THE EXAMINATION OF THE ROLE OF CENTRAL BANK IN THE REGULATION OF THE NIGERIA ECONOMY THROUGH MONETARY POLICY
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THE EXAMINATION OF THE ROLE OF CENTRAL BANK IN THE REGULATION OF THE NIGERIA ECONOMY THROUGH MONETARY POLICY
The purpose of this research is to look into the function of the Central Bank of Nigeria in the regulation of the Nigerian economy through monetary policy. And the primary goals of this activity are full employment, price stability, a favourable balance of payments, exchange rate stability, economic growth, and development.
To tackle the research problems, information was gathered from primary and secondary sources. Questionnaires, interviews, and other data gathering tools were employed in the study. The Central Bank of Nigeria’s administration and staff are among those who responded to the questionnaire.
Secondary data were acquired from previously written study work and are either directly or indirectly related to the topic matter, and they are utilised to supplement the original data collected. These are their names: Previous project work, textbooks, journals, magazines, encyclopaedias, lecture notes, and so forth.
The study’s population consisted of the management and workers of the Central Bank of Nigeria Enugu. It was assumed that this group of people would provide sufficient data to evaluate the project’s work. The sample size is 80, and the primary data collection instrument is questionnaires.
The chi-square method was used to analyse the data, and the method was utilised to test the hypothesis. Based on my results, the researcher concludes that the Central Bank of Nigeria is not doing enough to regulate the Nigerian economy, which is a result of corruption and political instability in the system, which impedes economic progress and others.
I concluded that the implementation of Central Bank policy will contribute to economic development by successfully utilising their qualitative and quantitative methodologies. Furthermore, there should be an ongoing communication with banks as co-implementers of monetary policy to debate and resolve disputes, among other things.
CHAPTER ONE OF THE EXAMINATION OF THE ROLE OF THE CENTRAL BANK IN THE REGULATION OF THE NIGERIA ECONOMY THROUGH THE INTRODUCTION OF MONETARY POLICY
1.1 BACKGROUND OF THE STUDY
The establishment of central banking can be traced back to the middle of the nineteenth century, however there is no particular date when banking began in Nigeria. Domestic banking activity began in 1961, according to archives, when the shipping business Elder Dempter lines established banking services in Lagos.
In 1392, the company’s chairman formed the first financial organisation, African financial Corporation, which later became the first Bank of Nigeria. Barchays Bank, presently known as Union Bank of Nigeria Plc, was founded in 1917.
Prior to 1952, the West African Currency Board (WACB), which was founded in 1912, served as the state bank for Anglophone West African countries such as Nigeria, Sierra Leone, Ghana, and Gambia.
The West African Currency Board (WAECB), headquartered in London, issued notes and coins for Anglophone West African countries.
The financial failures of the 1950s had to result in the establishment of a Central Bank to act as a banker to the banking system, to supervise commercial banks, and to issue currency notes and coins, so regulating the quantity of money in Nigeria. In addition, it serves as a financial consultant to the government on monetary policy and implements policy on its behalf.
The Central Bank of Nigeria is a government bank intended to oversee and supervise a country’s financial system. The board of directors, whose members are selected by the government, is in charge of running the Central Bank of Nigeria.
The Central Bank of Nigeria is meant to promote economic growth in particular through encouraging the development of money and capital markets, development banking habits, and a sound financial system.
To aid economic development, the Central Bank of Nigeria engages in initiatives that go beyond its traditional tasks. It played a distinctive role in the growth of the Nigerian economy in this regard, particularly in fostering agricultural and industrial development in general.
The Central Bank of Nigeria was founded to operate as the government organ in charge of the government’s key financial activities and to influence the behaviour of financial institutions in order to support the government’s economic policies. As a result of its actions, the Central Bank of Nigeria must be considered a part of the government apparatus.
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