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Second monetary zone in ECOWAS: issues, progress and prospects
No full textThe objective of this paper is to highlight the rationale for establishing the West African Monetary Zone (WAMZ), discuss its institutions, convergence criteria, the progress made so far, some major issues to be resolved in order to achieve the objectives of WAMZ, and the prospects
Monetary union in practice: lessons from European Monetary Union.
No full textThis paper discusses the nature of the environment and the actual practice of monetary integration in the European Monetary Union, which is regarded as the most successful among its peers in the world. The outcome of this paper should be able to provide readers and listeners with the elements that bring about this success story. The paper is divided into five sections including this introduction. Section 2 explains the definition, criteria and forms of monetary integration while Section 3 contains the core of the paper which describes the practice of monetary integration in the European Union (EU). Section 4 is the final section and contains summary and concluding remarks
Towards developing a vibrant bonds market in Nigeria
No full textSustained long-term economic growth development requires investment which, in turn, is dependent on long-term finance. However, the bulk of finance available in Nigeria has been short-term bank finance. Finance from the capital market, though rising, has been low. The paper reviews the performance of a segment of the capital market, the bonds market, in order to understand its poor performance and put forward suggestions for its revitalization. Macroeconomic as well as structural factors have been responsible for the poor performance. The major suggestions for revitalizing the market are improvement in macroeconomic environment, structural and institutional reforms, including providing rediscounting facilities, enhancing government patronage, rating of bonds and improving surveillance of market operators
The West African Monetary Zone (WAMZ) convergence or divergence: which way forward
No full textThe emergence of a s ingle currency and a common central bank presupposes the adoption of a common monetary and fiscal policy by all the member countries starting from 2004. What is the economic significance of the primary criteria? What are the consequences if member countries fail to converge? Can the policy of a single currency and a common central bank succeed if the members fail to meet the primary criteria? In other words, is the creation of the appropriate institutions a necessary and sufficient condition for the success of a monetary union? Finally, can a monetary union under a common central bank succeed in the absence of a political union? These are the major questions which this paper shall attempt to answer. To achieve this objective, the rest of the paper is structured as follows: Part II presents a brief literature review and the theoretical framework. Part III x-rays the pillars under the primary convergence criteria and the rationale for the choice. Part IV appraises the macro-economic performance of the member states in general, and their achievement of the primary criteria in particular to date, while Part V concludes the paper
Exchange rate mechanism under the West African Monetary Zone (WAMZ)
No full textThis paper discusses issues relating to the adoption and implementation of an Exchange Rate Mechanism (ERM) under the West Africa Monetary Zone (WAMZ) and the conceptual issues relating to ERM and exchange rate regimes. The experiences of the European Union which operated an ERM for quite sometime before the adoption of a single currency - the EURO - are brought to bear on the discussions
Issues in reserve requirement and monetary management in Nigeria
No full textReserve requirement has been used over the years as a tool of monetary management. Accordingly, banks are required by law to hold a fraction of their deposit liabilities with the Central Bank as reserves. In recent times however, the use of reserve requirement has undergone modification, from drastic reductions to outright elimination. This is attributed to the perception that under rapidly changing structure and financial system innovations, reserve requirement is a weak tool of monetary management. This paper reviews these issues and examines the effects of required reserve on the balance sheet operations of Deposit Money Banks and its impact on the monetary aggregates in Nigeria. It revealed that reserve requirement has significant cost implications on both the Central Bank and the Deposit Money Banks, and that its potency as a tool of monetary management has been weakened as the targeted reserve does not reflect the total reserve level in the system. The paper recommends a drastic reduction of reserve requirement and fine-tuning to accommodate the interest of smaller banks
Issues in exchange rate policy design and management
No full textThis paper focused on the major issues and highlighted the factors which are crucial in the design of exchange rate policy. It also reviewed exchange rate policy in Nigeria since independence. After a brief review of models of exchange rate determination and exchange rate mechanisms, it concluded that exchange rate adjustment is required to correct flow balance of payments deficit, while reserves draw down, in addition to demand management, could prove efficacious in reversing a temporary or stock balance of payments deficit. The links between the monetary, fiscal and external accounts were provided in order to properly guide policy makers on the options to settle for in designing exchange rate policy. This is because the exchange rate affects all sectors of the economy, since it influences resource allocation, through its ability to stimulate movements in other prices. The paper was concluded on the note that the current exchange rate policy should be sustained and complemented with the application of accommodating fiscal and monetary policy measures
Re-designing university curricula as a long-term solution to graduate unemployment in Nigeria.
No full textEducation has been identified as the most powerful instrument for social reform, which imparts knowledge, skills and character to the individual through teaching, learning and experiential activity labor surplus economy. This paper examines the high level of unemployment in Nigeria, with a view to proffer development of entrepreneurial skills and initiatives as way out. The study conclude that investment is essential for growth and productivity, while domestic savings provide the needed resources for investment. Only sound and effective monetary policy can guarantee price stability, which is a necessary condition for sustainable growth. Government policies, institutions and governance matter. Nigeria\u27s current policy makers are therefore right in placing growth at the top of the economic agenda
Special Remarks by Dr. O. J. Nnanna
No full textThis is a special remark delivered at the executive seminar on the theme, poverty alleviation: a more pragmatic approac
Evaluation of past policy measures for solving unemployment problems.
No full textThe issue of persistent unemployment and overall manpower planning and utilization poses a great challenge to policy planners, human resources experts, and persons dealing with employment programmed planning and implementation. This paper undertakes a review and evaluation of the past policy measures that have been adopted to solve unemployment problems in the county. There is strong need for institutional collaboration and improved coordination of policy measures for dealing with unemployment. This paper has examined Past policy measures for solving unemployment problems. There is strong need for institutional collaboration and improved coordination of policy measures for dealing with unemployment. While there are some discernible lapses, the overall policy direction for employment promotion appears to be adequate. What is required is the political will to pursue the policy measures backed by adequate allocation of resources, adequate steps to make the policies work, as well as transparency in programme implementation