Effectiveness Of Credit Guidelines As An Instrument Of Monetary Policy
The credit guidelines are those monetary policy instruments used by the monetary authorities particularly the Central Bank to influence the supply, allocation and cost of credit with view to attaining specific macro-economic objectives in the country. It is a deliberate measures aimed at controlling the qualitative supply of money. Some of the goals are directed towards steering and maintaining the economy at its full potential output to attain full employment, to achieve a balance of payment equilibrium and to moderate inflationary pressures.
The objectives of the study includes the examination of credit guidelines, to identify factors militating against the realization of the guidelines, to evaluate the Central Bank’s method of compliances, to identify areas of frictions (if any) between the CBN and the government and to make recommendation for the effective improvement of the policy guidelines.
Using the correlation analysts and chi-square distribution, four hypothesis listed below were tested.
i. The effectiveness of monetary and credit policy in credit guidelines in Nigeria economy
ii. CBN is autonomous in the real sense of it.
iii. Some banks violate some of the guidelines in preference to paying fines.
iv. CBN encounter problems while ensuring compliances by banks and other financial institutions.
Source of data used included primary and secondary sources. Primary data involved interviews and use of questionnaires while the secondary data were sourced from the CBN library, literature in the field of economics, banking and finance.
Recommendation and conclusion were based on find lasting solution to improve the operation of the credit guidelines in Nigeria.
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Title Page ii
Approval Page iii
Dedication iv
Acknowledgement v
Abstract vi
List of Tables viii
Table of Contents ix
CHAPTER ONE
INTRODUCTION 1
1.1 Background of Study 1
1.2 Statement of the Study 3
1.3 Objectives of the Study 4
1.4 Significance of the Study 5
1.5 Statement of Hypothesis 5
1.6 Scope and Limitation 6
1.7 Definition of Terms 7
CHAPTER TWO
Review of related literature 12
2.1 Literature Review 12
2.2 Objectives of Credit Guidelines Policy 16
2.3 Instrument of Credit Guidelines 20
2.4 The Credit Guidelines Historical Perspective 22
2.5 Banking System Credit to the Economy 28
2.6 Sectoral Allocation of Commercial Banks Loan and Advances 29
2.7 Money Supply in Nigeria 31
2.8 Price Stability 32
2.9 Economic Growth 33
2.10 Balance of Payment 35
2.11 The Financial Institution, the CBN
and Some of their Operations 36
2.12 Analysis of the 2000 Credit and
Monetary Policy Instruments 42
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY 47
3.1 Source of Data 47
3.2 Questionnaire Design 48
3.3 Method of Investigation 49
3.4 Sampling Population and Sample Size 49
3.5 Determination of Sample Size 49
3.6 Method of Questionnaire Distribution 51
CHAPTER FOUR
DATA ANALYSIS
4.1 Data Presentation and Analysis 52
4.2 Testing of Hypothesis 60
CHAPTER FIVE
SUMMARY OF FINDINGS,
RECOMMENDATION AND CONCLUSION 73
5.1 Summary of Findings 73
5.2 Recommendation 78
5.3 Conclusion 83
Bibliography 85
Appendix 88
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