ABSTRACT
This project work is to study in depth the role of central
bank in the development of Nigeria
economy and its dividing into five chapters as follow. Chapter one,
introduction to the study, purpose of the study, research methodology, traces the background of central bank of
Nigeria purpose, scope, aims and objective and significance of the
study. Chapter two deals with review of related literature, here documented
information about the subject mater are deal with example are the stages in the
role of central bank problems and solutions prospects etc. chapter three is
concerned with top management, middle management in the bank. And also the
primary instrument to collect information and the pilot study which will use in
this research methodology so as to ascertain its validity and reliability. And
the historical background of the organization with the questionnaire. Chapter
four deals with findings, exclusively with data presentation and analysis with
testing hypothesis. Chapter five deal with summary, recommendation and
conclusion.
TABLE OF CONTENT
Title i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v
Table of
contents vi
- vii
CHAPTER ONE
1.0 Introduction
1
1.1 Statement
of the problem 1
1.2 Statement
of hypothesis 2
1.3 Objective
of the study 2
1.4 Significance
of the study 2
1.5 Scope
of the study 2
1.6 Historical
background of central bank of Nigeria
3
1.7 Definition
of terms 4
CHAPTER TWO
2.0 Review
of literature 5
2.1 Definition
of bank and banking 5
2.2 The
origin of money 5
2.3 The
origin of banking 6
2.4 The
emergence of British bank for West African major
function and
management 7
2.5 Central
bank of Nigeria
brief 2012 series 7
2.6 Ordinances
setting up of the central of Nigeria
8
2.7 Central
bank as an apex bank 8
2.8 Central
bank in Nigeria
10
2.9 Prospects
in the economy development of Nigeria
10
2.10 Central bank of Nigeria
and foreign exchange 10
2.11 Effects of central bank in economic development of Nigeria 11
2.12 Monetary policy application in economic development of Nigeria
12
CHAPTER THREE
3.0 Research
methodology 14
3.1 Introduction
14
3.2 Population
size 14
3.3 Sampling
size 14
3.4 Method
of data collection 14
3.5 Sources
of data collection 15
3.6 Data
analysis techniques 15
3.7 Limitation
of data collection 15
CHAPTER FOUR
4.0 Data
presentation and analysis 16
4.1 Introduction
16
4.2 Presentation
and analysis of data 16
4.3 Response
of personal interview 21
4.4 Testing
of hypothesis 21
CHAPTER FIVE
5.0 Summary,
conclusion and recommendation 24
5.1 Summary
24
5.2 Conclusion
24
5.3 Recommendations 24
References 26
Appendix 27
CHAPTER ONE
1.0 INTRODUCTION
A country economic development depends on its industrialization process;
this can be done by giving priority to certain areas of the economy such as
Banking, Agriculture Housing and Industry because these have contributed
immensely to because to the development of any nation.
This led to the establishment of Central Bank of Nigeria by the government which
specified responsibility is to provide the basic ingredient for rapid economy
development.
Central Bank of Nigeria
exists to speed up the country economics development control. The task of
economic development and economic growth shall be paramount as such we need to
harness all available resources and means towards the economic development and
the growth.
One of the major objectives of the past and present Nigeria government is therefore for
a country to have stable economy and attain economic growth. One of these vehicles
that can be used to achieve these is the role played by central bank on ecomony
of the nation.
In Nigeria
the central bank undertakes functions on both types of institution especially
the banks through the application of various and regulatory measure. The
subject of this study dealing as it does on those relationships is there
tropical and will address a numbers of many issues on monetary, banking policy
and economic development. The analysis of the study some findings and
recommendation were given to the banks and financial institution with moral
support.
The researcher concluded by saying that the Central Bank of Nigeria played important role in the economy
development of Nigeria.
1.1 STATEMENT
OF PROBLEM
The researcher wish to find out the problems encounter by the Centre Bank
of Nigeria; in the economy
development of Nigeria
as following:
a.
The challenges facing the Central Bank of Nigeria
are not just the conventional responsibilities of controlling the nation’s
total money supply or implementing the country’s monetary policy and interest
rates.
b.
By regulating and supervising the banking industry as a
whole the Central Bank of Nigeria
is also involved in ensuring effective corporate governance, fostering systemic
stability that should maintain public trust and overall confidence in the
banking system.
c.
Poor exporting primary good
d.
Poor agricultural productivity in Nigeria
All the above problems are the reason why the Central Bank of Nigeria
fails to achieve its aim and objective
1.2 STATEMENT
OF HYPOTHESIS
The Hypothesis is:
Ho: The role played by Central Bank of Nigeria in the development of the Nigeria economy Nigeria
does not reduce unemployment in Nigeria
Hi: The role played by Central Bank of Nigeria in the development of the Nigeria economy reduces unemployment in Nigeria.
1.3 OBJECTIVE
OF THE STUDY
Objective of this study includes:
a.
To critically analyze the Central Bank of Nigeria as regards the contribution on various
ways the economic development of Nigeria.
b.
To study the measure taken by the Central Bank of Nigeria
to control foreign exchange
c.
To critically identify the role of Central Bank of Nigeria in internal trade
d.
To examine how Central Bank of Nigeria serves as an
apex and how it control their bank through it numerous monetary instruments
impact of the Central Bank of Nigeria roles in Nigeria economic development.
e.
To critically identify the role of Central Bank of Nigeria
in international trade
f.
To examine how Central Bank of Nigeria serve as an apex and how it
control their through it numerous monetary instrument
1.4 SIGNIFICANCE
OF THE STUDY
The gains to be derived from this study cannot be over emphasized about
the performances or the other financial for the development of the country. The
operational problem of central bank of Nigeria senitized people the
misconception help by the bank and other government can be exposed by the
study.
The research would also be a source of information for bank investor and
educationist.
1.5
SCOPE OF THE STUDY
The project shall actually concern the entire role of the central bank of
Nigeria
in the nation development. It take a broad view of the various aspect of the
role and function of Central Bank of Nigeria, it also look at its position in
banking, industry and various roles of the central bank of Nigeria as the
primary function, function banking
habits and its system with its role in foreign trade insurance.
Finally, the study will consider the importance of the current measure of
the Central Bank of Nigeria
toward the cutting down the rate of the inflation in Nigeria.
1.6 HISTORICAL
BACKGROUND OF CENTRAL BANK OF NIGERIA
The background lies in the characteristics and different monetary systems
which recedes it this was the West African Currency Board (WACD)
The WACB was established in 1912, following the recommendation of the
eminent communities appointed by the British Colonial Authorities to study ways
and means of dealing with basic necessities, one of way financing the need of
the African and the other was the eradication of the confused.
In convenient and unsatisfactory currency position in British West
African, in colonial office memorandum of 12th December, 1912
although they underwent a series of amendment in 1915, 1923 and 1947 the
regulation were designed to issued a West African Currency Government might
share in the profit of the currency issued. In effect the WACB was changed with
four main functions.
a.
Issue of the West African countries
b.
It exchanges for existing currencies
c.
The expatriation of its existing currencies
d.
The investment of its reserve
The history of central bank of Nigeria it was established by the Central
Bank of Nigeria Act of 1958 and commenced operation on July 1, 1987
The major regulatory objectives of the bank as stated in the Central Bank
of Nigeria
act of 1958 is to maintain the external reserve of the country, promote
monetary stability and a sound financial environment and to act as a banker of
last resort and financial adviser to the federal government the financial
government. The central bank’s role as lender of last resort and adviser to the
federal government has sometimes pushed it into murky regulatory waters. After
the end of colonial rule, the desire of the government to become pro – active
in the development of the economy became visible especially after the end of
the Nigeria Civil War; the bank followed the government’s desire and took a
determined effort to supplement any short falls in credit allocation to the
real sector.
The bank soon became involved in lending directly to consumer,
contravening its original intention to work through commercial banks in
activities involving consumer lending. However, the policy was an offspring of
the indigenization policy at the time. Nevertheless, the government through the
central bank has been actively involved in building the nation’s money and
equity centers forming securities regulatory board and introducing treasury
instruments into the capital market.
The WACB rigorously discharge those functions however, it was characterized
by three elements falls partly of local currency with starting coverage, these
characteristics is straight and according to them, the system had advantages
for Nigeria to detect but the detect where neither small nor have little
practical application
In the first place, the currencies issued were not an expatriate sterling
a dependent currency in all British pounds.
Beside its automatic link worth starting of the British pounds indeed
wherever its virtues had no room for monetary management. Another short coming
of the WACB it did nothing to the African in the acts of monetary management or
develops indigenous banks and their financial institutions.
Finally because the WACB invested all its reserves in oversea London although there was
no legal obligation to on local investment out let was develop.
1.7 DEFINITION
OF TERM
To successfully carryout the write up of this project, it would be
necessary to define certain basic concepts.
A bank: This is a financial institution
duly incorporated under the company and allied matter decree not being carried
out there in
Central Bank: This is a financial
institution set up by government to cater for keeping of government money and
issuing of currencies and overall direct flow in and out of the money in
circulation.
Economics: This is the scientific study
of people and their institutions and consuming goods and services and how they
face the problem of making resources.
Expatriate Banks: These are foreign
banks operating in the country they provide service to Nigerians but their
ownership belong to the foreigners.
Currency: This is the system of money
that country uses example, naira and kobo are being used in Nigeria
Legal Tender: This is the currency that
is backed up law to be used as medium of exchanged settlement of debt, unit of
account and measure of value etc.
Monetary policies: These are policies
designed to control the quality price and direction of money supply in pursuit
of national economic goals.
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