Nigeria : Publication of Financial Sector Assessment Program Documentation––Technical Note on Strengthening Monetary and Liquidity Management.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. African Department.

Contributor:

International Monetary Fund. African Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2013/315

IMF Staff Country Reports

Language:

English

Subjects (All):

Banks and banking--State supervision--Nigeria.

Banks and banking.

Monetary policy--Nigeria.

Monetary policy.

Securities--State supervision--Nigeria.

Securities.

Securities--Nigeria.

Physical Description:

1 online resource (26 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

This Technical Note focuses on strengthening of monetary and liquidity management in Nigeria. The Central Bank of Nigeria (CBN) has robust institutional framework in place to design and implement monetary policy. The CBN has also sufficient instruments for short-term liquidity management. The Monetary Policy Rate (MPR) corridor serves as a signaling device for the monetary policy stance. Although use of the overnight facilities is at the banks’ discretion, the CBN is able to use repo operations and outright transactions to manage day-to-day liquidity and guide short-term interest rates toward the MPR.

Contents:

Cover; Contents; Glossary; I. Context and Background; II. Monetary Policy Framework; A. Monetary Policy Objectives; B. Institutional Arrangements for Monetary Policy; C. Monetary Operational Framework; III. Liquidity Forecasting and Management; A. Liquidity Forecasting and Analysis; Figures; 1. Monetary Policy Rate, Interest Rate Corridor, and Short-Term Interest Rates; 2. Daily Liquidity Forecast Errors; B. Management of Systemic Liquidity; Box; 1. Instruments of Monetary Policy; C. Management of Short-Term Liquidity; IV. Functioning of Financial Markets and Liquidity Management

A. Money Markets3. Developments in Money Market Interest Rates; 4. Spread between Secured (OBB) Rate and Interbank (Call) Rate; 5. Interbank Interest Rates; B. The Foreign Exchange Market; 6a. Equity Price Developments; 6b. Oil Price; 7. Key Exchange Rates in the Market; V. Recommendations; Appendixes; I. Daily Liquidity Forecast Template and Forecast Error; II. Impact of Reserve Requirements on Interest Rate Spreads; Appendix Tables; 1. Impact of Changes in the CRR on Interest Rate Spreads

High Administrative Costs Case

2. Impact of Changes in the CRR on Interest Rate Spreads

Lower Administrative Costs Case

Notes:

"October 2013."

Description based on online resource; title from PDF title page (ebrary, viewed December 20, 2013).

ISBN:

9781484379790

1484379799

9781484371534

1484371534

9781475572117

1475572115