The Role Of Monetary Policy In The Control Of Inflation In Nigeria (1995-2005)
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This thesis is dedicated to the Almighty God, my husband and my children.
I wish to acknowledge the efforts of my supervisor, Prof. B. E. B. Nwoke for supervising this work. My special thanks go to Dr. A. A. Amaechi who painstakingly read through this work, made corrections and constructive criticisms, and for all his encouragements through thick and thin. I am sincerely grateful, Sir.
I am also grateful to my Head of Department, Assoc. Prof. C. M. U. Ajaero for all his encouragement. To my Head of Department Emeritus, Prof. C. N. Ukaga, I wish to say thank you for all your motherly advice and encouragement throughout this programme. My knowing has taken me to greater height. I would not fail to appreciate all my lecturers, Prof. Keke, Prof P. I. Onyeka, Dr. Mrs. Ogoamaka, Dr. Mrs. C. Ikpeama and Dr. Mrs. M. Ezike.
I am most indebted to my heartthrob, Mr. Chris Ononogbo for his consistent encouragement and support, both morally and financially; who gingered me on to work assiduously to make sure that this dream is actualized. To my lovely children, Chidera, Onyinyechi, Ugochi, Chinwendu, Chizaram and Chiziterem, am most grateful. To my siblings, I say thank you.
My thanks also goes to Nwakire Chibuike and all the other laboratory technicians for their wonderful assistance and co-operation. To all the families and individuals who agreed to serve as the subjects for this research, I am grateful. Mr. Emma Okpara, who took the pains of typesetting this work, I am grateful. Evang. Ifeanyi Okoroafor and L/R Chibueze, Iheanacho, thanks for all your prayers.
Above all, I am grateful to God Almighty who made it possible for me to withstand the rigors in the production of this work.
In there days there is uncontrollable inflation rate in Nigeria economy. This is so because the cost of saw materials are two high and there exist the so called Nigeria factors
Nevertheless, this research work has examined the roles played by the monetary authorities (CBN) towards ensuing the introduction of monetary policy to control inflation in Nigeria
Chapter one of the research work showed the introduction, statement of problem, research question, objective of study, scope of study, significant of the study and definition of terms.
Chapter two showed the literature review white chapter three highlighted the research methodology, population and sample size.
Adequate analyses are made in chapter four from the available introduction as regards the benefits of the monetary policy.
In addition important recommendations are made in chapter five towards the integration and up determent of good conduct of monetary policy.
This research is conviction that no thinker thinks in wolatain, no writer alone, the conviction give meaning to this project where I depended immensely on God who through this grace and protection has seen me though in my academic achievement
This work would not have become seality without an untirelessness effort of my supervisor Mrs. Emeh yactichukwu who supersede this work.
To my able head of department (HOD) Mr B.N Okezie for his fatherly encouragement .
I am indebted to my mum, Mrs F.U brother Nnabugwu, Emeka, Chdiebere, sister Adaku ,Oluchi and chibuzor for this brotherly love and assistance.
My special thanks goes to my friends Maria, Eze Chioma, Ngozi, Mbakwe, Onyii, Eboh and other who helped me in one way or the other during this programme. God bless you all.
Table of Content
- Title page
- title page
- approval page
- Table of contents
- Background of the study
- Statement of the problem
- Objective of the study
- Research questions
- Significance of the study
- Scope of the study
- Limitation of the study
- Definitions of term
- Literature review
- Other function of the topic
- Reference should be by APA style
- Chapter three
- Research design and methodology
- Research design
- Sources/method of data collection
- Population and sample size
- Sample techniques
- Method of data analysis
- Presentation and analysis of data
- Presentation of data
- Analysis of data
- Interpretation of result(s)
Background Of The Study
Mortuary policy is policy which deals with the discretionary control of money sypply by the monetary authorities in order to achieve stated or desired economic goal (S.B falegan 1978). the monetarist believe that study and slow growth in the money supply is the best policy to follow. They argue that increase in the money supply ibat is about an increase in the purchasing power of the people and the result is inflation in the federal government, though the ministry of finance and the carnal bank of Nigeria are responsible for these policies. The central bank of Nigerian issues a monetary policy circular at the beginning of every fiscal year containing details of the goernement new monetary polices.
The Keynesian view is that monetary policy should be directed at interest rates rather than money supply and that monetary policy should at all times be subsidiary to fiscal policy. In general monetary policy refers to the combination of measure designed to regulate the value supply and cost of money in an ecology in conconance with the expected level of economic activity hence. It is signed to influence the behavior of the monetary variable aggregate policy conduct is at the instance of the monetary authorities to stabilize the economy.
This is in line with the views of monetarist who emphasis the role of money in explaining short tem changes in natural income. Millon freeman for example proved that cnages in money supply cause changes in natural income. And to stabilize the monetary sector therefore, the discretion any measure are applied desires portfolio to asset also considered.
Consequently, the monetary authorities must attempt keep the money supply growing at an appropriate state to sure sustainable economic growth and maintain internal and external stability. This discretionary stability thus, involves the expansion of prevailing economic condition and thrust of policy.
Two type of monetary policy are
- Expansion on a monetary ease policy
- Stringent or tight monetary policy
1. Expansion ease policy is said to be a monetary ease policy when the monetary authority decides to increase the supply of money or reduce the cost of money in the economy so as to stimulate an increase in economic activities.
2. Stringent or tight monetary policy:- it does the opposite of expansionary policy, monetary policy is said to be polices that will reduce the supply of money or increase the cost of money in the economy in order to generate a contraction in the economic activities.
Inflation on the other hand is defined by Nwankwo (1977) as increase in the volume of credit relative to available goods resulting in a substantial and containing rise in the gene real price level. He also listed the characteristic of inflation as
- An increase in demand
- A limitation of supply
- An increase in the supply if money there is a struggle of the community for the limited supply of gavels.
Inflation has influenced Nigeria as a whole in various ways which has been controlled by monetary inflation demand pull inflation, galloping inflation and hyper-inflation. This research project is on the rate of monetary policy in the contract of inflation in Nigeria. It seeks to find out the exact relationship (in terms of monetary policy that exists between monetary policy and inflation. The researcher does this by analysising the data on the two variables with ultimate aim of evaluating, verifying, reflecting or modifying the stated relationship (in terms of monetary policy effect which exist between the two variables.
This project is made up of five chapter the succeeding chapter review all the literature related to the research variable. The review being exhaustive an nature provides a comprehensive insight to these variables. Thus having it possible for money lenders to be acquitted with the variable what monetary policy and inflation is all about the exhaustive nature of the literature review is made possible by the made range of books consulting prior to its complication.
Chapter three introduces the research design and methodology used is the research work, it explains the method of data collection, population and sample method of data analysis and tools used analyzing complied data.
Chapter four introduces the presentation, analysis and inter presentation of data chapter five summarize research project, conduction and recommendation of the research project.
1.2 Statement Of The Problem
This research work is set to know why the rate of inflation in that adopted by the monetary policy to control it also at finding out why monetary policy measures adopted the government in thus the period of 1995 to 2005 did not solve the problem of inflation in Nigeria.
1.3 Objective Of The Study
This study attempts to identify the following
- The role of monetary policy in the control of inflation in Nigeria from1995-2005
- To bring out problems (if any) militating against the realization of this role .
- To give recommendation where necessary for the improvement or modification of the monetary policy.
1.4 Research Questions
- Has monetary policy been effective in controlling inflation in Nigeria?
- Is the rate of inflation in Nigeria economy directly related to the supply of money?
- Has monetary policy played any role in controlling inflation in Nigeria.
1.5 Significant Of The Study
It is hoped that this study would be of help and benefit to the banking industry and the inflation can be central bank of Nigeria (CBN) it center more on how inflation can be controlled, thorough monetary policy in Nigeria. This could be in form of pen market operation interest rate, improving banking policy and so on. The impact of effect of rising price of goods and services will be exmised.
This studies especially the CBN of apply the most effective role of monetary policy in the central of inflation in Nigeria. The study will be to the mental horizone of the researcher to be able to embrace similar tasks in future.
1.6 Scope Of The Study
This research work covers the use of monetary policy in the Nigerian economy it also shows the government through the central bank of Nigeria achieve the economic objective of the government using monetary policy. These research also went further to know how monetary policy can be used to control inflations.
1.7 Limitation Of The Study
The limitations of the study are as follows
These wasn’t mush time to go for further research analyze more facts because of the nature of this semester hence limiting my effectiveness and by extending my research finding.
This was the painfully problem I encountered when being for research due to the fact that didn’t have enough money that could be enough for carrying out the research hence frustrating me in my effort to generate more data.
1.8 Definition Of Terms
Some terms in this study are defined to guide the readers who may be unfamiliar with the topic, monetary policy is defined as a deliberate manipulation of the cost volume ad direction of money and credit objectives.
Monetary authority is defined as the machinery government that formulate and execute monetary policy on Nigeria, the monetary authority is regarded as the federal executive council, the ministry of finance and CBN inflation. This is the continuous or intermittent rise in the price of goods & services.
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How to nail it on the head during your project defence
You are through with writing that project. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.