THE ROLE OF MONETARY POLICY AND ITS IMPACT ON NIGERIAN FINANCIAL SYSTEM
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TITLE PAGE
THE ROLE OF MONETARY POLICY AND ITS IMPACT ON NIGERIAN FINANCIAL SYSTEM
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the role of monetary policy and its impact on nigerian financial system" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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This research examined the effect of Monetary Policy on the financial performance of Deposit Money Banks in Nigeria. Specifically, the study establishes the effect of Central Bank Rate (CBR) on the financial performance of Deposit Money Banks, it also establish the effect of Reserve Ratio Requirement on the financial performance of Deposit Money Banks. The methodology used for data collection was mainly from primary source which included questionnaire and personal interview in order to have knowledge of Monetary Policy on the financial performance financial institution. Information was also gathered from the secondary source which includes literature review of previous research, consultation of textbooks and internet. Simple percentage and Chi-square statistical method were used to analyse the data collected before reaching conclusion. The findings of the research indicated that deposit money bank policy affect banking operations in its bid to regulate money supply in the economy with particular reference to deposit and credit creation. The recommendation is that while bank size was found to lead to better financial performance, it is important that banks understand the source of its funds and the costs associated with the funds.
TABLE OF CONTENT
TITLE PAGE
APPROVAL SHEET
DEDICATION
AKNOWLEDGEMENT
TABLE OF CONTENT
CHAPTER ONE INTRODUCTION
- BACKGROUND OF THE STUDY
- STATEMENT OF THE PROBLEM
- OBJECTIVE OF THE STUDY
- SIGNIFICANCE OF THE STUDY
- SCOPE OF THE STUDY
- ORGANIZATION AND PLAN OF THE STUDY
CHAPTER TWO LITERATURE REVIEW
- MONETARY THEORIES
- PROCESS OF FORMULATION OF MONETARY
POLICY - THE ROLE OF MONETARY POLICY
- INSTRUMENT OF MONETARY POLICY
- TARGETS AND INDICATION OF MONETARY
- REFERENCES
CHAPTER THREE
CASE STUDY AND METHODOLOGY
- BRIEF HISTORY OF CENTRAL BANK OF NIGERIA
- RESEARCH METHODOLOGY
- SOURCES OF DATA COLLECTION
- METHOD OF DATA ANALYSIS
CHAPTER FOUR
DATA PRESENTATION
- REVIEW OF MONETARY POLICY IN NIGERIA
- MONETARY POLICY OF YEAR 2001 FISCAL
YEAR - COMPARING YEAR 2000 AND 2001 FISCAL YEAR
MONETARY POLICY
4.4 IMPACT OF MONETARY POLICY ON NIGERIA
FINANCIAL SYSTEM
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5. 1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATION
5.4 LIMITATION OF THE STUDY
5.5 BIBLIOGRAPHY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The growing importance of the modern state at ensuring adequate provision for' living and the need for economic growth in large part of the world have contributed to the entrance of the prestige of monetary policy as an important instrument of economic policy.
This write up will examine and explain various monetary policy instruments that have been used in Nigeria since the. inception of the Central Bank of Nigeria (C.B.N) which is the regulator^ body u6ecl by the Federal Government to regulate and control the money in circulation. The policies are designed in an attempt to change the trends of some monetary.
Variables in particular and directions so as to induce the desired behavioral change in the monetary sector.
Emphasis would be laid on how the monetary authorities used these polices in controlling some mayor macro-economic problems now rampant in our society.
One of the primary responsibilities of any government is to ensure that citizens attain" a high standard of living, the monetary policies consist of action taken by government to help in achieving economic objectives.
Some of these objectives are as follows
i. Full employment
ii. Rapid economic growth and development
iii. Price stability
iv. Equality in distribution of income
v. Stable foreign exchange rates
vi. Attainment of self reliance in the economy
vii. Correction of balance of payment deficit.
Any government whether a developed or a developing country economic objectives which might be economic growth so as to increase the wealth per head of the population or the prevention of loss or real output and the cost that result from the failure to maintain the economy at its full potential output level, the improvement of the functioning of the economy by restraining excess demand and inflationary price increase from imposing real cost on society and the restraint off any tendency of the economy towards a chronic balance of payments Disequilibrium.
Therefore, in an effort to achieve these objectives government have put in place a number of different policy tools such as monetary policy that is topic under discussion other policy tools are fiscal policy, credit policy, foreign trade policy and exchange rate policy.
The research work will also look into the instruments or weapons of monetary policies such as open market operations, interest rate, special deposit, reserve requirement, request and directives and finally given suggestions and recommendations on how these policies could be effectively used.
1.2 STATEMENT OF THE PROBLEM
Monetary policy has a major role to play in the Nigeria finance system and the economy in general.
To ensure efficient and effective growth in the economy. Monetary policy must be allowed to stay for a period of three to four year -to ensure stable economy growth and enhance the control of monetary in the money and capital market.
The monetary policy when not in good planning and control will contribute to the inflationary trend of the nation economic. Although the performance sheet of the economy shows that economy is on good track but inflation rate continues to gallop for instance during 1999 fiscal year the rate of inflation stood at 15 percent, in year 2000 its reduced again to 0.9 percent at present it as shoot up to 5.5 percent.
These have contributed to the poor economic growth, in stabilization in the market system, inequitable distribution of income. The above discussions shows that not allowing the monetary policy to last for longer period before introducing another current measure is a problem facing the economy of the country and also the regulatory body of the policy ought to take caution and exercise adequate economic skills aim at achieving the best for the country.
1.3 OBJECTIVE OF THE STUDY
The main objective of this study is to indemnify the importance and impact or to evaluate the role of monetary policy and its impact on the financial system.
And to examine critically the adequate of monetary policy in Nigeria and then relate the general theoretic-background and establish specific monetary policy indicated by the structure and character of Nigeria economy.
In addition, it will also examine the historical potency of contemporary monetary policy in the changing economic circumstances of Nigeria growing effort and possible prefer suggestions.
1.4 SIGNIFICANCE OF THE STUDY
This research work is important to every sector and everyone within the nation. Economists agree that money plays an important role in the economic development and growth process of a nation, ever since the days of an ancient Greek writer - Philosopher - Plato Aristotle and Xylophone write dealing with., money have dwelt on the issue of monetary policy. Monetary policy involves some process which will bring about the growth of the economic; these are the objective of monetary policy (the goals of the policy), policy formulation, and choice of policy instrument, policy implementation and policy evaluation / adjustment.
All these process will bring about great impact on the activities of the financial institutions that helps in the successful execution of the policies through their dealing^" with-general public, the introduction of these policy have increase the level of activities in the economy.
1.5 SCOPE OF THE STUDY
The research work is designed to cover almost all the areas of the goals of monetary policy and its instrument. It will deals with the impact, trend and indicator of various monetary tools been used in Nigeria finance system to the supply of money and cost of money-is .Nigeria banking system.
1.6 ORGANIZATION AND PLAN OF THE STUDY
In line -with the above discussion, these stages briefly states the outline of the various' chapters in the project work. In the light of the above, the project shall be divided into five chapters in order to achieve the aims of the project; each chapter shall deals with all the important aspect of the topic. Chapter one of the report will contain the introduction of the theme of the project work by giving the background of the study, statement of problem of study, objective of the study; significance of the study, scope and limitation of the study and the organization of the study.
.Chapter two will focus and deals with review of various literature materials on monetary policy.
Chapter three will focus on the brief history of the regulatory body of monetary policy in Nigeria which is the Central Bank of Nigeria (CBN) and the research methodology used.
Chapter four will analysis stating the information received so far on the on the monetary policy that is the review of monetary policy in Nigeria, comparison of current year monetary policy with previous year and the impact of monetary policy and Nigeria finance system.
Lastly, chapter five would cover or will be devoted to summary, conclusion and recommendation.
Through its influences on aggregate demand and hence on output. This school of thought even argues that a modest rate of growth because it is only in such circumstances that the rate of profit would rise and the motivation to invest would increase.
It is further argued that the use of monetary policy to achieve growth can aid the achievement of some other objectives such as full employment,
The other view on monetary policy is the classical view as redefine by Milton Friedman. According to this view, monetary policy cannot-be used, to achieve a legal unemployment which is lower than the natural rate of unemployment. However in an attempt to correct the new unemployment problem with an increase in money supply will simply lead to a repetition of the business cycle and this would destabilized the economy, the monetary policy which have been discussed above can further be illustrate with the use of business cycle which clearly show the rate of stabilization in the economy.
BUSINESS CYCLE
Keynesian view is that monetary policy should be directed at interest rates rather than money supply and that monetary policy should at all times be directed at interest rates rather than money supply and that monetary policy should at all times be subsidiary to fiscal
policy, the monetarists recommend that control of money supply should the major concern of the monetary authorities.
The Keynesian view says since inflation is a sign of
Economic over heating and rise in interest rate will tend to cool it down by checking investment and thence overall demand conversely during the period of recession economic activities could be stimulated by lowering the interest rates.
However, Keynesian argue that monetary policy will be more effective if the authorities aim'-to- control interest rate directly rather than indirectly through the money supply.
Therefore, the Keynesian versus monetarist’s debate given the conflicting advice to government on the role and effectiveness of monetary policy. According to Paul Einzigg, monetary policy is the altitude of the political authority towards the monetary system of the communicate under the control. Declaring this definition tool vague to be of sufficient practical use, the same writer defined an idea monetary policy "as the effort to reduce to a minimum the disadvantage and increase the advantages, resulting from the existence and operation of monetary system".
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CHAPTER THREE: The complete chapter three of "the role of monetary policy and its impact on nigerian financial system" is available. Order full work to download. Chapter three of "the role of monetary policy and its impact on nigerian financial system" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
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