MONETARY POLICY MEASURES AS INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA


MONETARY POLICY MEASURES AS INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA

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MONETARY POLICY MEASURES AS INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA
MONETARY POLICY MEASURES AS INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA

 

CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND OF THE STUDY

Monetary policy usually involve the expansion or contraction of money supply the manipulation of interest rates to make borrowing easier and cheaper or more difficult  and deicer depending an prevailing economic condition and challenging of  fund to growth sector for increased output. Monetary policy is an integral part of the overall economic policy that regulate the level of money or liquidity in the economy in order achieve some desired policy objective.

Monetary policy is usually the responsibility of the monetary authorities which comprises the central bank and the federal government.  In Nigeria the central bank exercise primary responsibilities for initiating articulating implementing and appraising such policy the banks proposal are subject to ratification by the federal governments.

Monetary policy  measures are monetary management techniques put in place by the government through the central bank. These measures relay on the control of money stock that is supply of money in order to influence broad economic objective which include price stability high level of employment sustainable economic growth and a balance of payment equilibrium these bread objectives are achieved through the use of appropriate instruments depending on which objective the policy formulates want to achieve and also in the level of development of the economy.

In the application of monetary policy measures as instrument of economic stabilization and instrument of monetary policy are determined by the nature of the problems to the solved and by the environment in  which these problems exist.

There are broadly two categories of these instruments namely indirect or market based and direct instrument indirect instrument are usually used in market based economics where the quantity of money stock can be effected through the relationship between money  supply and reserve money as well s the ability of the monetary authority to influence the creation of reserves. The reserves and money supply can be affected through the following ways:

i.                    Change in reserves/ deposit ration

ii.                  Change in discount rate   

iii.                Interest arte change    

iv.                Engaging in open market operations (OMO)

In an under developed financial environment the instrument of monetary management are largely limited of direct measure which set monetary and credit targets ate desired level. The major direct control measures is direct interest regulation however quantitative ceiling or overall credit operation is also used.

The instrument of monetary policy are applied in the achievement of various objective. However all such objective are in consonance with the  board objective of  he first national rolling plan 1990-1992 which are the consolidation of the achievement made so far in the implementation of the structural adjustment programme (SAP).  The plan is also to deed with pressing problem of inflation particularly manufacturing and the inadequate availability of foreign exchange with the aim of achieving higher level of overall capacity utilization.  It hopes also to address the issue of low growth of non-oil exports other socio economic problem to be addressed by the plan include the high growth rate of population threats to the environment an the manager of  anti-social behavious such as armed robbery.

These broad objective can be broken down to more direct objective namely. A high level of employment price  stability a sustainable level of economic growth effectiveness of monetary policy measures against which background of objective they were formulated has raised  serious doubts as to the continuous use of these policy measures.

It is in the light of the above theoretical background that the author/ writer wishes to carry out a study of monetary policy measures as an instrument of  economic stabilization.

 

 

 

1.2       STATEMENT OF THE PROBLEM 

Over the years so may instrument of monetary policy have been in vogue not only to gear up the level of investment but to cheek the perennial problems of unemployment prices level instability lack of sustainable economic growth balance of payment disequilibria imbruing to mobilize domestic saving a out put these level consistently and persistently done severe damage to the Nigeria economy but most strikingly these problem have continued  to plagues the economy unabated.

It is against this background that the problems of this study have been identified and they are as follow.

i.                    Are monetary policy measures effective as instrument of economic stabilization?

ii.                  Have there been any significant variation in the use of monetary policy to achieve desired objective and what has been the outcome

iii.                Is the implementation of monetary policy ideal

iv.                Could there by any remedy  to these problem and family.

v.                  Are there conduits or relationship between monetary policy and fiscal policy measures

MONETARY POLICY MEASURES AS INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA

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Monetary policy usually involve the expansion or contraction of money supply the manipulation of interest rates to make borrowing easier and cheaper or more difficult and deicer depending an prevailing economic condition and challenging of fund to growth sector for increased output. Monetary policy is an integral part of the overall economic policy that regulate the level of money or liquidity in the economy in order achieve some desired policy objective... accounting project topics

MONETARY POLICY MEASURES AS INSTRUMENT OF ECONOMIC STABILIZATION IN NIGERIA

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