IMPACT OF ICT ON OFFICE MANAGER'S WORK PERFORMANCE IN SELECTED PUBLIC SERVICE SECTOR

1.1 Introduction

The central bank is the only financial institution established and charged with the day to day management and control of the nation's monetary affairs, the supervisor and co-ordination of banking and financial activities of the country. Ever country has only one central bank whose motive is not to make profitable but to carry out the major financial operations of the central government of a country.

In the world, the central bank stands at the apex of every country's financial system, acts as the only issuer of the country's legal currency, and acts as the government representative in the banking industry. However, in West Africa before independent, the West African Currency Board was the highest financial institution established by the Colonial masters in various parts of the British Colonial empire to act as a quasi-central bank.

This board was meant to control the issue of currency in the member countries and to keep currencies of West African Nations at per (Standard) with the pound sterling. But the operation of this board especially the money supply function was too rigid and inelastic to allow for fast economic development of the countries concerned. Also, it made the provision additional currency unreasonable burden some for the colonial territory and this situations clearly called for the establishment of the central bank to hasten economic growth and to play the role of promoting economic development and capital formation, and ensure the germination of growth of the vital institutions and practice that encourage savings mobilization. With the dissolution of the West African Currency Board (WACB) and the submission of report by Mr. T.B Loynis in August 1957, the central bank of Nigeria (CBN) was established in 1958 as a state bank that undertakes the major financial operation of the government.

The (CBN) promotes the development of the monetary and financial mechanism appropriate to Nigeria's need, issues and centrals the Nigerian currency, acts as the Federal Government Agent by Managing the public dept and floating short and long term credits, and opening a local channel of investment for the commercial banks. Also, it plays the role of controlling banks by directing their credit facilities to suit the economy. This role is achieved through the credit guideline of the central bank.

1.2 Background of Study

The background of the study is concerned on the operations of the central bank and its impact in the economic development of Nigeria. The central bank is considered as the apex bank and head of the country's banking system.

It is owned by the government which appoints its board of directors and its governor. In comparism, the central bank of Nigeria can be compared with the bank of England which is the apex bank or the Federal Reserve System that undertakes central banking in the United States. The central bank of Nigeria performs the function of carrying out the country's monetary policy. In order to perform this function, the (CBN) must work closely with the state and have some means of influencing the credit policy of the commercial banks.

Moreover, the (CBN) does not aim at making profit for itself nor to compete against the commercial banks in the state for ordinary banking business, but to supply cash required by commercial banks and to assist in the clearing of cheques.

Therefore, in Owerri Municipal, Imo State where the research was carried out, the activities that was conducted is to know the Impact of Information and Communication Technology (ICT) on Office Manager’s Job Performance in Selected Public Service Sector.

1.3 Statement of Problems

The issue of the role of the (CBN) in influencing the economic development of Nigeria is an important issue which has become a problem to the entire nation.

Despite the fundamental and principle role of the central bank as the controller of the monetary policies of the country, yet a lot of interviewing variables have stopped in making it difficult for economic principles to operate in the Nigerian financial system. The central bank of Nigeria has a distinct role to play in directing the nations economic development, but unfortunately this can not be achieved because of the human factors as well as the un-conductive environmental factors.

The density of bribery and corruption as well as the galloping and spiral inflationary situation more or less neutralize the influence that the central banks exercise in the economic development of Nigeria. This project work will go in depth to identify the problems encountered by the central bank of Nigeria in the economic development of the country with a view to find;

1. The role of the (CBN) to the entire economy particularly to financial sector
2. The extent that the central bank has helped in the development of the Nigeria financial sector.
3. Whether the development of the Nigeria financial sector has contributed immensely to the development of other sectors of the economy.

1.4 Purpose Of The Study

The purpose of the study is to;

1. Find out the role of the central bank of Nigerian in the development of the Nigerian economy.
2. Find out how the money deposit banks comply to the central bank of Nigeria's rules in the controlling the money supply and credit creation.

The role of the (CBN) to the entire economy particularly to the financial sector;

1. It has the monopoly of note issue
2. It acts as the custodian of the cash reserves of commercial banks and helps in facilitating their transactions.
3. It is to control the credit creation power of commercial banks in order to control inflationary and deflationary pressures within the economy.
4. It keeps and manages the foreign exchange reserves of the country. It is an official reservoir of gold and foreign currencies.
5. It acts as the lender of the last resort by granting accommodation in the form of re-discounts and collateral advances to commercial banks, bills brokers and dealers or other financial institutions.
6. Central bank acts as a clearing house for transfer and settlement of mutual claims of commercial banks.
7. The extent that the central bank has helped in the development of the Nigeria financial sector is to ensure that there is sufficient financial resources to enhance the economic growth which requires monetary expansion in the country.
8. Central bank of Nigeria has contributed to the development of financial institutions of the leading sectors of economy such as agriculture, industries and foreign trade etc. The development of these sectors require long-term finances. For this, the specialized financial institutions should be established which provide terms loans to these sectors.

Conclusion

The CBN has to take direct and active role;

1. In creating or helping to crate the machinery needed for financing development activities all over the country.
2. In ensuring that the finance available flows in the directions intended.
3. Central banks are responsible for overseeing the monetary system for a nation along with a wide range of other responsibilities from overseeing monetary policy to implementing specific goals such as currency stability, low inflation and full employment.

1.5 Research Questions

The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

• Are currencies provided, price stable and inflation controlled in the country's economy?
• Is monetary policy regulated by the authority of (CBN)?
• Is the currency regularly supplied to the financial sectors?
• Are the money deposit banks complied with the central bank’s rules in controlling the money supply and credit creation?
• What actions has (CBN) taken to control the monetary stability and sound financial structure in the economy?

1.6 Research Hypothesis

In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.

H₀1: In Nigeria economy, CBN has provided enough currencies, price stabilized and inflation controlled.

H₀2: Monetary policy is being regulated in the sense that (CBN) has the monopoly to issue note and coin in the country's financial sector.

H₀3: The currency is regularly supplied to the financial sectors and worn out notes withdrawn.

H₀4: The money deposit banks are being complied by the (CBN) rules for the purpose of quantitative and qualitative methods of adoption. Quantitative methods aim at controlling the cost and quantity of credit by adopting bank rate policy, open market operations, and by variations in reserve ratios of commercial banks.

H₀5: central bank of Nigeria perform the functions to act as the government's agency for the control and supervision of the banking sector, to monitor the balance payments according to the demands of the federal government and to adapt monetary policy along the demands of the federal budget.

1.7 The Delimitation Of The Study

The delimitation of the study will take into account of extent the central bank of Nigeria can spare its tentacles in solving the economic problems of the country. The delimitation of this study will also deal with the extent the researcher can read. In some circumstances, the researcher will make effort through appropriate questionnaires to get technical and administrative staff as well as other categories of staff particularly, the senior and junior staff who have direct access to the central bank operational machinery. Finally, the researcher who is a worker in the (CBN) will volunteer answers to some of the questions that might be thrown on them.

1.8 Significance of Study

Like we said earlier the aim of this study is to find the role which the central bank of Nigeria plays in the development of the Nigeria financial sector, and the importance of the financial sector in Nigeria.

The purpose of having the central bank in Nigeria is to influence and control the conducted of commercial banks and other closely related institutions in the country.

This study presents an overview of the Nigerian financial sector, its importance as an engine and growth. However, without the financial sector in Nigeria and any other country of the world, there will be no growth in other sectors of that country since no nation, business firm or individual can live without funds.

If Nigeria should live without the financial sector, it means that all revenue collected and fund generated within it will be scattered and fund will not be accounted for since there is no sector managing it. On the other hand, if Nigeria has a financial sector without having an institution at the apex to control it, there will also be a problem. Therefore, the financial sector should not be overlooked in any nation as well as the central bank of that nation. Notwithstanding, it should be noted that the central bank of Nigeria has made great achievement in the development of the Nigeria economy.

1.9 Operational Definition Of Terms

Bank Advance: This item in the balance sheet of the been accumulated up to a certain period.

Accrued Interest: This represents interest on a security which has been accumulated up to a certain period.

Bank Acceptance: This is a bill of exchange that has been accepted by a bank.

Bank Charges: These are charges made by the bank to a customer for the management of his or her account. They are also known as bank commission.

Collateral Security: This is a kind of asset required by the bank from the people to whom they lend the money to.