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THE ROLE OF CENTRAL BANK OF NIGERIA IN THE REGULATION OF NIGERIA ECONOMY THROUGH MONETARY POLICY
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
The development of central banking can be said to date from the middle of the 19thcentury. But precisely there is no exact data when banking started in Nigeria. Historically, records showed that domestic banking activities started in 1961, when a shipping company Elder Dempter Lines started banking services in Lagos the chairman of the company in 1392 established the first banking institution called African Banking Corporation, which metamorphosed, into First Bank of Nigeria. In 1917, Barchays banks now known as Union Bank of Nigeria Plc was established. Before 1952, the West African Currency Board (WACB) established I 1912 was used as the state banks for Anglo-phone West African Countries, such as Nigeria, Serra-Leone. Ghana and Gambina. The West African Currency Board (WACB) was based in London and it issued notes and coins for the Anglo-phone West African countries.
The banking failure of the 1950’s could not but lead to the establishment of Central Bank to serve as banker to the banking system, to perform supervisory role over the commercial banks and issue currency notes and coins thus, regulating the supply of money in Nigeria. Not only these, it acts as financial adviser to the government on monetary policy and implementing the policy on behalf of the government. The central bank of Nigeria is government bank, established to keep a country’s financial system under control and close supervision. The responsibility of managing the central bank of Nigeria is vested in the hand of the board of directors whose members are appointed by the government.
The central bank of Nigeria is expected particularly in promoting economy growth by fostering the development of money and capital market; develop banking habits and sound financial system. In order to facilitate economy development, central bank of Nigeria 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 promotion agricultural and industrial development in general.
Central Bank of Nigeria was established to act as the organ of government that should undertake the major financial operations of the government and by its conduct influence the behaviour of financial institutions so as to support the economic policy of the government. It follows therefore that the central banks of Nigeria must in some sense be a part of the government machinery with its action clearly co-ordinated with those of other executive branch of government.
Argument has been advanced for the complete independence of the central bank of Nigeria; so far this has not been achieved as there is no country where the central bank is completely free from government intervention. There is no gainsaying in the fact that the role played by the central banks of Nigeria is establishing Nigerian economy through monetary policy is an enormous one. Since it inception in 1958, it has engaged in one stabilizing role or the other, that is direct or indirect monetary policy.
1.2 STATEMENT OF PROBLEMS
The wind of change economically which is more pronounced in the development countries, especially Nigeria. In attainment stability in the economy of Nigeria the central bank of Nigeria is faced with many problems.
These problems include:
(a) In Nigeria, the banking habit is still not widespread.
(b) Our money market and capital market are not well developed.
(c) The failure of central bank in putting the non-bank financial intermediaries under it.
(d) Political instability
(e) Government policy
(f) Administrative bottleneck
Dependence in agricultural sector, unemployment, poor standard of living and low income per capital are the major problems facing Nigerian economy.
1.3 PURPOSE OF THE STUDY
Every research work is aimed at solving a specific purpose. The purpose of this research is to:
(i) To identify the problems inhabiting the growth, development and stabilization of Nigerian economy.
(ii) To identify the roles of central bank in economic development.
(iii) To identify the various regulatory policies of the central bank of Nigeria through monetary policy.
(iv) To make appreciable recommendation that would enhance the Nigeria economy through central bank monetary policies.
(v) To make available suggestions on how to reduce, if possible remove entirely those problems facing Nigeria economy so as to ensure maximum economic development in Nigeria.
1.4 SIGNIFICANCE OF THE STUDY
The study of the role of central bank in the regulation of Nigeria economy through monetary policies with particular focus on Enugu state will be of immense benefit to both the private and public sectors of the Nigeria economy. Student’s captains of industries, political office holders, National Assembly members, and infact, the general public will benefit a lot from this study. Investors, especially those who trade on government securities will also benefit a lot. Foreign investors who are always eager to see a stable and viable economy will find this study very beneficial.
1.5 SCOPE OF THE STUDY
This study covers the role central bank of Nigeria plays in the economic development of Nigeria using the measures know as monetary policies.
1.6 RESEARCH QUESTIONS
The following research questions were formulated to get to the indept of the topic and also based on the statement of problems.
1. Identify some of the problems you think that militate against the economy Nigeria
2. What role, if any does the central bank play in the development of the Nigeria economy?
3. Do you think that the central bank is doing enough in regulating the economy?
4. What policies does the central bank employ in regulating the economy?
5. Can the efforts of the central bank be improved upon? If yes, how?
6. Do you think that in controlling other financial institutions, the central bank is also controlling the Nigeria economy?
7. How would you rate the Nigeria economy at present?
1.6 Definition of Terms
The operational definitions of some technical terms employed in this research work are given below:
Economy: The use of available resources is a way that saves money, time and avoids or minimizes waste.
BANK: As a place where money and other valuable things are kept for safety purposes.
Currency: Money used in country as a medium of exchange.
OPEN MARKET OPERATION: Is the buying and selling of government securities by the central bank to the public through commercial banks.
Monetary Policy: The control of money in a country.
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