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Electronic Banking In Nigeria: Problems And Prospects From The Consumer\u27s Perspective
No full textThis paper explores the adoption of electronic banking [e-banking] in Nigeria. It examines the problems and prospects of e-banking in Nigeria from the consumer\u27s perspective. The research findings show that a number of problems ranging from human, operational and technical constraints hinder the maximum utilization of services provided through e-banking channels in Nigeria. However, the results from the study have also revealed that despite these problems, the rate of adoption of e-banking services in Nigeria is phenomenal as banks have recorded outstanding successes in some areas. Nigeria is a consuming nation and based on the experience from other sectors of the economy that over depend on foreign technologies , [e.g energy sector], sustainability of the successes recorded is threatened considering the huge cost of acquisition and of replacing ageing infrastructures such as the ATM machines and the poor maintenance culture prevalent in all organizations in the country
The Persistence of Corruption and Slow Economic Growth by Paolo Mauro IMF Staff Papers: A Review
No full textThe author listed two classical corruption practice that has impeded on economic growth i.e. (i) the individual bureaucrat who allocates his labour services between productive activity and theft of government resources in a classical case of portfolio adjustment and (ii) the corrupt politician who sets a bribe collection system (a bribe rate) with the maximization of utility as his goal vis-Ã -vis similar decisions by fellow politicians
Standing Facilities and Liquidity Management in Nigeria: Progress so Far and Challenges Under an IT Environment
No full textThis article discusses the Central Bank of Nigeria (CBN) standing facilities and their effectiveness in reducing interbank interest rate volatilities as well as the challenges that have been faced by both the CBN and market operators in the implementation. The paper is organized into six sections. Following this introduction in section II, the CBN indirect monetary policy instruments are discussed as a prelude to the introduction of the standing deposit/lending facilities in December 2006. The CBN standing facilities as instruments of liquidity management are discussed in section III. Some of the countries that have adopted the policy instruments are surveyed in section IV. In section V, the progress that has been made is highlighted while the challenges being faced in the implementation are mentioned in section VI. The paper is concluded in section VII
Monetary Policy and Economic Growth: Theoretical and Conceptual Issues
No full textThis article seeks to address the relationship between monetary policy and economic growth by enunciating the conceptual and theoretical issues that relate to monetary policy and economic growth. The paper is divided into five sections. Following the introduction in section 1, section 2 discusses the objectives of monetary policy. The monetary transmission mechanisms are schematically explained in section 3. Section 4 reviews the performance assessment of monetary policy and its framework in Nigeria. The constraints of monetary policy management in Nigeria are espoused in section 5. The final section concludes the paper
Exchange Rate Policy Design: Choosing the Right Exchange Rate Response in a Changing Environment
No full textThis article examines exchange rate policy design with reference to how to choose the appropriate exchange rate Response for the right environment. The article is structured into four parts with the introduction as part I. Part II gives the overview of Nigeria\u27s exchange rate framework. Part III reviews different concepts of equilibrium exchange rates with a focus on the fundamental equilibrium exchange rate (FEER) and the behavioural equilibrium exchange rate (BEER) approaches. Part IV discusses the challenges encountered in choosing the right exchange rate response in the new banking sector environment. Part V concludes the paper and proffers the way forward
Issues in Nigeria\u27s transport data for planning and international comparison
No full textThis paper examines the types, sources and shortcomings of transport data required for planning and international comparison in Nigeria. The paper found that transport data as published in Nigeria are deficient in terms of transport development indicators, projections, comprehensiveness, consistency, adequacy and classification accuracy, among others. For Nigeria\u27s transport data to be very useful for planning and international comparison there is the need for the government to adequately fund transport surveys regularly; harmonize the functions of the various agencies responsible for transport data collection and publication and; computerize the data storage and retrieval system
Effect of financial globalization on developing countries: some empirical evidence by Eswar S. Prasad et al - a review.
No full textA review of the paper Effect of Financial Globalization on Developing Countries: Some Empirical Evidence by Eswar S. Prasad. This paper provides an assessment of empirical evidence on the effect of financial globalization on developing economies. The authors used dejure restrictions on capital flows and actual capital flows across national borders in measuring the extent of a country\u27s financial integration with the global economy
Monetary Policy Transmission Mechanism in Nigeria
No full textThis article reviews the monetary policy transmission mechanism in Nigeria and the various challenges of the transmission process. Also, it highlights the need to continuously examine the channels of monetary policy in the economy to enhance policy design and implementation in Nigeria. The paper is divided into five parts. Following the introduction as part I, Part II, discusses conceptual issues of monetary policy transmission mechanism, while Part III gives country experiences. Part IV x-rays monetary policy transmission mechanism in Nigeria and lessons from international experiences while Part V contains the concluding remarks
Computation of Nigeria\u27s Real Effective Exchange Rate indices
No full textThe exchange rate is a useful macroeconomic indicator which aid policy makers to take informed actions to stimulate or sustain the economy on a long run growth path. Thus, several exchange rate indices (bilateral nominal/real exchange rate, nominal effective exchange rate, real effective exchange rate, purchasing power parity, etc) are computed for different policy information. This paper computed Nigeria\u27s real and nominal effective exchange rate (REER and NEER) indices using a pool of high frequency monthly data for the period 1996-2007. The paper observed that the REER index appreciated most of the period due to inflationary pressures in Nigeria, implying a loss in Nigeria\u27s competitiveness relative to its major trading partners. The conclusion was that the naira was overvalued in real terms. The NEER also appreciated during the review period against the currency indices of the major trading partners, indicating a stronger naira. The paper advocated a basket approach to naira nominal exchange rate determination in which the relative macroeconomic developments in major trading partner economies are factored into the market exchange rate of the naira. A major shortcoming of the present study is that sub-regional effects of Nigeria\u27s trade with its neighbours were not factored into the computations due to dearth of data. Current data indicate low level trade between Nigeria and its neighbours and other African countries
The Lending Channel of Monetary Policy Transmission in Nigeria; Vector Autoregressive (VAR) Verification
No full textThis paper has evaluated the nature of the lending channel of monetary policy transmission mechanism. The major prediction of the approach is that a monetary tightening through increase in the policy interest rate will lead to a decline in the quantity of loans granted by commercial banks. Nigerian data from 1970 to 2003 have been utilized to ascertain the correctness of this hypothesis, using the vector autoregressive methodology. The results show that increases in the Treasury bill rate lead to a contemporaneous rise in the price of loans and a fall (with a lag)in the quantity of loans. Both affirm the existence of the lending channel medium for monetary policy transmission in Nigeria