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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.
CHAPTER ONE
INTRODUCTION
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.
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).
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.
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?
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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