Nigeria's Monetary Conditions Index

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dc.contributor.authorTule, M. K.
dc.contributor.authorIsah, A. M.
dc.contributor.authorOkafor, P. N.
dc.contributor.authorPedro, I.
dc.contributor.authorUkeje, S. A.
dc.contributor.authorOji, K
dc.contributor.authorOladunni, S.
dc.date.accessioned2018-03-26T10:25:49Z
dc.date.available2018-03-26T10:25:49Z
dc.date.issued2014-09
dc.description.abstractThe paper aims to construct a monetary conditions index (MCI) for Nigeria to aid the evaluation of the stance of monetary policy. Quarterly data for 91-day treasury bill rate (TBR), real exchange rate (RER), inflation rate (INF), real private sector credit (RCP), and real gross domestic product (RGDP), covering the period 2000Q1 to 2014Q1, were utilised. The period coincided with key reforms in the money and foreign exchange markets, culminating in the adoption of a new monetary policy framework in 2006. Following some econometric diagnostic tests, an aggregate demand function was estimated using the Johansen co-integration technique. The resultant long-run coefficients were applied to the deviations of the MCI component variables to derive the monetary conditions indices. The narrow and broad MCIs suggested a relatively tight monetary environment with the broad MCI being more volatile, compared with the narrow MCI due to the inclusion of the credit component, which reflects the continual swings in banking system liquidity. Our findings revealed that the exchange rate is a strong channel of monetary policy transmission mechanism in Nigeria, and thus very crucial in the conduct of monetary policy.en_US
dc.description.provenanceSubmitted by Mary Ndubuisi (ndimay@gmail.com) on 2018-03-21T10:10:12Z No. of bitstreams: 1 Pages from CBN EFR Vol 52 No 3 September 2014-2 Tule, M. K., A. M.Isah, P. N.Okafor,I.Pedro, S..pdf: 4401279 bytes, checksum: f89c54470e63b7f523cc0bb8e85be4c7 (MD5)en
dc.description.provenanceApproved for entry into archive by Ifeanyichukwu Ohaju (ifohaju@gmail.com) on 2018-03-26T10:23:03Z (GMT) No. of bitstreams: 1 Pages from CBN EFR Vol 52 No 3 September 2014-2 Tule, M. K., A. M.Isah, P. N.Okafor,I.Pedro, S..pdf: 4401279 bytes, checksum: f89c54470e63b7f523cc0bb8e85be4c7 (MD5)en
dc.description.provenanceApproved for entry into archive by Ifeanyichukwu Ohaju (ifohaju@gmail.com) on 2018-03-26T10:25:29Z (GMT) No. of bitstreams: 1 Pages from CBN EFR Vol 52 No 3 September 2014-2 Tule, M. K., A. M.Isah, P. N.Okafor,I.Pedro, S..pdf: 4401279 bytes, checksum: f89c54470e63b7f523cc0bb8e85be4c7 (MD5)en
dc.description.provenanceMade available in DSpace on 2018-03-26T10:25:49Z (GMT). No. of bitstreams: 1 Pages from CBN EFR Vol 52 No 3 September 2014-2 Tule, M. K., A. M.Isah, P. N.Okafor,I.Pedro, S..pdf: 4401279 bytes, checksum: f89c54470e63b7f523cc0bb8e85be4c7 (MD5) Previous issue date: 2014-09en
dc.description.sponsorshipCentral Bank of Nigeriaen_US
dc.identifier.citationTule, M. K. et al. (2014). Nigeria's Monetary Conditions Index. Economic and Financial Review, 52(3), 1-26.en_US
dc.identifier.issn1957-2968
dc.identifier.urihttp://repo.cbn.gov.ng/jspui/handle/123456789/147
dc.language.isoenen_US
dc.publisherResearch Department, Central Bank of Nigeriaen_US
dc.relation.ispartofseriesEconomic and Financial Review;Vol. 52, No. 3
dc.subjectInterest ratesen_US
dc.subjectCrediten_US
dc.subjectMonetary Policyen_US
dc.subjectMonetary Conditionsen_US
dc.subjectNigeriaen_US
dc.titleNigeria's Monetary Conditions Indexen_US
dc.typeArticleen_US

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