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The government current expenditure expanded without appreciable increase in revenue leading to widening fiscal deficit, which were largely financed with bank credit with averse effects on the general price level. Monetary policy in Nigeria has been conducted under wide ranging economic environments.
The monetary and financial policies pursued in recent years have been designed to support the attainment of basic objective of the economic reform programme adopted in July to restore macro economic stability in the short term and writing a business resumption plan the resumption of sustainable growth.
This represents a strategic land mark in the history of economic stabilization as it marked the end of highly regulated regime and opened up a new chapter that reflected government efforts at deregulating the economy with increased emphasis on market forces.
The responsibility of any government in a country in its monetary policy consists of actions by the CBN with its monetary management and to ensure a stable internal and external value for the national currency.
In this regard, it is important that the supply of money and credit to an economy is adequate to support desirable and sustainable growth without causing inflationary pressures and undue instability in the exchange rate, the ultimate objective being the improvement in the welfare of the citizenry.
The term money for the purpose of this study is a means of payment for goods and services. The dynamic functions of money have some international dimensions, as there is the technical device for financing transfer of capital.
The value of money depends on the confidence people have on it, that they exchange it for sale of goods and services whenever they want to do so. To keep the value of money stable, its quality has to be controlled for money to perform its useful roles of store of value, standard for deferred payments, units of accounts and medium of exchange efficiently and effectively.
It requires a skillful and careful management in order to ensure relative price stability, so as to motivate the financial sector and promote economic development in a changing world of complex economic and finance relations.
Monetary policy is a major economic stabilization weapon, which involves measures designed to regulate and control the volume, cost and direction of money and credits in the economy to achieve objectives, which can change from time depending on the economic fortune of a particular country.
Monetary policy formulation and its implementation has raised a very difficult task as well as practical problem in Nigerian economy. Generally, the objectives of monetary policy was designed to deal with the following: High rate of employment ii.
Maintenance of relative price stability iii. Control of inflation iv. Iv sustainable rate of economic growth.
Maintenances of healthy balance of payments position for the country in order to uphold the external value of the national currency. The enhancement of rapid economic development. Maintenance of relative stability of domestic prices, in practice one finds more often than not, in objectives conflict intractably.
Hence, monetary management involves difficult trade offs among conflicting objectives in order to maximize the overall benefits to the society. In the process of monetary management policy formulations, it is of utmost importance to specify the focus of policy; otherwise, it will be impossible to evaluate performance.Dr.
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