Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)
1.1 Background of the Study
Few years ago, Nigeria economy undergone different macroeconomic problem which are characterized by slow down in an economic activities increase in the rate of unemployment intensified exchange rate having a persist increase in the general price level of goods and services and government deficit financing which has also been identified as major factor which lead to macro economic problems.
There are different macroeconomic policies which are monetary policy and fiscal policy. One of the functions of central bank was the formation of monetary policy and also choose different monetary instrument to be applied in an economy for effective utilization of stock of money in circulation. The central bank also control commercial banks and other financial institution to create credit by varying liquid reserve ratio and by influencing the interest rate through open market operations (OMO)
From the above explanation monetary policy can now be defined as ” A deliberate action taken by monetary authorities to change the domestic stock of money supply or it refers to the combinations of different measure design to regulate the value, supply and cost of money in an economy” monetary policy can be expansion to contraction in nature, the expansion means decrease in stock of money in circulation. Monetary policy is very important in an economy because without it economic growth economic development will not be ascertained. Therefore, the Central Bank of Nigeria(CBN) should make conscious effort toward the control of other financial institution for the economy to maintain growth and development through the monetary policy.
1.2 Statement of the Problem
The focus of this research was based on monetary policy and its impact in Nigeria financial institution using AfriBank of Ilorin Kwara State as a case study. In the course of the research’ answers will be provided to the following research question;
- What is the historical background of Afribank Ilorin Kwara State?
- What is the meaning of monetary policy?
- What are likely instruments of monetary policy?
- What the various objectives of monetary policy?
- What is the impact of monetary policy in Nigeria financial institutions?
- How do CBN and government of the country operate monetary policy in Nigeria?
1.3 Research of Question
In the course of this study some question come under consideration which are;
- What is the impact of monetary policy in Nigeria financial institution?
- What are the instruments of monetary policy used by Central Bank of Nigeria (CBN)?
- What are the reasons for the implementations of monetary policy in Nigeria?
- How does CBN and government of the country deal with operation policy in Nigeria?
1.4 Objectives of the Study
The main objectives of this research work which was based on monetary impact in Nigeria financial institution a case study of Afribank ilorin kwara state is to provide accurate answers to the problem of the study above, the answer are the following;
- To know the historical background of Africabank ilorin kwara state.
- To critically examine the meaning of monetary policy
- To examine the likely instrument of monetary policy.
- To know how Central Bank and government of the country operate monetary policy.
- To identify the various objectives of monetary policy.
- To know the impact of monetary policy of Nigeria financial institution.
1.5 Significance of the Study
This study is carried out to know the impact of monetary policy in Nigeria financial institution using “Afribank Ilorin kwara state.
Monetary policy implementation has many importance to Nigeria economy, there include control inflation, maintain of full employment, maintenance of healthy balance of payment position and also maintain stability in external value of money all these leads to economic growth and economic development in Nigeria.
Monetary policy can be used by the government of the country, commercial bank, central bank and other financial institution.
1.6 Scope of the Study
This project work is confined to a certain period of time which gives me an opportunity to analyze the data collected properly. This study draw2s it finding with Afribank study will cover the Afribank of Nigeria within Ilorin metropolis.
1.7 Limitation of the Study
During the execution of this research there are limitations and constraints. Some comes from the bankers who are respondents while others related to finance and time constraints.
The researcher faced financial problems because of the high cost of internet browsing and cost of meeting the bankers for information lastly is the time factor in the sense that the research was conducted during the normal school period which has to attend myriad of lectures and engaged in other vital comments such as seminars, symposiums continuous assessment test and examination.
Summary Conclusions and Recommendations
5.0 A Brief Introduction of the Chapter
This chapter which is the last chapter of this research work will examine the following summary of the whole study, summary of findings, conclusion and recommendations.
5.1 Summary of the Whole Study
The topic of this research work is based on monetary policy and it impact in Nigeria financial institution (A case study of Afribank Ilorin kwara state). This research work consists of five chapters.
The first chapter examines the background of the study, statement of problem, research questions, objectives, significance, scope and limitations of the study. Chapter two of this works examines the review of related literature in relation to the subject matter, objectives and operation of monetary policy, instrument and impact of monetary policy in Nigeria financial institution. The third chapter focuses on historical background of the case study, sample and population of the study, the method of data collection, method of data analysis, data collection instrument and the limitation of the methodology. The fourth chapter concerned with the presentation, analysis and interpretation of data.
The last chapter contains the summary of the whole study, conclusion and recommendations of the research work.
From the research, various objectives of monetary policy were ascertained and it is observed that the operation of monetary policy is been carried out of the Central Bank of Nigeria and government of the country.
Furthermore, monetary policy can be controlled by the use of some instruments such as Open Market Operation, reserve requirement, bank rate, selective credit control and moral suasion. All these instruments must be properly used in order to achieve stated economic objective.
In a nutshell, monetary policy also have impact in an economic because it maintain full employment, control inflation and also maintain stability in external value of money and all these lead to economic growth and economic development.
In view of great impact of monetary policy in an economy, the following are recommended for the proper conduct of monetary policy;
- A policy should be allowed to last for a period of four years before another one is formulated so that the impact of the policy on the economy could be felt.
- CBN should make effort in other not to curb inflation through monetary policy.
- The bank should ensure that all their operating staff has knowledge of monetary policy.
- Government must make conscious efforts towards the reduction in time lies between planning and implementation stage so that better result can be achieved through the use of monetary policies.
Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)
The complete material will be sent to you in just 2 steps.
Quick & Simple…
Make payment of ₦3,000: through USSD Transfer, Bank Mobile App, ATM Transfer, or POS Transfer to:
|Account No.: 0811003731|
|Name: Samphina Academy|
|Account Type: Current|
Or Click Here to pay with Debit Card
|FOR CLIENTS OUTSIDE NIGERIA:|
|Click Here to pay with Debit Card ($15)|
|GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey|
Send the following details through Text Message or WhatsApp Messenger | +234-8143831497
- Payment Details
- Email Address
- Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)
The complete material will be sent to your email address after receiving your payment information | T & C Apply
You may also like:
This research material “Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.
The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.
samphina.com.ng is only providing this material “Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.
How to defend your research work
This is a general guide on how to defend your research work:
1. Prepare For Questions:
If you are preparing for questions that may be asked during your defense, then your answers will flow smoothly and effectively. This will prove your knowledge on the subject e.g “Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)“, and strengthening your argument. Ask friends and family, read your work for them to listen to your presentation, and write down questions. You may be lucky the panel will ask you those you have already prepared on.
2. Strong Summary:
Summarizing your chapters will help keep your audience focused because it is easy for a mind to drift, so providing summaries will ensure your panel will follow along, even if they lose focus for a brief moment. Visual aides, such as graphs and power-point presentations can be very helpful. If you are going to use these, make sure you will practice your presentation with them.
3. Be Confident in Your Research Work:
Not knowing your topic “Monetary Policy And Its Impact In Nigeria Financial Institution (A Case Study Of Afri Bank Ilorin Kwara State)” inside out will cause you to struggle and ultimately fail with your defense. You need to know the subject from every angle to ensure you are fully prepared for any question that may come your way.
Reinforce your findings to conclude your defense. The finale of your presentation should focus on proving the work that has been done. You may need to recap on what has changed and remained unchanged, if is necessary.
5 . Listen:
Before you get defensive or recite a particular answer, make sure you truly understand the question being asked. Being a good listener is an important quality, because providing an inaccurate or off-topic answer will also weaken the validity of your paper.