Browsing by Author "Ojo, M. O."
Now showing 1 - 4 of 4
Results Per Page
Sort Options
Item Deregulation in the Nigerian banking industry: a review and appraisal.(Central Bank of Nigeria, Research Department., 1991-03) Ojo, M. O.The objective of the paper is to review and appraise the process of deregulation in the Nigerian banking industry since the adoption of the Structural Adjustment Programme in 1986. As a background, the paper analyses some conceptual and theoretical issues and the regulatory framework before 1986. Deregulation of the banking industry involves the systematic removal of regulatory controls, structures and operational guidelines which may be considered inhibitive of orderly growth, competition and efficient allocation of resources in the industry. The Nigerian banking industry experienced the most intensive regulations between 1958 and 1986. The regulatory framework was supported by major legislations such as the CBN Act of 1958, Companies Act of 1968 and the Banking Act 1969, as well as the vigorous application of the Exchange Control Act of 1962. While the regulations ensured the viability and stability of the banking industry, they tended, through their prolonged use to reduce the competitiveness and efficiency of the industry. The basic elements of deregulation in the banking industry since 1989 have been the liberalisation of foreign exchange transactions and international trade generally, the introduction of structural and institutional changes and some simplification of the monetary control process. Along with a general improvement in financial intermediation, deregulation of the banking industry has encouraged savings mobilisation and increased flow of financial resources to the productive sectors of the economy. However, deregulation appears to have accentuated the problems of poor management, fraud, inadequate infrastructure and scarcity of professional staff with adequate long-range planning and maximum co-operation with the monetary authorities, the banking industry is likely to experience stronger growth as the process of deregulation gathers momentum.Item Management of foreign exchange resources under Nigeria's structural adjustment programme(Central Bank of Nigeria, Research Department, 1990-06) Ojo, M. O.Tbe paper seeks to appraise the foreign exchange management strategies under the Structural Adjustment Programme (SAP) in Nigeria. As a background, it reviews the foreign exchange management strategies in the pre-SAP period which largely relied on the use of trade and exchange controls. The available evidence is that the use of the control tools contributed to some extent to reducing balance of payments deficits, but at high costs in the form of increased malpractices and constraints on the production proress. The associated over-valued naira exchange rate discouraged production for export, encouraged imports of finished goods and raw materials and gave rise to virile parallel foreign exchange markets.Item Remarks by Dr. M.O. Ojo.(Central Bank of Nigeria, Research Department., 2000-12) Ojo, M. O.The special remarks at the opening ceremony of the eighth edition of the CBN Executive Policy Seminar organised by the Research Department in collaboration with the Personnel Department. The theme for the year's Seminar was "Governance and the Economic Policy Environment: Nigeria's Experience" intended to strengthen the capacity and expertise of executive staff of the Bank.Item Welcome address at the 3rd CBN Executive Seminar(Central Bank of Nigeria, Research Department., 1995-12) Ojo, M. O.The theme of this year's seminar is "Central Banking: A Case Study of the Central Bank of Nigeria". This is a natural follow-up to the theme of last year, ''The Nigerian Banking System and Policies: Issues, Problems and Prospects". The aim of this series of seminars which began in 1993, is to create a forum in which CBN executives would have a healthy exchange of ideas and experiences and provide an opportunity for participants to update their knowledge of issues relevant to the work of the Bank.