THE ROLE OF CENTRAL BANK IN THE DEVELOPMENT OF NIGERIA ECONOMY (A CASE STUDY OF CENTRAL BANK OF NIGERIA)
This project work is to study in-depth the role of the central bank in the development of Nigeria's economy and its dividing into five chapters as follows. Chapter one, introduction to the study, the purpose of the study, research methodology, traces the background of the central bank of Nigeria purpose, scope, aims, and objective and significance of the study. Chapter two deals with the review of related literature, here documented information about the subject matter is 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 the testing hypothesis. Chapter five deals with a summary, recommendation, and conclusion.
TABLE OF CONTENT
Table of contents vi - vii
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
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
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
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
5.0 Summary, conclusion and recommendation 24
5.1 Summary 24
5.2 Conclusion 24
5.3 Recommendations 24
A country's 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 the Central Bank of Nigeria by the government which specified responsibility is to provide the basic ingredient for rapid economic development.
The Central Bank of Nigeria exists to speed up the country's economic 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 economic development and growth.
One of the major objectives of the past and the present Nigerian government is therefore for a country to have a stable economy and attain economic growth. One of these vehicles that can be used to achieve these is the role played by the central bank on the economy of the nation.
In Nigeria, the central bank undertakes functions on both types of institutions especially the banks through the application of various and regulatory measures. The subject of this study dealing as it does on those relationships is there tropical and will address a number of many issues on monetary, banking policy, and economic development. In the analysis of the study, some findings and recommendations were given to the banks and financial institutions with moral support.
The researcher concluded by saying that the Central Bank of Nigeria played important role in the economic development of Nigeria.
1.1 STATEMENT OF PROBLEM
The researcher wishes to find out the problems encountered by the Centre Bank of Nigeria; in the economic development of Nigeria as follows:
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.
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.
Poor exporting primary good
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 the Central Bank of Nigeria in the development of the Nigeria economy Nigeria does not reduce unemployment in Nigeria
Hi: The role played by the Central Bank of Nigeria in the development of the Nigerian economy reduces unemployment in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The objective of this study includes:
To critically analyze the Central Bank of Nigeria as regards the contribution on various ways the economic development of Nigeria.
To study the measure taken by the Central Bank of Nigeria to control foreign exchange
To critically identify the role of the Central Bank of Nigeria in internal trade
To examine how the Central Bank of Nigeria serves as an apex and how it controls its bank through its numerous monetary instruments impact of the Central Bank of Nigeria roles in Nigeria economic development.
To critically identify the role of the Central Bank of Nigeria in international trade
To examine how the Central Bank of Nigeria serves as an apex and how it controls them through its 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 the central bank of Nigeria sensitized people the misconception held by the bank and other government can be exposed by the study.
The research would also be a source of information for bank investors 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's development. It takes a broad view of the various aspect of the role and function of the Central Bank of Nigeria, it also looks 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 cutting down the rate of inflation in Nigeria..