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THE CONTROL OF
INFLATION USING CENTRAL BANK OF NIGERIA (CBN) MONETARY POLICY
ABSTRACT
Through the instrument used in monetary
policy help us by the control of inflation in an economy. This to know the
control of inflation using central bank of Nigeria monetary policy.
Hence, this research work was focused
on the investigation of the control of inflation by using central bank of
Nigeria monetary policy. In carrying out this study, various research
instruments such as questionnaires and oral interviews were used to collect
data from respondents.
The research design and methodology
secondary data was collected from central bank of Nigeria bullion. Location of
data and this was stated in chapter three (3) of the research work from the
data collected and stated it was found out that of the control of inflation
using CBN monetary policy.
The government should establish firms
in the economy to reduce the rate of inflation and opening market operation.
Recommendations were made in chapter five shows that in order to prevent
through currency devaluation, Nigerians should use in manufacturing capacity
labour and skill to take advantage of export opportunity that are created in
international market.
The introduction of the structural
adjustment programme (SAP), in Nigeria had with it seen the need for efficient
and effective management of a firm’s scarce resource, and for this to be
effective.
PROPOSAL
The basic objective studied under this
topic is to evaluate the study of the control of inflation using central bank
monetary policy. This study has been structured into five chapters make it easy
reading and understanding.
Chapter one dealt with the background
of the prevailing circumstance in the control of inflation using central bank
monetary policy to give perception (insight) of environmental factor, which
guide the control of inflation behaviour in using central bank of Nigeria
monetary policy and to determine the relative importance and impact of specific
aspect of environmental factor on the control of inflation using CBN monetary
policy.
From this, other from chapter derived
that base from chapter one in order to findings recommendation and conclusion.
Certain problem were stated the relevant importance to the environmental factor
to the control of inflation using CBN monetary policy.
In view of the findings above
recommendation has been made to stimulate academic research interest in the
aspect of the control of inflation. However, it would not be worthy to mention
here that the trend in the CBN monetary policy has been a welcome and rewarding
development in a financial system.
TABLE OF CONTENT
Title page
Abstract
Table of contents
CHAPTER
ONE
1.0 Introduction
1.1
Background of the study
1.2
Statement of problem
1.3
Objective of the study
1.4
Research question
1.5
Significance of the study
1.6
Scope and limitation of the study
1.7
Definition of terms
REFERENCE
CHAPTER
TWO
LITERATURE REVIEW
2.0 Meaning of inflation
2.1
Various rate of inflation
2.2
Types and causes of inflation
2.3
Effects of inflation in the economy
2.4
Meaning of monetary policy
2.5
Objectives of monetary policy
2.6
Instrument of monetary policy
2.7
Limitations of monetary policy
2.8
Inflation control through use of monetary policy
REFERENCE
CHAPTER
THREE
3.0 Research design and
methodology
3.1
Sources of data
3.2
Secondary data
3.3
Location of data
3.4
Method of data collection
CHAPTER
FOUR
4.0
Findings and summary
CHAPTER
FIVE
5.0
Conclusion and recommendation
REFERENCE
BIBLIOGRAPHY
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
After an appreciated economic
performance in the early 1970s, the Nigerian economy experienced serious
economic problems from late 1970s to mid 1980s the country’s balance of payment
came under severe pressure and was in persistent deficit during the period. the
government’s current expenditure expanded without an appreciable increase in
revenue, leading to widening fiscal deficits, which were largely financial with
bank credit with adverse consequences on the general price level. The
inflationary pressure further appreciated by high demand of imports and both
intermediate inputs and consumer goods due to over valuation of the naira,
which made imports relatively larger than locally manufactured good, (Ahmed,
1992).
In addressing the crisis, a number of
policy measures regularly demand government embarked upon management. In April
1982, the federal government enacted the economic stabilization measured, which
dealt extensively on import restriction as well as monetary and fiscal
policies. The effectiveness of this measures were constrained by the continued
decline in foreign exchange earnings, the over valuation of naira and other distortions
and liquidities in the economy, (Ahmed, 1992).
As the demand
pressure movement at the inter-foreign exchange market (IFEM), the exchange
rate of the naira came under renewed pressured in spite of CBN’s determination
to fund the growing demand for foreign exchange. The naira cost 1% of its face
value in February 2002 dropping from N11396 to N114, 75 per
dollar at the official market in the parallel market, it cost 2.3% of its value
as depreciates from N135.52 to N138.68 per dollar. This was an
indication that inflation rat is on the increase (Yansi, 2002).
This study is being carried out to know
the different CBN credit instruments and their effectiveness in inflationary
control.
1.2
STATEMENT OF THE PROBLEM
This research project is designed to
investigate inflation control through the use of monetary policy. There have
been various efforts by the government to combat inflation in the country. But
in spite of all these efforts being made, inflation is said to be alarming in
the country. Nigerian industries as well as individuals are groaning under the
crusting effect of inflation. What the causes of the phenomenon, what measures
are taken so far to combat the situation, are credit instrument of CBN
effective or ineffective in controlling inflation? (Ozo, et al 1999).
1.3 OBJECTIVES OF THE STUDY
1. To find out
whether currency devaluation is a cause of inflation.
2. To find out the
extent to which inflation has effected the economy.
3. To determine the effectiveness of
open market operations as a tool for inflation control.
4. To identify the
adverse effect of inflation on economic growth.
5. To recommend measures for effective
control of inflation through monetary measures.
1.4 RESEARCH QUESTION
1. Is currency
devaluation a cause of inflation?
2. To what extent has
inflation affected the economy?
3. What is the effectiveness of open
market operation as a tool for inflation control?
1.5 SIGNIFICANCE OF THE STUDY
The study is very timely, today that
inflation trends is at an alarming rate in Nigerian economy. This study will be
of immense benefit to the government and experts and students to determine the
extent of the effect now of CBN monetary policy as a tool of inflation control.
In addition, the study will determine the facts or problem limiting the
effectiveness of these instruments. It is expected that the findings will help
to bridge any gap that may exist and to make this instruments effective in
inflation control (Ozo et al 1999).
The government achieved its objectives
in economic growth and stability through inflation control we will help the
government to know whether to pump money into the economy or not.
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