THE ROLE OF THE CENTRAL BANK OF NIGERIA IN THE DEVELOPMENT OF MONEY MARKET
ABSTRACT
This research work will take a look at The Role of the Central Bank of Nigeria in the Development of Money Market. It will also cover the constraints the bank faces in implementing the government programmes. The role of Central Bank of Nigeria in developing the Nigeria economy cannot be over stressed. The central bank being the bankers’ bank and lender to last resort is mirror that reflects the nation’s economy. The research made use of primary data through a field survey of the staff of account department of CBN. The oral interviews, however was aimed to further obtain same details which are not ascertainable through the questionnaire. The researcher reached on books and documents made available to them by the heads of account and internal audit department. The secondary data could be obtained from libraries, source nails, newspaper and materials relevant to the research. It has been possible for the researcher to discover the need and implication of CNB in ensuring monetary expansion in the economy and effective operation of the money market.
CHAPTER ONE
Introduction
1.1 Historical Background
The central bank of Nigeria was established because of the enractoristic and difficulty of the monetary system. In this case, the currency or legal tender obtained in the colonizes board so the development of indigenous banking and growth in the financial mechanism would not be achieved without the assistance of a central bank institution in west Africa currency board, which was established to finance the need of the expert trade of repatriate fixing in west African for the objective of issuing a spade convertibility a currency providing team whereby the colonial government might impendent currency with Nigeria currency was tied on the spoon string of the British bound. There was no room for monitory management.
According to Professor W.C Uzoaga (1976) in his book tittles “Money and Banking in Nigeria” the system was operationally right and institutionally limited, it result that the board lacked any power to intimate and execute monetary policy. It also did nothing to train African institution which resulted that West African currency board had no discretionally power over the total amount of money, and would not perform any banking functions. The effects were that banking habit in the country was not developed. Demand deposit constituted loss than half the size of the currency e.g nearly half of time deposited were held by government organization for the indigenous sector, banking was even has significant because an over whelming put of deposit was held by Europeans and Europeans firms. No local investments out less where developed, because it invested all its reserves in starting oversea in wisdom.
The central bank of Nigeria was finally established by CBN ordinance in 1958, to issue legal lender currency in Nigeria to maintain external reserve to safeguard the international value of the currency and to promote monetary stability and a sound financial structure in Nigeria. Also, to act as bankers and as financial advice to the federal government.
According to Professor E.C. Nwankwo (1989) in his book titled “Nigeria Financial System” the Nigeria money was established by the central bank of Nigeria, to enable government to recoup their short fall in revenue. This period the government has been experiencing increasing short falls in revenue as a result of this glut in the world and market.
1.2 Statement Of The Problems
The Central Bank of Nigeria according to Professor G.O Nwankwo (1989) in his book titled “Nigeria Financial system” as on the function to develop the Nigeria money market. The problem to the investigated here are the extent to which the bank of Nigeria has performed is role towards having a higher achievement in developing money market is usually characterized by the availability of proper investment in the market e.g. cash call money, treasury etc.
1.3 Objective Of The Study
The project is aimed to achieve the following solutions to the central bank of Nigeria through the government, with a view to implementing those project that will help the development of a highly organized money market in Nigeria.
1.4 Research Hypothesis
- H0: CBN not make provision of central bank credits to most financial institution.
H1 CBN make provision of central bank credits to most financial institution. - H0 The money market amnesty does not rely in Central does not financial purposes.
H1: The money market amnesty relies in central bank of Nigeria for financial purposes. - H0: CBN actually does not promote monetary stability and a sound financial system in Nigeria.
H1: CBN actually promote monetary stability and a sound financial system in Nigeria. - H0: There is not strong implementation of credit instrument of the CBN in commercial Banks.
H1: There is no strong implementation of credit instrument of CBN in commercial Banks.
1.5 Significance Of The Study
The significance of the study offers relevant information about the role of central bank in the development of money market, which contributes immensely to the economic development.
1.6 Definition Of Terms
a. Central Bank:
This is an apex financial institution which manage the cost of money, the volume of money available within the economy, and the direction of money and credit following in the same economy, and to realize the designed monetary and credit objectives.
b. Commercial Bank:
Commercial bank is an institution that accepts cash, near cash asset and other credit, and also makes payment on demand using its money market institutions.
c. Discount House:
There are financial institution whish pays the face value of a bill upon materially to the holder of such bill discounting.
d. Money Market:
This is the arrangement whereby borrowers and lenders of money, on short term basis are brought into contractual relationship.
e. Capital Market:
This is a market for long term capital. It supplies investors with the opportunity to borrow and lend money on medium long term basis.
f. Stock Exchange Market:
This is a market that facilitates buying and selling shares stock bond debenture and other securities.
g. Call Money:
This is an arrangement whereby the commercial banks borrow money from one another on over night basis or short notice.
h. Treasury Certificates:
This is the certificates used for raising money from the money market by government for duration of between 1 and 2 year.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of the Central Bank of Nigeria in the Development of Money Market" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of the Central Bank of Nigeria in the Development of Money Market" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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