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AN APPRAISAL OF CENTRAL
BANK OF NIGERIA IN ECONOMIC DEVELOPMENT EASTERN ZONE OF NIGERIA
ABSTRACT
This project work is centered on An Appraisal on Central Bank
of Nigeria in Economic Development Eastern Zone of Nigeria. It tells how the
impact Economic development in the country was restricted by shortage of
productivity factors and to find the best way of breaking the various circle of
capital formation. In the historical background of the study it also elaborate
how the Central Bank of Nigeria appointed their board of Directors in the year
1958. The board was made up of governor and deputy governor. The problems that
affect this bank were identify and objective of the study is to ascertain the
present economy. This research work used personal interview questionnaires and
desk research were used in getting the required information from the population
sample. The analysis of the data simple percentage and table simple percentage
and table and chi-square methods were used due to their suitability for the
study. Analysis of data is based on the number of Reponses to the question
asked. The testing of hypothesis were also analysed. Based on the study of
recommendation were as follows interest Rate, lack of Banking habit and
intensifying rural banking programme. It exposed to a greater extent the impact
of CBN has played in making sure that the economic development needed and
required in Nigeria which realized by regulating and mobilization of the
movement of found.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
The evolution of Banking in Nigeria is basically inter work
with the history of the economic development in Nigeria and also West African.
The major European shopping and trading organization Elder Dumpster and co. was
in the forefront of the drive to establish an organized banking in the country.
However, in 1958, a central bank ordinance was appointed. The
board was made up the governor and the deputy governor. Both were appointed by
the governor-General and they ran the Bank as a full time employees. Few other
members of the board were appointed by the prime minister of the federation. No
practicing banker civil servant or elected official (legislation) could be an
appointed to the Board except perhaps the Economic Adviser to the federal
Government.
In addition to the government office were the general
managers department (responsible for administration research and statistics).
The year 1950 ordinary also provide for political
independence of Central Bank of Nigeria despite the creation of an Advising
committee whose members consisted of the following.
a) The
federal ministry of finance
b) The
regional finance ministry (3)
c) The
governor
d) The Deputy
governor
Thus, the coming in the existence of the Central Bank of
Nigeria abolished almost all the functions of the African currency based, but
did not become effective its door for business in June 1959 and become
optimally operational in 1960. At this function and responsibilities of the new
Central Bank will highlight its similarities and differences vis-Ã -vis the West
African currency Board.
More so, three studies in 1951 had touched the question of
establishing a Central Banking varying degrees and intensities they are:
1. Mass
unpublished pioneer study of the Nigeria monetary system which made only a
passing. Mention via a single paragraph of the desirability of a Central Bank
of Nigeria.
2. The Trevor
Report which focused on the Gold Coast and recommended against the
establishment of a Central Bank them.
3. David
Roman’s study, which concluded that the case for Central Banking was not an
urgent one then. A private members motion was introduced by DR. F.O Mbadiwe on
March 21 1953 during the first session of the newly constituted House of
Representatives. That as a practical means of consolidating the financial
resources (including regulation of Gold and Currency) of this country for the
purpose of rapid economic development in all its phases, and as well as
strengthening the existing African Banks.
1.2 STATEMENT OF
THE PROBLEMS
Since Central Bank was established by the economic problems
and capital formation. Its operation the Central Bank have aimed towards
achieving an objective but was confronted. This work is therefore out to
unearth these problems and make recommendation.
It also assess the impact of Central Bank in the development
of Nigeria with special reference to Eastern zone of the country.
1.3 PURPOSE OF THE
STUDY OR OBJECTIVE
The purpose of this work are:
To find out activities of Central Bank of Nigeria.
To find out how there activities are spread in the country.
To find out the problems of Central Bank of Nigeria in
performing its activities.
To make recommendation as appropriate.
To identify the extent of which these problems have militated
against.
1.4 RESEARCH
QUESTIONS
i. t do you
think are to be the problems which the Central Bank of Nigeria will encounter
in their way of ensuing economic development in this our country Nigeria?
ii. Do you
think that choosing Bank staff with wrong background and aptitude will affect
the ways of Central Bank in Nigeria?
iii. Do you
think that Banks can retrieve that reputation and good name usually associated
with the banking industry.
iv. Does
motivation affect the performance of staff?
v. How can
this eliminated to ensure that the right person is recruited?
1.5 RESEARCH
HYPOTHESIS
This is a statement of assumption that is used to ascertain
all the statement made in the research work.
Null Hypothesis Hi:
Money in the organization is enough to take care of the staff
and maintain its roles in the economic development of Nigeria.
Number of people with the propensity many users of bank
credit facilitative pay back their loans without waiting to be forced into
compliance good management relationship encourage high productively in banking
services.
Banks in Nigeria have been providing their services to
customers.
Alternative Hypothesis Ho:
Money in the
organization is not enough to take good care of the staff and maintain its role
in the economic development in Nigeria.
Number of people with the propensity not to save are few many
users of bank their loans but wait to be forced into compliance.
People in rural areas do not know how to make use of bank
services while in Hypothesis Hi people in the rural areas know how to make use
of bank services.
Good management relationships do not encourage high
productivity in banking services.
Banks in Nigeria have not been providing their various
customer services.
1.6 SCOPE OF THE
STUDY
This project work does cover the modern day functions of the
Central Bank of Nigeria and their regulatory rules. It covers various roles the
Central Bank of Nigeria has affected, the various aspect of the economy, their
development in these different areas and nature of what is needed for our
economy to grow.
The research features also the History of Central Bank in
Nigeria, its origin and how it brought about economic changes and development
in Nigeria
1.7 SIGNIFICANCE
OF THE STUDY
This Bank as an institution will benefit from this
study. It will go a long way to enhance
their aims and objectives.
This project can also serve as a reading material and guide
for leisure period.
The major significance study is that the researcher has
discovered that the Central Bank has actually contributed much to the economic
development of our country. CBN is the apex regulatory authority of financial
system.
This study is of great importance to any students that will
want to use this project work to broaden his/her knowledge on the impact of
Central Bank of Nigeria on Economic Development. It will also benefit the bank
staff. They will have more motivating incentive impulses that would help them
perform their duties more effectively. The staff who are more qualified will be
recruited to take their rightful positions in the banking work.
Through this study, the reader will also know that CBN is a
Bankers to other Banks and it promotes, confidence in the system. They also act
as banker to the government by providing banking system services to the state
and local governments.
It also leads to the promotion of monetary stability, foreign
exchange management facilities to entertain public complaints.
1.8 DEFINITION OF
TERMS
CURRENCY: This is
the component of the money supply consisting of bank notes and coins.
DRAFT: This is issued
at the request of a customer, and it is drawn by a bank on itself and used when
one wish to transfer has account to another.
STANDING ORDER:
This is an instrument given by a current account holder to his banker to
make periodic payment.
EVOLUTION: Process of
opening out or developing.
CONDESCENSION:
This means to humble oneself to somebody in a good sense.
CUMBERSOME PROCESS:
This is heavy and hard way of carrying out some banking practices.
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