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Exchange Rate versus Capital Account Liberalization in Nigeria: Some Important Issues
No full textThis article examines the relationship between exchange rate and account liberalization in Nigeria. It focuses on monetary policy design and management in a fast-changing world. It highlights that the need for continuous research into this subject is highlighted by the reliance on monetary policy as the principal tool for economic stabilisation in emerging market economies
Asset Price Movements and Derivatives: Implications for Monetary Policy in Nigeria
No full textThe article highlights the importance of maintaining accurate market value for a wide variety of asset classes. From the perspective of speculators, the author discusses the methodology for identifying undervalued or overvalued assets for taking appropriate bet on such assets. From analysts, hedgers or investors perspective, this paper discusses how financial instruments derivative could be used to protect financial assets and return on such assets against volatility. The author highlights application of the same set of derivative instruments for speculative, regulatory arbitrageurs and other purposes. For the same group, this paper identifies fundamental variables that determine assets\u27 prices in a free market economy. The author specifically identifies interest rates, exchange rates, rates of inflation as well as monetary and macroeconomic policies as the main asset-price determinants. This article offers a set of mathematical models for pricing different categories of financial assets. The author maintains that financial engineering has ushered in a new set of financial assets, such as catastrophe bonds and collaterized debt obligations (CDOs), which are inherently difficult to price. At every opportunity, the author elucidates the roles of monetary policy makers in fostering efficient financial market system in an emerging economy like Nigeria
Towards Inflation Targeting Framework for Monetary Policy in Nigeria: the Challenges for Central Bank of Nigeria
No full textThis article examines inflation with reference to Nigeria. As an emerging market environment. Part one outlines briefly the underlying mechanisms of inflation-management and general approaches to inflation targeting. Part two focuses on issues that specifically relate to inflation targeting (IT) in emerging markets, including the possible macroeconomic impact of the transition process. Part three considers the sequence and timing of the transition to IT in Nigeria, on the shift in exchange rate management required to achieve long-term price stability. Additionally, Nigeria-specific challenges are also addressed. The paper concludes by noting that both the time frame and coordination for a successful transition will be considerable, and that the Financial Sector Strategy 2020 will be the critical vehicle for achieving this
The informal sector and employment generation in Nigeria
No full textWhat this paper attempts to do is to bring the issues of employment generation in the NEEDS programme and the informal sector into sharper focus. The objective of the paper, therefore, is to assess how far the NEEDS programme has positioned the informal sector of the Nigerian economy, which constitutes the larger segment of the economy in playing the catalytic role of poverty eradication in Nigeria, and to explore the possibility of repositioning the sector to benefit more from the target employment under the programme
Keynote Address by S. O. Alade
No full textKeynote Address by Dr Sarah Alade, the Deputy Governor (Economic Policy), Central Bank of Nigeria at the CBN Executive seminar on monetary policy in a changing environment for CBN Executive Staff
Inflation Targeting as a Tool of Monetary Management: International Experiences
No full textThis article seeks to address the main prerequisites and key challenges of implementing inflation targeting across many countries and draws relevant lessons for countries that are contemplating the adoption of IT. To achieve this objective, the rest of the paper has been structured as follows. Following the introduction is part II which examines the theoretical framework for IT while the review of international experiences is contained in part III. Contemporary issues and challenges are considered in part IV while recommendations and conclusion are the focus of part V
New perspectives on inflation in Nigeria
No full textThis study offers another perspective to the inflationary trend in Nigeria that incorporated monetarist, open economy and structural features of the economy. The main argument is that variation in the parallel market exchange rate was one of the determinants of price level behavior in Nigeria during the period 1971-1995. The volatility of the price level in Nigeria since the advent of the oil boom has been subjected to various analyses
Overview of Monetary Policy in Nigeria
No full textThis article provides and overview of monetary policy which is the instruments at the disposal of the monetary authorities to influence the availability and cost of credit/money M with the ultimate objective of achieving price stability. This overview is with reference to Nigeria
Special Remarks
No full textThis the special remarks delivered on the occasion of the opening ceremony of the 2007 CBN Executive Seminar on monetary policy in a changing environment for CBN Executive Staff
Opening Address
No full textThe opening address at the 2007 CBN Executive Seminar the on monetary policy in a changing environment