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THE IMPACT OF MONETARY POLICY IN CONTROLLING INFLATION IN NIGERIA
Monetary policy entails the government policies aimed at changing the quantity of money or credit condition for example, open market operation or changes in required reserved ration etc. Monetary policies involves changes in the quantity of money held by the public. In our economy, there are two types of money most obviously- the naira bills and coins which you have in your pocket and money. In every economy, after fiscal policy, the next most powerful macro-economic stabilization is monetary policy.
In fact Monetary and fiscal policies are expected to work together as complements to achieve one goals of a sound macro economic management that include amongst other domestic price stability external sector viability as well as enhance efficiency in resource allocation, distribution and utilization.
Monetary policy is therefore measure designed to regulate and control the volume, cost, availability and direction of money and credit in an economy to achieve some specifically micro-economic objectives. It is one policy that seeks to influence economic activities using the tools available to the central bank i.e. money supply (MS) interest rates and exchange rates. It can also mean the deliberate attempt by the authorities to either control the supply of money or to control interest rates or to ration the amount of credit granted by banks.
1.1 HISTORICAL BACKGROUND OF THE STUDY
The history of economic growth shows that, economic transformation started in England in the Late eighteen century and gradually spread to other parts of Europe and North America. Economic transformations did not get to other parts of thee world until in the 1950s when Japan transformed to become one of world’s major industrial giants. This economic transformation has spread far and wide in the recent times but its spread is highly limited in Africa. It is only South Africa that has experienced it so far. This is clearly demonstrated by the World Bank report of (2001) which states that out of the 46 poorest countries in the World, 35 of them are in Africa.
Nigeria with it’s vast resources of both human and material nature is not left out of the club of poverty stricken countries. This poverty is illustrated by the recent World bank report (2005), which says that more than 70% of Nigerians are living below poverty line.
It is against this background that this study is being undertaken. Poverty can be tackled using both fiscal and monetary policies to help solve this problem and growing poverty, removing the country from poverty trap that seems almost impossible to be solved.
1.2 OBJECTIVE OF THE STUDY
To provide the readers with broad knowledge of the different activities carried out by the Central Bank of Nigeria in Nigeria’s macro-economic stabilization process.
To Enlighten students, readers and researchers on the significance of Central Bank of Nigeria and it’s role in the process of Nigeria economic development.
To highlight the relevance of monetary policy in combating inflation.
To explain the various types of monetary policy that can be used to combat inflation and other macro-economic problems.
To discuss the monetary policy problems with particular reference to Nigeria.
To explain the various instruments of monetary policy that can be used to combat inflation especially in less developed Countries (LDCS) such as Nigeria.
1.3 SIGNIFICANCE OF THE EXTENDED ESSAY
This research study will however assist the economy to derive possible solution to the research problem e.g. control of inflation using monetary policy measures as adopted by the monetary authorities. Furthermore, the researcher ex-rays the various types of monetary policy measures, which can be used to combat the problem of inflation in the economy.
Government will benefit immensely from this research works as the topic is very relevant in the field of macro-economic policy formulation.
1.4 SCOPE AND LIMITATIONS OF THE STUDY
This project covers the role of monetary policy and it’s controlling inflation in the Nigeria economy. A general overview of monetary policy and inflation in the Nigerian economy is the foundation upon which the project is developed.
However, study of this nature is known to be subject to a number of problems or constrains, which are peculiar to the Nigerian society such as financial constraints. This research work was not an exception the problem of visiting the Central Bank of Nigerian and some other places for data collection involved spending a lot of money or transport expenses.
Hence, the predicament of the overage students can therefore be imagined.
Furthermore, the issue of office protocols time limit, secrecy inadequate research materials also were some setbacks to the researchers in carrying out this research.
1.7 ORGANIZATIONAL STRUCTURE OF THE STUDY
A Central Bank is a financial institution owned by the government of a nations run by Board of Directors, Chaired by Governor appointed by the government and charged with the responsibility of managing the expansion and contraction of the volume, cost and availability of money in the interest of public welfare. It is primarily a non- profit entity in U.S. it is called the Federal Leisure while in the U.K. it is the bank of England.
1.8 DEFINITION OF TERMS
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