Browsing by Author "Sani, Z."

Now showing 1 - 3 of 3
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    An Aggregate Import Demand Function for Nigeria: an Auto-Regressive Distributed Lag (ARDL) approach
    (Research Department, Central Bank of Nigeria., 2013-09) Englama, A.; Oputa, N. C.; Sanni, G. K.; Yakub, M. U.; Adesanya, O.; Sani, Z.
    The paper sought to examine the dynamics underlying the high import bills in Nigeria and proffered appropriate policy recommendations. In achieving this, the Autoregressive Distributed Lag (ARDL) technique was utilised to estimate the aggregate import demand function for Nigeria using the quarterly data covering the period 1970 to 2011. The paper found that the coefficients of external reserves, domestic consumer prices, level of income and exchange rate were all statistically significant, suggesting that these variables were important factors determining the level of imports in Nigeria. The short-run elasticity result revealed that Nigeria's aggregate demand for imports was both price and income elastic; implying that import demand would increase as the level of economic activity and domestic prices increased. Furthermore, the coefficient of the speed of adjustment revealed that it would take about 0.05 years for imports to respond to changes in any of the explanatory variables. The paper, therefore recommended appropriate fiscal policy measures to address the high level of consumer goods imports since it accounted for about 45.0 per cent of total imports between 2006 and 2011.
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    Empirical estimation of optimal International reserves for Nigeria: the sudden stop model
    (Central Bank of Nigeria, Research Department, 2016-03) Sanni, G.K.; Olusegun, T.S.; Sani, Z.
    The study examined the issue of optimum external reserves for Nigeria during 2010 - 2014, using Jeanne and Ranciere (2006) and Goncalves (2007) sudden stop model approach. The study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit accounted for the remaining. The result of the model suggested that external reserves were adequate in 2010 but beyond that period, it was far below optimal level. On average, the optimum external reserves were around 15.7 per cent of GDP in the past four years, translating to US$54.52 billion.
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    Empirical estimation of optimal international reserves for Nigeria: the sudden stop model
    (Central Bank of Nigeria, Research Department, 2016-03) Sanni, G. K.; Olusegun, T. S.; Sani, Z.
    The study examined the issue of optimum external reserves for Nigeria during 2010-2014, using Jeanne and Ranciere (2006) and Gancalves (2007) sudden stop model approach. the study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit, accounted for the remaining.