MONETARY POLICIES AS EFFICIENT TOOLS FOR ECONOMIC DEVELOPMENT

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MONETARY POLICIES AS EFFICIENT TOOLS FOR ECONOMIC DEVELOPMENT

ABSTRACT

In all the development countries in the word, it was through their good implementation of monetary policy control that their monetary control and supply of money was well manage and implemented very well. Basic on my own view I believed that the monetary authority in our country will do better to achieved the in goal is they do not mis-led the good involve they have started. I also believed from the little that has be done since they started 1962. They have be some improvement in the system, some of this system are.

The economic growth which the standard of living has been some improvement and the environment has grow. More also, the relative stability in the domest prices and double inflation which they have restrain to a digir.

The balance of payment has been maintained at equilibrium and exchange rare has also been stable.

INTRODUCTION

The need for monetary policies in a developing economy like Nigeria cannot be over-emphasized for monetary management and for the regulation and development of the financial system of an economy.

Monetary policies are implemented through the banking sector to which the guidelines are directed. The essence of having monetary policies put in place is hardly appreciated by all stack holders (government, banks, other financial institution business enterprises and individuals) given the degree of non-compliance to the stipulated measure which has caused much economic set-back in the past.

The Nigeria economy has experienced periods of economic “boom or depression” at various stages of its developments prior to the establishment of the Central Bank of Nigeria (C.B.N) in 1959 and up to 1962 there was no specific monetary management policy in place. The Nigeria economy did not achieve a significant increase in economic growth because the Colonial British system being operated by the West African Currency Board (WACB) had no room for the development of the local economy. In 1962, the Central Bank of Nigeria (CBN) tools a decisive step to adopt the monetary policy objectives as contained in the first national development plan in order to re-direct the focus of the Nigeria government to suit the need of the local economy.

By using monetary policies to initiate development programme for the economy, the C.N. al intended to involve all sectors of the economy in participating in economic activities that will lead the country to a substable economic development. The policy measures taken by the C.B.N to open up the Nigeria economy involved among other thing, the control of money supply and credit conditions. The implementation of the country’s monetary policies over the year had led to a remarkable increase in economic activities as observed in the appreciable increase in the growth of the productive seasons of the economy. The overall effect is that there is a positive change in the country’s economic growth informs of Nigeria and (C.B.N) is still among accounts in making Nigeria move stable so as to achieved relative economic growth and development.

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