CBN Digital Commons (Central Bank of Nigeria)
Not a member yet
1580 research outputs found
Sort by
Understanding the Pension Reform Act(PRA) 2004
No full textPension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, to play the game by the rules, ensure probity, sincerity, unflinching commitment to the success of the scheme and provision of services with passion to account holders/pensioners in order to guarantee availability of retirement benefits and when due
Contributory pension scheme: The case of Brazil.
No full textThe reform of the pension industry in Nigeria was necessitated by many problems confronting both the public and private sectors pension schemes. The public sector operated largely the Defined Benefit - Pay As You Go (PAYG) scheme, which depended on budgetary provisions from various tiers of governments for funding. This paper discuss the conceptual issues of Contributory pension scheme in Brazil, the structure of the pension system and the features of the pension scheme as well as some other pension reforms in Brazil. The study concluded that. the pension systems were introduced into the country by the colonial administrators. The first legislative document on pension in Nigeria was the 1951 Pension Ordinance. Since its introduction, several other pension legislations have been promulgated on provision of pensions to the Nigerian workers. Similarly, circulars were issued to guide or alter the implementation of the pension laws. The last legislation on pension matters in the country is the Pension Reform Act 2004, which established a Contributory Pension Scheme and unified the administration and management of pension for both the Public and Private Sectors. lt established for the first time, a single Regulator to oversee both public and private pension schemes in the country
Sequencing Capital Account Liberalisation
No full textThis paper focuses on the case of Nigeria and examines whether following the successful implementation of the recent reform program, appropriate policies are now in place for effective capital account liberalization
Economic Growth and Human Capital Development: the Case Study of Nigeria
No full textThe paper examines empirically the relationship between economic growth and human capital development using Nigeria data. Microeconomics variables such as Growth of real gross domestic products (RGDPG), capital expenditure (CE) on education. recurrent expenditure on education (RE), real gross capital formation (RGCF) was used to proxy physical formation, enrolment into primary (PRYE), post-primary (PPE) and tertiary (TERE) educational institutional were used to proxy human capital development. It found that investment in human capital, through the availability of infrastructure requirements in the education sector accelerates economics growth
Perspectives on the European Monetary Union: lessons for the Economic Community of West African States (ECOWAS)
No full textThe attainment of the European Monetary Union (EMU) under the auspices of the European Union (EU) was a product of effective planning and sequencing of programmes. The establishment of political institutions such as the European Council, Assembly, Court of Justice and, particularly, the European Commission provided the general framework and direction for the achievement of the EMU. In addition, specialized institutions such as the Sectoral Commissions, European Monetary Institute (which was later transformed into the European Central Bank) and the European System of Central Banks provided technical support for driving the EMU project. These institutions nurtured and fostered the political, social, market, financial, infrastructural, production, economic and monetary sectors of integration. The EU experience had significant integration implications for currency, money market, capital market, foreign exchange market, reserves management and economic policy. It also had implications for the non-EMU members referred to as the derogation countries. The overall EU experience has profound and important lessons for the Economic Community of West African States (ECOWAS) in its drive to provide the needed political will, social enlightenment campaign and mobilization for the acceptance of integration, as well as the provision of standardized products and financial markets. It also reveals the levels of basic infrastructure, production and overall economic structure that are needed to be in place, before transiting into a monetary union
Overview of exchange rate management in Nigeria.
No full textThe exchange rate is a key macroeconomic variable in the context of general economic policy making, and of economic reform programmes, in particular. It is a very important price which governments take very active interest in. However, two concepts of exchange rate are commonly distinguished: nominal exchange rate and real exchange rate. - The nominal exchange rate (NER) is a monetary concept which measures the relative price of two moneys or currencies, e.g., Naira in relation to the U. S dollar. - But the real exchange rate (RER), as the name implies, is a real concept that measures the relative price of two goods-tradable goods (exports and imports) in relation to non-tradable goods (goods and services produced and consumed locally). This paper is on nominal exchange rate management from 1986 when the structural adjustment programme (SAP) was introduced and a new exchange rate policy, different from the previous system of adjustable peg, was introduced. The CBN should continue to intervene in the foreign exchange market to maintain stability. Finally, the exchange rate is important as a major price that affects all sectors of the economy and all economic agents. And the nominal exchange rate affects the real exchange rate. It is thus desirable to monitor the movements in the rates so as to foster competitiveness and improve the supply of exportable
The legal framework for currency management in Nigeria.
No full textThis paper reviews the adequacy of the existing legal framework for Currency Management in Nigeria. The paper is structured into three parts. Part I is an introduction to the paper. The legal provisions governing currency management in Nigeria and some of the legal challenges for the CBN are highlighted and examined in part II. Part III concludes the paper: that a major legal challenge facing the CBN is the absence of specific provisions of the law criminalizing such acts as tampering, deliberate mutilation, spraying and marching of currency
The contributory pension scheme: instrument and legal frameworks
No full textThis paper examines the Pension Reform Act 2004 (the Act) of Nigeria which brought into existence a Defined Contribution system that was fully funded, privately managed and based on individual accounts for both the public and private sector employees. The Act also established the National Pension Commission as the sole regulator and supervisor on all pension matters in the country. The rest of the paper is arranged as follows: in Section 2, a review was made of the literature on the Nigerian pension systems while institutional and Legal Frameworks were discussed in Section 3 and Section 4 concludes the paper
Nigeria\u27s external trade and the new perspectives for its enhancement
No full textTrade has been universally acknowledged as indispensable tool to rapid economic growth and development. This is because increased participation in trade is associated with higher inflows of foreign investment and new technologies which can be adopted to transform the economy through appropriate policy. This paper analyses Nigeria\u27s foreign trade with a view to examining the composition and direction as well as impediments to the growth of trade, and proffer suggestions for enhancing Nigeria\u27s foreign trade. The paper is divided into five sections. Following the introduction are the theoretical issues. This is followed by the analysis in section three of the trend, composition, and direction of Nigeria\u27s foreign trade. Section four examines the problems confronting external trade, while section five discusses the policy issues for strengthening Nigeria\u27s foreign trade. Section six is on recommendations and it concludes the paper. The papers conclusion: the ability of Nigeria to enhance and optimize gains from foreign trade depends on the extent to which she is able to increase her level of production of goods and services. In this respect, efforts should be directed towards harnessing and greater utilization of the vast human and material resources in order to derive greater benefits from them. In addition, the current efforts to rehabilitate socio-economic infrastructure in the country should be sustained for enhanced productivity and competitiveness of Nigeria products in the global market
Capital account liberalization in Nigeria: problems and prospects
No full textCapital Account is one of the lynchpins of globalization and it is often seen as an inevitable path to economic development for developing countries. This is based on the premise that liberalizing capital account would permit financial resources to flow from capital abundant countries to capital scarce countries. This paper examines the problems, prospects and challenges of foreign private capital flows in Nigeria