Browsing by Author "Ononugbo, M. C."
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Item A pro poor framework for enhancing micro-savings in Nigeria(Central Bank of Nigeria, 2006-03) Ononugbo, M. C.; Nwosu, C. PThis paper attempts to examine the fundamental issues in saving and thereafter design a formal savings habit of the populace, especially the low-income group. The framework is designed to mobilise micro-savings, hitherto kept with thrift collectors and roll it over gradually till old age. The paper is divided into six sections. Following the introduction, section two expounds theoretical issues in savings and presents all relevant theories on savings. Section three describes the experience of other jurisdictions in encouraging and mobilising micro savings. The need for enhanced savings is analysed in section four, while a framework for enhancing micro-savings among the low-income group is proposed in section five. Section six concludes the paper.Item Purchasing power parity and exchange rate in Nigeria: a regime switching approach.(Central Bank of Nigeria, Research Department., 2005-06) Ononugbo, M. C.This study basically extends the work of Obaseki (1998) by including an additional variable to capture the impact of changes in exchange rate regime. The paper undertakes an empirical examination of the long-run co-movement in naira exchange rate and relative price levels of Nigeria and USA. The impact of the policy swap from a system of exchange rate control to a market based system (captured by a dummy variable) is investigated using an error correction model. The outcome reveals the applicability of the PPP using Nigerian data. From the analysis, the prevailing nominal exchange rate during the period closely approximates that suggested by PPP. Furthermore, the change in exchange rate regime had a considerable effect in re-aligning the naira exchange rate. The implication of this is that continued floating of the naira will in the long-run, bring its exchange rate to equilibrium.