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INSTANT PROJECT MATERIAL DOWNLOAD
Study Level: BTech, BSc, BEng, BA, HND, ND or NCE
1.1 BACKGROUND OF THE STUDY
Few years ago, Nigeria economy undergone different macroeconomic problem which are characterized by slow down in an economic activities increase in the rate of unemployment intensified exchange rate having a persist increase in the general price level of goods and services and government deficit financing which has also been identified as major factor which lead to macro economic problems.
There are different macroeconomic policies which are monetary policy and fiscal policy. One of the functions of central bank was the formation of monetary policy and also choose different monetary instrument to be applied in an economy for effective utilization of stock of money in circulation. The central bank also control commercial banks and other financial institution to create credit by varying liquid reserve ratio and by influencing the interest rate through open market operations (OMO)
From the above explanation monetary policy can now be defined as ” A deliberate action taken by monetary authorities to change the domestic stock of money supply or it refers to the combinations of different measure design to regulate the value, supply and cost of money in an economy” monetary policy can be expansion to contraction in nature, the expansion means decrease in stock of money in circulation. Monetary policy is very important in an economy because without it economic growth economic development will not be ascertained. Therefore, the Central Bank of Nigeria(CBN) should make conscious effort toward the control of other financial institution for the economy to maintain growth and development through the monetary policy.
1.2 STATEMENT OF THE PROBLEM
The focus of this research was based on monetary policy and its impact in Nigeria financial institution using AfriBank of Ilorin Kwara State as a case study. In the course of the research’ answers will be provided to the following research question;
- What is the historical background of Afribank Ilorin Kwara State?
- What is the meaning of monetary policy?
- What are likely instruments of monetary policy?
- What the various objectives of monetary policy?
- What is the impact of monetary policy in Nigeria financial institutions?
- How do CBN and government of the country operate monetary policy in Nigeria?
1.3 RESEARCH OF QUESTION
In the course of this study some question come under consideration which are;
- What is the impact of monetary policy in Nigeria financial institution?
- What are the instruments of monetary policy used by Central Bank of Nigeria (CBN)?
- What are the reasons for the implementations of monetary policy in Nigeria?
- How does CBN and government of the country deal with operation policy in Nigeria?
1.4 OBJECTIVES OF THE STUDY
The main objectives of this research work which was based on monetary impact in Nigeria financial institution a case study of Afribank ilorin kwara state is to provide accurate answers to the problem of the study above, the answer are the following;
- To know the historical background of Africabank ilorin kwara state.
- To critically examine the meaning of monetary policy
- To examine the likely instrument of monetary policy.
- To know how Central Bank and government of the country operate monetary policy.
- To identify the various objectives of monetary policy.
- To know the impact of monetary policy of Nigeria financial institution.
1.5 SIGNIFICANCE OF THE STUDY
This study is carried out to know the impact of monetary policy in Nigeria financial institution using “Afribank Ilorin kwara state.
Monetary policy implementation has many importance to Nigeria economy, there include control inflation, maintain of full employment, maintenance of healthy balance of payment position and also maintain stability in external value of money all these leads to economic growth and economic development in Nigeria.
Monetary policy can be used by the government of the country, commercial bank, central bank and other financial institution.
1.6 SCOPE OF THE STUDY
This project work is confined to a certain period of time which gives me an opportunity to analyze the data collected properly. This study draw2s it finding with Afribank study will cover the Afribank of Nigeria within Ilorin metropolis.
1.7 LIMITATION OF THE STUDY
During the execution of this research there are limitations and constraints. Some comes from the bankers who are respondents while others related to finance and time constraints.
The researcher faced financial problems because of the high cost of internet browsing and cost of meeting the bankers for information lastly is the time factor in the sense that the research was conducted during the normal school period which has to attend myriad of lectures and engaged in other vital comments such as seminars, symposiums continuous assessment test and examination.