Appraisal Of Open Market Operation As A Tool In Controlling Inflation
(Case Study In Nigerian)
This project work seeks to do an appraisal of open market operation as a tool in controlling inflation in Nigeria. The three objectives of the study includes: To find out the extent to which open market operation has helped in controlling inflation in Nigeria, to access the problems encountered in using open market operation as a tool in controlling inflation and to make meaningful recommendation. The sample size was 152 from the Central Bank of Nigeria Okpara Avenue Enugu Sample techniques were the systematic controls, the researchers used in carrying out the work. Method of data collection was the questionnaires used to derive information from the various respondents to which includes both senior and junior staffs. In validity the researchers’ submitted their instruments to the three experts after going through it approved that the instrument was suitable for what the researchers are seeking. The method of analysis was the percentage. The findings entails that through the selling of securities to commercial banks inflation can be controlled. Buying of the securities from the commercial banks is a means of controlling inflation in Nigeria and through the control of liquidity by the central bank. Government should go on with open market operation as a tool to control inflation, because this is the best monetary policy that has been employees. It should try to maintain the standard laid down rules, so that the desired targets should be attained. There should be a way for maintaining stable prices for food commodities or food stocks and other items.
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Title Page – – – – i
Approval page – – – ii
Certification – – – – iii
Dedication – – – – iv
Acknowledgement – – – v
List of tables – – – – vi
Title of Contents – – – vii
Abstracts – – – – viii
CHAPTER I:
1.0 Introduction – – – 1
1.1 Background of the Study – – 1
1.2 Statement of the Problem – – 2
1.3 Purpose of the Study – – 4
1.4 Significant Of the Study – – 4
1.5 Research Questions – – 5
1. Scope of the Study – – 6
1.7 Limitations of the Study – – 6
1.8 Definitions of Terms – – 9
CHAPTER II
2.0 Review Of Related Literature – 9
2.1 Background of Adoption of Open Market
Operation by the Central Bank of Nigeria 9
2.2 Open market operation and its roles in
controlling inflation in Nigeria – 13
2.3 Open market as an instrument of monetary policy 15
2.4 Instrument of open Market Operation – 17
2.5 Instrument and Intermediate target variables 19
2.6 Institutional arrangement for formation and implementation of open market operation 33
2.7 Problem and prospect of an open market
operation in Nigeria – – 37
2.8 how open market operation relate to other
monetary instrument – – 38
2.9 the relationship between open market operation, government securities and discount houses 39
2.10 summary of Review – – 41
CHAPTER III
3.1 Research Design – – 43
3.2 Area of Study – – 44
3.3 Population of the Study – – 44
3.4 Sample Size and Sampling Technique 44
3.5 Instrument for Data Collection – 45
3.6 Method of Data Collection – 45
3.7 Validation and Reliability of the Instrument 46
3.8 Method of Data Analysis – 46
CHAPTER IV
Data presentation and Analysis – – 47
CHAPTER V
5.1 Summary of Findings – – 57
5.2 Conclusions – – – 62
5.3 Recommendations – – – 63
5.4 Suggestions for Further Studies – 63
References – – – 65
Appendix – – – – 67
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