IMPACT OF THE CENTRAL BANK OF NIGERIA’S FINANCING ACTIVITIES ON NIGERIA’S ECONOMIC DEVELOPMENT

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IMPACT OF THE CENTRAL BANK OF NIGERIA’S FINANCING ACTIVITIES ON NIGERIA’S ECONOMIC DEVELOPMENT

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

The Central Bank of Nigeria as the Apex Financial institution within the financial structure, consist of commercial banks and the Allied Institution, it’s primarily created to promote monetary stability and sand financial system. The important of the central bank of Nigeria (C.B.N) can be fully appreciated when one understands its dominant role in development of Nigeria Economy. The major role of Central of Nigeria includes:-

Issuing or mounting the National currency such as maintaining its values, enhancing the mobilization of funds and facilitating the competition among banks and other non financial banking institutions within the systems and other role of central bank of Nigeria includes moderation of inflation, reduction of unemployment, enhancing external reserve position and creating appropriate monetary and financial environment to whether the development of Nigeria economy is facilitate the growth and development of Nigeria Economy.

However, if the Economy condition of a Nigeria can be a yardstick or index to judge the effectiveness of central bank of Nigeria, then the current economy depreciation is unfortunately the manifestation of poor performance of the central bank of Nigeria, this can be justified by raising confusion in the financial Institutions, such as distress, syndrome, problems in the foreign exchange, Transaction, particularly, the continuing depreciation of Naira it value of much should be maintained and stabilized by the Central Bank of Nigeria.

In the light of these, the researcher is inspired to examined the expected role of the central bank of Nigeria against the existing performance in order to establish enhancing not the focus of the study is the central bank of Nigeria (CBN) Kaduna branch, which control the monetary and fiscal policies and also of the recent recapitalization which as been introduced by central bank of Nigeria.

1.2 STATEMENT OF THE PROBLEM

The central bank of Nigeria, despite its credibility still have short coming. The short comings are:

The central bank of Nigeria is supposed to serve as a lender of last resort, but some times, there is delay in granting assistance to some commercial banks. When they run out of enough funds to pay their customers.
Sales and purchase of securities are riot timely and adequately done to curb inflation
The bank (Central bank of Nigeria) is constrained in selecting the tools to enhance the realization of the mandates.
The appointment of official in the bank is based on political influence rather than merit and has created inefficiency in same section of the bank.

1.3 OBJECTIVE OF THE STUDY

The purpose of this research work is to example the expected role of the central bank of Nigeria against the existing performance in order to establish whether the development of Nigeria Economy is enhancing or not and also to find ways of solving particular problem associated with the smooth running and operations of the central bank of Nigeria, particularly, the Kaduna Branch.

Therefore the purpose of this study will be determined as follows:

The legal framework of the central bank has to be strengthened in other to address Lapses in the financial system.
The roles which central bank of Nigeria has played in the development of Nigeria since inception.
Ways and how to make other financial institutions comply with the central bank act of 1958, Which were largely unregulated.
To streamline the practice of the banking operations, so as to ensure monetary in the economy.
The Amendment of the banking acts which depends on the operations and stipulated penalties and effectively carried out.

1.4 STATEMENT OF HYPOTHESIS

Without effective regulatory measures by central bank to monitor activities of the commercial bank and other financial institution also development of the Nigeria economy.

There are some preliminary investigations which must be conducted to enhance quick development of the economy and to see the practical role of the centered 1)811 k or Nigeria.

The Hypothesis of the study are:

Ho: Regulatory measure and instrument employed by the central bank have not assisted in curbing inflation in Nigeria economy.

H1: The regulatory measure and instrument employed by the central bank have assisted in curbing inflation and depression in Nigeria economy.

1.5 SCOPE OF THE STUDY

The scope of the study is limited to the Central Bank of Nigeria P1c, Kaduna Branch sited along Yakubu Gowon Way. The research work has being conducted within the bank along, covering the range from the top management to the lower management period of the study from January 2010 – 30th November 2010.

1.6 SIGNIFICANCE OF THE STUDY

The study is important because, it carefully asses the role of central bank in development of Nigeria economy.

The study has acquitted me with the role and the contribution of the central bank towards the accomplishment of growth and development of the economy.

Also, the study has analyze the work and effort of the central bank to ensure sound monetary policy and also save the problems of inflationary and deflationary gaps in the financial sectors of the Nigeria economy Central Banks towards positive change in the financial system of the economy.

Also, the significance of this study which IS the role of central bank of Nigeria economy can not be over emphasized, because the work will help the reader to know and have ideas in the filminesses contribution, central bank is giving in the development and growth of the Nigeria economy. It will also help the students of accounting, business studies and other financial profession In making reference during the studies reach work.

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