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AN ASSESSMENT OF MONETARY POLICY AS REGULATORY TOOL FOR ECONOMIC DEVELOPMENT IN NIGERIA.

 Format: MS-WORD   Chapters: 1-5

 Pages: 1-62   Attributes: DOWNLOADABLE

 Amount: 3,000

 Nov 10, 2022 |  04:26 pm |  16


AN ASSESSMENT OF MONETARY POLICY AS REGULATORY TOOL FOR ECONOMIC DEVELOPMENT IN NIGERIA.


1.0 INTRODUCTION


1.1 Background of the Study


The  monetary  policy  of a  country  is  an  important  aspect  of  its overall economic policy. Monetary policy is addressed to regulating the volume, direction and price of money supply and credit in the economy, in the  hope  that  change  in  money  supply  and  credit  will  produce  some desired changes in other economic   variable like the price level, employment, National income, savings and investment, monetary policies instrument therefore would hopefully contribute to economic growth by adjusting money supply to the needs of growth by directing the flow of funds in the required channels and by providing institutional facilities for credit  in  specific  field  of  economic  activities.  


Appropriate  monetary policies  utilizes  a  number  of  instruments  which when efficiently  used could help stimulate economic growth. These tools or instruments tools include discount rate, reserve ratio, moral suasion, open market operation, special deposit etc. the use of any or a combination of these depends on the overall  economic  objectives  that  are  being  pursued  at  that  particular moment or time.

 

Before the establishment of the Central Bank of Nigeria in 1958, monetary policy were largely conducted by the West African Currency Board even though it had no discretionary power over the total amount of money and could not perform any banking function. The establishment of monetary  institution  such  as  the  Central  Bank  of  Nigeria  was  quite appropriate   to   enable   it   to   contribute   to   the   country’s   economic development1.  


This  was  observed  by  Ojo  A.T.  and  his  colleagues. Following  the  .B.  Loyne’s  report,  the  Central  Bank  of  Nigeria  was established by a Act of parliament known as the Central Bank Act to perform traditional banking function and serve as the pivoted of national functional institution.


Since the  inception of the Central Bank of Nigeria, it is a well known  fact  that  implementation  of  the  Federal Government  Monetary Policy objectives  has  been a  crucial problem.  Very sound and praise- worthy policies  have been formulated in respect to  many issue  in the country but their execution had remain the problematic area. 


The year 1988 – 1990 had been a prescriptive and restrictive one in terms of Federal Government Monetary Policies. The country was fully mortgaged to the external creditor like the IMF, World Bank, London and Paris Club to mention but a few. The mortgaged was done under the canopy of the so-called package of Structural Adjustment Programme (SAP) through the instruments of Second Tiers Foreign Exchange Market (STFEM).




1.2 Statement of the Problem


Over the decade, precisely since the time of the so called political independence of this country, the economy of the country has been with serious  problems.  A  number  of  factors  may  be  responsible  for  these problems which range from instability in the political leadership as every regime brings about it policy in terms of monetary regulation. Another problem  was  lack  of  competent,  dedicated  and  honest  leadership  to mention  but   few.   


The   economic   situation   has   become   so   severe, unbearable as manifested by the high inflationary rate rose from 5.4% in 1986 to 57.2 in 1993. The government did not succeed in improving the inflationary rate and can the availability of consumer goods either or to ensure  stability  of  prices  of  goods  and  services.  The  reasons  for  this malfunction in the economy was due to ineffective monetary policies.



 


 





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