THE ROLES OF THE CENTRAL BANK IN STABILIZING A DEPRESSED ECONOMY
(THE NIGERIAN EXPERIENCE)
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This study on the role of Central Bank in stabilizing a depressed economy was designed with the objectives of ascertaining if the Central Bank of Nigeria is achieving involved in the stabilization of Nigeria economy, to determine if Central bank of Nigeria has control measures over the management of money market and capital market to identify the role of central bank of Nigeria in the formation and implementation of the country and to recommend appropriate measures for improved quality contribution by the Central Bank of Nigeria for the country.
The Central bank is an important institution to a depressed economy like Nigeria, the financial trade and policies formulate and implemented by the Central bank are very important.
Infact if could be regarded as a pillar to the survival of the national economic development without which the economy will be in shamble.
In carrying out a research the research, secondary and primary data was collected and used accordingly. Related literature were reviewed and questionnaires were prepared, distributed and analysed. The use of chi-square technique was used in analyzing the primary data. The findings of the research were reached. Following the findings, appropriate recommendation was stated in order for Central Bank to bring a stable economy should encourage good decisive policy and conclusion was reached hoping that this work will enable the role of Central Bank of Nigeria to be more appreciative.
CHAPTER ONE: INTRODUCTION
- Introduction 1
- Statement of the problem 2
- Purpose of the study 3
- Research hypothesis 3
- Significance of the study 5
- Scope and limitation of the study 5
- Definition of terms 6
CHAPTER TWO: REVIEW OF RELATED LITERATURE
- Introduction 10
- Definition 12
- Central Bank of Nigeria and its objectives 16
- Functions of Central Bank of Nigeria 19
- Monetary policy meaning and objectives 22
- Instruments used by Central Bank of Nigeria in stabilizing Nigeria 33
- The roles of Central Bank of Nigeria in stabilizing Nigeria 39
- Problems faced by Central Bank of Nigeria in stabilizing Nigeria 48
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY
- Study area 52
- Sources of data 53
- Methods of investigation. 55
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS OF DATA
- Persecution and analysis of the questionnaire 58
- Test of hypothesis 69
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
- Findings 78
- Conclusion 79
- Recommendations 80
The objectives of establishing central bank of Nigeria were to serve as banker to the banking systems, to perform supervisory role over the commercial banks and issue currency thus requiting the supply of money in the country. It also acts as financial adviser to the government on monetary policy and implementing the policy on behalf of the government, it involves issuing legal trader currency, maintaining the value of the domestic currency enhancing mobilization of fund.
The Central Bank of Nigeria is government bank, established to keep a country’s financial system under control and these supervision.
The Central Bank of Nigeria is expected particularly in promoting economic growth by fostering the developing of money market and capital market, develop banking habits and sound financial system. In order to facilitate economic development, CBN tends to engage in activities, which extend beyond its traditional functions. In this regard, it played a unique role in the development of Nigeria economy; particularly in promoting agricultural and industrial development in general.
The Central Bank of Nigerian was established to act as the organ of government that should undertake the major financial operation of the government and by it’s conduct influence the behaviour of financial institutions so as to support the economic policy of the government. The CBN carries out this responsibility on behalf of the federal government through a process outlined in the Central bank of Nigeria decree 24, 1991 and the banks and other financial institution in formulating monetary policy.
In fact the roles played by CBN in stabilizing Nigeria economy is an enormous one. Since its inception in 1958, it had engaged in one stabilizing role or the other.
1.2 STATEMENT OF THE PROBLEM
The governments of the Nigerian economy has over the years witnessed serious macro – economic activities, low capacity utilization, growth unemployment heavy debt burden, acceleration inflation intensified exchange rate depreciation as well as high and perversed regime of interest rate, financing has been intensified as a major factor in the observed macro-economic problems. For stability calls for CBN intervention, to ensue confidence in the financial systems.
1.3 PURPOSE OF THE STUDY
This project is mainly concerned with the objective of
Ascertaining if CBN is actually invol