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THE
IMPACT OF MONETARY POLICY IN CONTROLLING INFLATION IN NIGERIA
ABSTRACT
This extended essay examine the Impact of monetary policy in
controlling inflation. The ways of
combating inflation identified were through
monetary policy open market operation (OMO), moral suation, minimum
requirement, interest rate cash reserve requirement (CRR) liquidity ratio etc
and fiscal policy approach-taxes, government expenditure and borrowing. The
essay however discovers that combating inflation using either the monetary or
fiscal policy approach is highly uncertain. The result may vary tremdously
according to the level of economic development in a
country among other factors.
TABLE OF CONTENTS
Title page - - - - - - -- - - - i
Declaration - - - - - - - - - ii
Approval page- - - - - - - - - - iii
Dedication - - - - - - - - - iv
Acknowledgement - - - - - - - - v
Abstract - - - - - - - - - - vi
Table of content - - - - - - - - vii
CHAPTER ONE
1.0 Introduction - - - - - - - - 1
1.1 Background
of the Study - - - - - - 2
1.2 Objectives
of the study
1.3 Significance
of the study - - - - - 6
1.4 Scope of
the study - - - - 7
1.5 Limitation
1.6 Definition
of terms - - - - - 8
CHAPTER TWO
Literature review- - - - - - - - 12
2.0 Introduction
2.1 Review of trend of though - - - - 14
2.2 Models/Theories
or relevant concept
2.3 Current
literature
2.4 Monetary
policy instrument in curbing inflation
2.5 Summary
CHAPTER
THREE
3.0 Introduction
5.1 Summum
5.2 Conclusion
5.3 Recommandations
References - - - - - - - - 68
CHAPTER ONE
1.0
INTRODUCTION
Monetary
policy entails the government policies aimed at changing the quantity of money
or credit condition for example, open market operation or changes in required
reserved ration etc. Monetary policies involves changes in the quantity of
money held by the public. In our economy, there are two types of money most
obviously- the naira bills and coins which you have in your pocket and money. In every
economy, after fiscal policy, the next most powerful macro-economic
stabilization is monetary policy.
In
fact Monetary and fiscal policies are expected to work together as complements
to achieve one goals of a sound macro economic management that include amongst
other domestic price stability external sector viability as well as enhance
efficiency in resource allocation, distribution and utilization.
Monetary
policy is therefore measure designed to regulate and control the volume, cost,
availability and direction of money and
credit in an economy to achieve some specifically micro-economic objectives. It
is one policy that seeks to influence economic activities using the tools available
to the central bank i.e. money supply (MS) interest rates and exchange rates.
It can also mean the deliberate attempt by the authorities to either control
the supply of money or to control interest rates or to ration the amount of
credit granted by banks.
1.1 HISTORICAL
BACKGROUND OF THE STUDY
The
history of economic growth shows that, economic transformation started in England in the Late eighteen century and gradually
spread to other parts of Europe and North America .
Economic transformations did not get to other parts of thee world until in the
1950s when Japan Africa . It is only South Africa Africa .
It
is against this background that this study is being undertaken. Poverty can be
tackled using both fiscal and monetary policies to help solve this problem and
growing poverty, removing the country from poverty trap that seems almost
impossible to be solved.
1.2
OBJECTIVE
OF THE STUDY
To
provide the readers with broad knowledge of the different activities carried
out by the Central Bank of Nigeria
in Nigeria
To
Enlighten students, readers and researchers on the significance of Central Bank
of Nigeria and it’s role in the process of Nigeria economic development.
To
highlight the relevance of monetary policy in combating inflation.
To
explain the various types of monetary policy that can be used to combat inflation
and other macro-economic problems.
To
discuss the monetary policy problems with particular reference to Nigeria
To
explain the various instruments of monetary policy that can be used to combat
inflation especially in less developed Countries (LDCS) such as Nigeria
1.3
SIGNIFICANCE
OF THE EXTENDED ESSAY
This
research study will however assist the economy to derive possible solution to
the research problem e.g. control of inflation using monetary policy measures
as adopted by the monetary authorities. Furthermore, the researcher ex-rays the
various types of monetary policy measures, which can be used to combat the
problem of inflation in the economy.
Government
will benefit immensely from this research works as the topic is very relevant
in the field of macro-economic policy formulation.
1.4
SCOPE
AND LIMITATIONS OF THE STUDY
This
project covers the role of monetary policy and it’s controlling inflation in
the Nigeria
However,
study of this nature is known to be subject to a number of problems or
constrains, which are peculiar to the Nigerian society such as financial
constraints. This research work was not an exception the problem of visiting
the Central Bank of Nigerian and some other places for data collection involved
spending a lot of money or transport expenses.
Hence,
the predicament of the overage students can therefore be imagined.
Furthermore,
the issue of office protocols time limit, secrecy inadequate research materials
also were some setbacks to the researchers in carrying out this research.
1.7 ORGANIZATIONAL
STRUCTURE OF THE STUDY
A
Central Bank is a financial institution owned by the government of a nations
run by Board of Directors, Chaired by Governor appointed by the government and
charged with the responsibility of managing the expansion and contraction of
the volume, cost and availability of money in the interest of public welfare. It is primarily a non- profit entity
in U.S. it is called the
Federal Leisure while in the U.K.
it is the bank of England
1.8 DEFINITION
OF TERMS
1.
Expansionary
Monetary Policy: Is a monetary policy that seeks to
increase the size and volume of money supply, it can be increase by buy bonds
in exchange for hard currency payment to adds that amount of currency to the
money supply.
2.
Contractionary
Monetary Policy: This is the policy that can be
implemented by reducing the size and volume of monetary base by the way of sell
bonds in exchange for hard currency, by so doing it removes that amount of
currency from the economy.
3.
Reserve
Requirement: Commercial banks are required to
maintain certain reserve requirement in order to control their liquidity and
influence their credit operations, these are usually expressed as a percentage
of customers deposits.
4.
Discount
Rate: The discount rate is the rate of interest the monetary
authorities charge the commercial banks on loans extended to them. If the Central
Bank wishes to increased liquidity and investment, it reduces the discount
rate, and on the other hand if the Central Bank wishes to reduce liquidity in
economy, it raises the discount rate.
5.
Liquidity
Ration: The Central Bank imposes upon the bank a minimum
liquidity ratio, being vary to the needs of the situation. It is designed to
enhance the ability of bank to meet cash withdrawals in them by their
customers. Such liquidity ratio stands for the proportion of specified assets.
6.
Open
Market Operation (OMO): This involves the Central Bank
Discretionary power to sell or purchase securities in the financial market in
order to influence the volume of credit and interest rate which consequently
affect money supply. The securities include treasury certificates, treasury
bill and development stock
7.
Moral
Suasion: Is the act of public pronouncements or outright
appeal on the apart of monetary authorities to the banks requesting them to
operate in a particular direction for the realization of specified government
objectives.
8.
Economic
Growth: This is a process whereby the real per-capital income
of a country increases over a long period of time. Economic growth is measured
by the increase in the amount of goods services produced deposits are savings
and currents account of deposits in a commercial bank.
9.
Money
Supply: Is a currency with the public and demand deposits
with commercial banks. Demand deposits are savings and current account of
depositors in a commercial bank.
10.
Economic
Life Cycle: This refers to a view of product
design, each stages of the product’s life is assessed in terms of cost, at each
stage of this life cycle choice have to be made.
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