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Economic & Sector Work :: Financial Sector Assessment Program (FSAP)

Nigeria : Strengthening Monetary and Liquidity Management

AMOUNT OF COLLATERAL ASSET MANAGEMENT ASSETS AUCTION SYSTEM AUCTIONS AUDITS AVERAGE COSTS BANK RATE BANK SUPERVISION BANKING CRISIS BANKING SYSTEM BASIS POINTS BENCHMARK BID BOND BOND AUCTIONS BONDS BROAD MONEY BUY BACK CAPITAL INFLOWS CAPITAL MARKETS CAPITAL OUTFLOW CASH FLOW CASH RESERVE CASH RESERVE RATIOS CENTRAL BANK COLLATERALS COMMERCIAL BANK COST OF FUNDS CREDIBILITY CREDIT RISK CREDIT RISKS CREDIT WORTHINESS CURRENCY INFLOWS CURRENT ACCOUNT DEBT MANAGEMENT DEPOSIT DEPOSIT RATE DEPOSIT RATES DEPOSITS DEPRECIATION DISBURSEMENTS DOMESTIC BANKS DOMESTIC DEBT DOMESTIC LIQUIDITY DUTCH AUCTION ECONOMIC POLICY ELIGIBLE COLLATERAL EMERGING MARKETS EQUITY PRICE EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE BAND EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATES EXCHANGE SYSTEM EXPANSIONARY FISCAL POLICY EXPENDITURE EXPENDITURES FINANCIAL DEVELOPMENTS FINANCIAL INFRASTRUCTURE FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL OPERATIONS FISCAL POLICY FISCAL RULE FORECASTS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE INFLOWS FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE MARKETS FOREIGN EXCHANGE POLICY FOREIGN EXCHANGE RATE FOREIGN EXCHANGE TRANSACTIONS FOREIGN EXCHANGES FORWARD CONTRACTS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT FUNDS GOVERNMENT SECURITIES GOVERNMENT SPENDING IMPORTS INCOME INFLATION INFLATION OBJECTIVE INFLATION TARGETING INFLATION TARGETING REGIME INSTRUMENT INTEREST RATE INTEREST RATE SPREAD INTEREST RATE SPREADS INTERNATIONAL BANK INTERNATIONAL MONETARY FUND INTERNATIONAL RESERVES ISSUANCE LEGAL TENDER LIQUIDITY LIQUIDITY CONDITIONS LIQUIDITY MANAGEMENT LOAN LOAN RATE LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC STABILITY MARKET BEHAVIOR MARKET DEMAND MARKET DEVELOPMENT MARKET INTEREST MARKET INTEREST RATES MARKET MAKERS MARKET PARTICIPANTS MARKET PRICES MARKET RATE MARKET SEGMENTATION MARKET TRANSACTION MARKET VALUES MATURITY MONETARY AGGREGATES MONETARY AUTHORITIES MONETARY CONTROL MONETARY CONTROLS MONETARY FRAMEWORK MONETARY FUND MONETARY POLICY MONETARY POLICY DECISIONS MONETARY POLICY FRAMEWORK MONETARY POLICY IMPLEMENTATION MONETARY TARGETS MONETARY TRANSMISSION MONEY MARKET MONEY MARKETS MONEY TARGET NORMAL PROFIT NORMAL PROFITS OIL BOOMS OIL EXPORTING COUNTRIES OIL PRICE OIL PRICES OIL REVENUE OIL REVENUES OPEN MARKET OPEN MARKET OPERATIONS OVERHEAD COSTS PORTFOLIO PORTFOLIOS PRICE STABILITY PRIMARY MARKET PRIME LENDING RATE PROFIT RATE PUBLIC SPENDING REPAYMENT REPO REPO AGREEMENT REPO FACILITY RESERVE RESERVE MONEY RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RISK PREMIUM SAVINGS SETTLEMENT SHAREHOLDERS SHORT-TERM INTEREST RATES SHORT-TERM LIQUIDITY SHORT-TERM VOLATILITY SHORTFALL SHORTFALLS SOLVENCY STOCK MARKET SURPLUS SURPLUS LIQUIDITY SWAP SWAPS T-BILLS TAX TAX REVENUES TOTAL RESERVES TRADING TRANSACTION TRANSPARENCY TREASURY TREASURY BILLS TREASURY OPERATIONS USE OF REPOS VOLATILE ENVIRONMENT VOLATILITY VOLATILITY IN EXCHANGE RATE
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World Bank, Washington, DC
Africa | Nigeria
2013-10-01T16:35:09Z | 2013-10-01T16:35:09Z | 2013-05

The 2002 Financial Sector Assessment Program (FSAP) identified considerable problems in containing the upsurge in liquidity in the financial system, partly caused by spending of oil receipts. In the face of persistent excess liquidity in the financial system, the Central Bank of Nigeria (CBN) made numerous adjustments in the monetary policy framework and instruments; however, these had a limited impact on monetary aggregates. A structural excess liquidity is a common feature in oil exporting countries like Nigeria because of sustained large foreign currency inflows. This note reviews the current frameworks for monetary policy and liquidity management and discusses role of selective financial markets in improving liquidity management in Nigeria. It also provides some recommendations to further strengthen the implementation of monetary policy, particularly systemic liquidity management. This note is structured as follows: chapter one gives context and background; chapter two gives monetary policy framework; chapter three presents liquidity forecasting and management; chapter four gives functioning of financial markets and liquidity management; and chapter five gives recommendations.

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