper explains the reason why policy rate even though moves in the right direction according to economic theory, does not have a robust and significant relationship with activities in the stock market. The remainder of the paper is organized as follows: Section II discusses the evolution of monetary policy in Nigeria, and outlines the recent monetary policy stance in Nigeria. Section III reviewed some related literature on monetary policy transmission mechanism. Data and empirical analysis, encompassing description of the data and a presentation of the results are treated in Section IV. Section V presents the main conclusion
The challenges of good corporate governance for effective risk-based banking supervision.
No full textCorporate governance has changed tremendously over the past two decades. These changes have been driven by new laws, regulations, guidelines and rising investor and public expectations. In the past, many boards were under the thumb of their chief executive officers (CEOs); this is no longer the case. Today, boards generally strive to govern their companies by benchmarking a set of best practices which have emerged and codified in corporate governance laws, stock exchange listing rules and company annual reports. Many individual directors are willing to accept these additional responsibilities. In this paper, the importance and principles of Corporate Governance is discussed, its challenges for Risk-Based Banking Supervision, and then the conclusion
Consolidated supervision of Banks: Concept and practices
No full textThe paper has considered two basic issues in financial supervision. These are the separation of financial supervision from central banking and the rationale and challenges of establishing an integrated supervision structure in Nigeria. lt identified three basic functions of financial supervision as micro prudential, macro prudential and conduct-of-business supervision, which address systemic stability, financial soundness of individual institutions and consumer protection respectively . The paper is divided into six sections. Following this introduction is section ll which examines the conceptual and theoretical issues in consolidated supervision. Section lll reviews the experience of other jurisdictions in the practice of consolidated supervision. ln section lV, the relevance of adopting consolidated supervision in the Nigerian banking sector is highlighted, while the challenges of consolidated supervision is x-rayed in section V. The conclusion is made in section Vl of the paper. This paper has shown that consolidated supervision has much in common with the normal supervision being practiced at the level of individual banks. lt\u27s main importance lies in the recognition that banking and other financial activities are not always confined within the balance sheet of those particular entities which have been licensed as banks. Rather, it entails an overall evaluation, both quantitatively and qualitatively, of the strength of a group to which a bank belongs, in order to assess the potential impact of other group companies on the bank
Five Decades Of Agricultural Policies In Nigeria: What Roles Has Statistics Played?
No full textAll over the country and internationally, the publications of the Central Bank of Nigeria (CBN) such as the Annual Report and Statement of Accounts, the Statistical Bulletin, Economic and Financial Review, the Bullion and Nigeria: Major Economic and Banking Indicators and those of the National Bureau of Statistics (NBS) have become a veritable source of data and reference materials on Nigeria. Without basic i n f o r m a t i o n o n e c o n o m i c developments, it would be very difficult for policy makers to assess economic performances. The f o r m u l a t i o n o f a p p r o p r i a t e macroeconomic policies to address the problems of inflation (food shortages), balance of payments disequilibrium, sluggish economic growth and inequitable income distribution requires adequate, reliable and up-to-date data. Agriculture constitutes one of the most important sectors of the Nigerian economy. Despite Nigeria\u27s r i c h a g r i c u l t u r a l r e s o u r c e endowment and the various policies i n s t i t u t e d b y s u c c e s s i v e administrations, the sector has been growing at a very low rate and this has increased the incidence of poverty in Nigeria especially in the informal sector. However, in the last forty-nine years, the sector which suppose to be the main driver to economic growth has not perform this role adequately in terms of foreign exchange earnings and better linkages with other sectors of the economy. To redress this enigma and to bring back the old glory of the sector and these cannot be divorce from adequate, reliable and consistent statistics
The implementation of Basie II: issues, challenges and implications for Nigeria.
No full textThe significant development of Basle II throughout the world has meant that financial institutions and insurance companies must manage and measure risk in new ways. This paper is intended to provide the participants at the Executive Seminar with a firm foundation of the state of Basle II Accord principles and provide the tools and techniques to grapple with its implementation. This paper is divided into eight parts. Following this introduction, Part 2 discusses the necessity for a capital accord, the emergence of Basle I and the Basle II Accord. Part 3 discusses in brief the concept of Risk Management and the integrated risk management structure. Part 4 discusses the intention of the new accord, its pillars and the entire structure. Basle II implementation and the necessary condition for implementing the Accord and the scope of implementation are discussed in part 5 and 6, respectively, while part 7 dwells on the obstacles to a successful implementation and other challenges. Part 8 concludes the paper