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University of Nigeria Virtual Library
Serial No
Author 1 UMECEGUKWU, C.
Author 2
Author 3
Title The Continued Depreciation Of The Value Of The Nations Currency: What hope for
the survival Of The Economy?
Keywords
Description Term Paper For The Course GSP 104 (Social Sciences)
Category
Pharmacy
Publisher
Publication Date
June, 2008
Signature
UNIVESITY OF' NIGERIA, NSUKKA. P z! 1 DEPARTMENT OF PHARMACY
TOPIC:
THE CONTINUED DEPRECIATION OF THE VAL
CURRENCY: WHAT HOPE FOR THE SURVIVAL OF OUR ECONOMY.
A TERM PAPER
PRESENTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR
THE COURSE
G S 104
(SOCIAL SCIENCES 11)
BY
UMECEGUKWU C
k9,
JUNE, 2008.
TITLE PAGE
THE CONTINUED DEPRECIATION OF THE VALUE OF THE NATION'S
CURRENCY: WHAT HOPE FOR THE SURVIVAL OF OUR ECONOMY.
DEDICATION
I dedicate this research work to almighty God. And mostly
Professor Charles Soludo and the appreciation of value of the
nation's currency.
iii
This research work, apart fiom partially fblfilling the requirement for
SOCIAL SCIENCES II course is aimed at the hope for the survival of our
economy, and the background check on the continued depreciation of the
value the nation's currency
It is divided into four chapters, Chapter one gives insight into meaning
of the nation's currency, second Chapter deals with general review of the
economy of Nigeria, stability and instability including the causes of
instability and effect to the economy.
Chapter three gives comprehensive information of the value of our
nation currency, causes of the depreciating value in the currency, also the
incisive merits and demerits.
Chapter four discusses the effect of the depreciating currency to the
economy; the positive and negative effects. It also draws this research work
to the possible solutions.
ACKNOWLEDGEMENT
I hereby express my sincere gratitude to my parent Mr. & Mrs.
Umecegukwu, my special brother and my sister, and all those who
contributed, in a special way, to the success of this term paper.
I also thank the Department of Central Bank of Nigeria, for providing
very relevant and up to date material on Depreciation of the Value of
the nation's currency, and my lecturer Mrs. Terry who directed my
effort towards the success of this term paper.
TABLE OF CONTENTS
Title
page ................................................................................................... i
. . Dedication ............................................................................................ 11
... Preface. .............................................................................................. . i i ~
Acknowledgement.. ............................................................................... .iv
Table of content.. .................................................................................... v
Chapter 1
INTRODUCTION.. ...................................................................... -1 . * I . I D e h t m n of terms.. ......................................................... 1
Chapter 2
2.1 The economy of Nigeria.. ................................................ ..3
2.2 The stability of the economy.. ........................................... ..6
2.3 The Cause of unstable economy. ...................................................... 6
2.4 The effect of unstable economy.. ....................................... .7 Chapter 3
3.1 Value of our national currency ......................................... .9
3.2 Causes of the depreciating value in the currency. ................... 10
........ 3.3 Merits & Demerits of the depreciating value in currency.. 10
Chapter 4
4.1 The effect of the depreciating currency to the economy ....... 12
4.2 The positive effects ................................................... 12
. 4.3 The negative effects ................................................... 1 3
4.4 The possible solution .................................................. 13
4.5 Summary ................................................................ 15
BIBLIOGRAPHY
CHAPTER ONE
INTRODUCTION AND DEFINATIONS OF TERMS
1.1 INTRODUCTION
The Central Bank of Nigeria (CBN) takes a number of monetary policy decisions,
including a change in the level of money supply (M2), the Minimum Rediscount Rate
(MRR), or a change in the exchange rate. The central bank defines money supply in two
ways: narrow and broad money. Narrow money (MI) is defmed to include currency
in circulation plus current account deposits with commercial banks. Broad money
measures the total volume of money supply in the economy and is defined as narrow
money plus savings and time deposits with banks including foreign denominated
deposits. There is excess money supply when the amount of money in circulation is
higher than the level of total output of the economy. When money supply exceeds the
level the economy can efficiently absorb, it dislodges the stability of the price system,
leading to inflation or higher prices of goods. In this brief, we shall examine how a
change in money supply by the CBN affects people and the economy. In subsequent
series, we shall look at the effects of an increaseldecrease in interest rate and the
effects of depreciatinglappreciating the exchange rate on the people and the economy.
When the CBN changes the level of money supply, it does so through the control of the
base money. Base money is made up of currency and coins outside the banking
system plus the deposits of banks with the central bank. If the central bank perceives
that there is too much money in circulation and prices are rising (or there is potential
pressure for prices to rise), it may reduce money supply by reducing the base money.
To reduce the base money, the central bank sells financial securities to banks and the
no-bank public so as to reduce the ability of deposit money banks to create new money.
1.2 DEFINATION OF TERMS
Without money as a medium of exchange, most economic transactions would virtually be
impossible. The second fbnction; a "continued depreciation of standard of value " or
,,accounting unit", gives a common unit by which to measure the various kinds of assets of
business and human endeavors that is loss in value.
CHAPTER TWO
2.1 THJ3 ECONOMY OF NIGERIA
The petroleum-based economy of Nigeria, long hobbled by political instability,
corruption, and poor macroeconomic management, is undergoing substantial economic
reform under the new civilian administration. Nigeria's former military rulers failed to
diversify the economy. The economy has overdependence on the capital-intensive oil
sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of
government revenues. The largely subsistence agricultural sector has not kept up with
rapid population growth, and Nigeria, once a large net exporter of food, now imports some
of its food products. In 2006, Nigeria successfully convinced the Paris Club to let it buy
back the bulk of its debts owed to the Paris Club for a cash payment of roughly $12 billion
(USD)~~].
Nigeria's economy is struggling to leverage the country's vast wealth in fossil fuels
in order to displace the crushing poverty that affects about 57 percent of its population.
Economists refer to the coexistence of vast natural resources wealth and extreme personal
poverty in developing countries like Nigeria as the ''resource curse". Nigeria's exports of
oil and natural gas-at a time of peak prices-have enabled the country to post
merchandise trade and current account surpluses in recent years. Reportedly, 80 percent of
Nigeria's energy revenues flow to the government, 16 percent covers operational costs,
and the remaining 4 percent go to investors. However, the World Bank has estimated that
as a result of corruption 80 percent of energy revenues benefit only 1 percent of the
population. During 2005 Nigeria achieved a milestone agreement with the Paris Club of
lending nations to eliminate all of its bilateral external debt. Under the agreement, the
lenders will forgive most of the debt, and Nigeria will pay off the remainder with a portion
of its energy revenues. Outside of the energy sector, Nigeria's economy is highly
inefficient. Moreover, human capital is underdeveloped-Nigeria ranked 15 1 out of 177
countries in the United Nations Development Index in 2004-and non-energy-related
hhstructure is inadequate.[*]
4 Investment
Although Nigeria must grapple with its decaying infrastructure and a poor regulatory environment, the country possesses many positive attributes for carefully targeted investment and will expand as both a regional and international market player. Profitable niche markets outside the energy sector, like specialized telecommunication providers, have developed under the government's reform program.
External trade
Nigeria's exports in 2006
In 2005 Nigeria imported about U S 2 6 billion of goods. In 2004 the leading sources of imports were China (9.4 percent), the United States (8.4 percent), the United Kingdom (7.8 percent), the Netherlands (5.9 percent), France (5.4 percent), Germany (4.8 percent), and Italy (4 percent). Principal imports were manufactured oods, machinery and f transport equipment, chemicals, and food and live animals.[
Debt
In 2008 Nigeria's external debt was an estimated US$3.3 billion.
Foreign investment
In 2007 Nigeria received a net inflow of US$5.2 billion of foreign direct investment (FDI), much of which came from Nigerians in the Diaspora. Most FDI is directed toward the energy and Banking
Economic assistance
As of October 2005, World Bank assistance to Nigeria involved 19 active projects with a total commitment value of about US$1.87 billion. Since Nigeria joined the World Bank in 1961, the World Bank has assisted it on 120 projects. In October 2005, Monetary Fund approved a two-year '>olicy support instrument" designea ro promore me growth of the non-oil sector and to reduce poverty.[21
Data
GDP: purchasing power parity - $359.4 billion (2007 est.)
GDP - real growth rate: 7% (July 2006 est.)
GDP - per capita: purchasing power parity - $2660 (2007 est.)
GDP - composition by sector: agriculhcre: 2 6.8%
industry: 48.8% services: 24.4% (2005 est.)
Inflation rate (consumer prices): 7% (2006 est.)
Labor force: 57.21 million
Labor force - by occupation: agriculture 70%, industry lo%, services 20% (1999 est.)
Unemployment rate: 2.9% NA (2005 est.)
Budget: revenues: $17 billion expenditures: $13.54 bill ion induding capital expenditures of $NA (2005 est .)
Electricity - production: 15.59 billion kwh (2003)
Electricity - consumption: 14.46 billion kwh (2003)
Electricity - exports: 40 million kwh (2003)
Oil - production: 2.35 million bbVday (July 2006 est.)
Oil - consumption: 3 10,000 bbllday (2003 est.)
Agriculture - products: cocoa, peanuts, palm oil, maize, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Exports: $72.16 billion f.0.b. (2005 est.)
Exports - commodities: petroleum and petroleum products 95%, cocoa, rubber
Imports: $45.95 billion f.0.b. (2005 est.)
Imports - commodities: machinery, chemicals, transport equipment, manufactured goods, food and live animals
Debt - external: $3.3 billion with London Club (2006 est.)
Economic aid - recipient: rPvlF $250 million (1998)
Exchange rates: Naira (NGN) per US$1 - 117.5 (2007), 120 (2006), 128 (2005), 132.89 (2004), 129.22 (2003), 120.58 (2002), 1 1 1.23 (200 1)
External Reserves: $59 billion (2008)
2.1 STABIJJ'I'Y OF THE ECONOMY
Professor Chukwuma Soludo, the Chairman, Central Bank of Nigeria on Tuesday
August 14,2007 launched the strategic plan for the re-denomination of the nation's
currency. The two key components of the plan are: (a) the Naira will revert to its pre-
1986 level of about one Naira, twenty-five Kobo to one United states (US) dollar
m1.25 = US $1); and (b) the highest denomination, which is N1,000.00 now, will be
N20.00 as fiom August next year.
Citing Germany and other Latin American countries as well as Ghana as models where
such a policy was introduced and successfi~l, the CBN Chairman stated that the
Nigerian economy stands to reap tremendous benefits from the proposed plan,
especially in the short-run and medium term. Proponents of the proposed policy
identify the following as some of the key advantages: (a) the easy exchange of
currencies or the convertibility of the Naira, and/or the dollarization of the domestic
economy; (b) stable and reliable exchange rate regime in the long-run; (c) expansion of
scope of activities on the capital side of foreign trade balance sheet, the balance of
payments (BOP); (d) reduce the cost of printing and minting of Naira and coins in the
long-run as fewer denominations would now be available; (e) reduce the cumbersome
nature of handling currency notes by encouraging sophisticated means of payments
such as plastic money (for example Visa card, Mastercard, Fast cash and other local
credit cards) and wire/electronic transfers; and (f) promote exports (especially of non-
oil exports) as Nigerian goods would become cheaper and attractive to foreigners.
2.2 THE CAUSES OF UNSTABLE ECONOMY
The fluctuation of economic activity in Nigeria business cycle since independent era is disturbing the economic long term growth trend. The cycle involvement and shift over time between periods of relatively rapid growth of output (recovery and prosperity), and periods of relative stagnation or decline (contraction or recession) is an endangered economic crisis of great concern. These fluctuations are often measured using the real gross domestic product. Despite being named cycles, these fluctuations in economic growth and decline do not follow a purely mechanical or predictable periodic pattern. The economist refers to this menace as an economic crisis; meaning a sharp transition to a
7 recession. The nation has observed a significant decline in economic activity spread across the economy, lasting more than a few months, with simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. We have observed sharply rising prices (inflation) as well as stagflation
Starting in 1949, a major feature of Nigeria 's economy in the 1980s, as in the 1970s, was its dependence on petroleum, which accounted for 87 percent of export receipts and 77 percent of the federal government's current revenue in 1988. Falling oil output and prices contributed to another noteworthy aspect of the economy in the 1980s- which could be summed up as an economic depression. The decline in per capita real gross national product, which persisted until oil prices began to rise in 1990. Indeed, GNP per capita per year decreased 4.8 percent f?om 19 Nigeria's ~Iassification by the World Bank as a Ic for the first time since the annual World Development Keport was instituted m rr /a. in 1989 the World Bank also declared Nigeria poor enough to be eligible (along with countries such as Bangladesh, Ethiopia, Chad, and Mali) for concessional aid fiom an affiliate, the International Development Association (IDA).The economic collapse in the late 1970s and early 1980s contributed to substantial discontent and conflict between ethnic communities and nationalities, adding to the political pressure to expel more than 2 million illegal workers (mostly from Ghana, Niger, Cameroon, and Chad) in early 1983 and May 1985.The lower spending of the 1980s was partly the result ofthe structural adjustment program (SAP) in effect from 1986 to 1990, first mooted by the International Monetary Fund and carried out under the auspices of the World Bank, which emphasized privatization, market prices, and reduced government expenditures. This program was based on the principle that, as GDP per capita falls; people demand relatively fewer social goods (produced in the government sector) and relatively more private goods, which tend to be essential items such as food, clothing, and shelter
2.3 THE EFFECT OF UNSTABLE ECONOMY
On the recommendation of the World Bank, Nigeria began to liberalize its financial sector in 1986. Contrary to the prediction of fmancial repression theory, savings and investment decline in the wake of banking deregulation. By 1995, the Nigerian fmancial system was in a state of collapse.
The paper locates the main failure of Nigeria's financial deregulation in the political and institutional setting of reform. The institutional mechanisms needed to supervise and regulate banking under the new system were absent while private sector banking capacities were weak. Moreover, fmancial liberalization was quickly captured by a clientalist state as a means of reallocating rents to strategic constituents. An additional
8 precipitating factor was macroeconomic instability. The paper points to the importance of incorporating political and institutional variables into any model of financial reform or transformation.
CHAPTER THREE
3.1 VALUE OF OUR NATIONAL CURRENNCY
Nation's currency remains one of its symbols of power and authority. Just as the national flag, every country's currency is expected to be highly revered and respected by the citizenry.
This is pertinent because in all societies, money has always served as a medium of exchange, a store of value, and a standard of value. It is a medium that usually facilitates trade and economic transactions between nations, individuals and organizations.
However, while in some countries, currency abuse attracts a jail term, the situation in Nigeria is different, as people treat the naira with almost gross disdain.The various forms of currency abuse identified in the 2007 Central Bank of Nigeria (CBN) Act include squeezing, spraying at parties, cutting, writing on the notes, matching or stepping on them, among other foms of abuse. CBN authorities are pointing fingers at the transporters, market women, religious
organizations and some fun loving money bags who relish in spraying crisp notes at
parties.
With the benefit of hindsight, and experience, the Central Bank of Nigeria has
acknowledged that the nation's currency, (the naira) has been severely abused and battered
physically or in terms of its value by various group of users within the country.
Top on the categories of users known to have engaged in what the CBN Act 2007, now
recognizes as an offence punishable with fines and jail term are numerous church
organizations, transporters, market women, traders, as well as several influential people in
the society who, delight in spraying the notes on entertainers and celebrants at parties and
other social events. Similarly, environmental factors that have contributed to dirty notes in
the country could be the high humidity and dust in various locations where businesses are
conducted.
Notwithstanding, economy experts, including the Central Bank of Nigeria have argued
that one of the reasons people handle the nation's currency with less respect than is
desirable was mass illiteracy among majority of Nigerians, especially the business
community.
3.2 CAUSES OF TKE DEPRRECIATING VALUE IN THE CURRENCY
The proposal by the governor of the Central Bank of Nigeria th;
would be redenominated next year was seen as a logical outcome of th I
financial position; it therefore came as a shock when Abuja announced ~ t s suspension.
What lay behind the move? Neil Ford and Anver Versi report. Following on ftom
Nigeria's deep-seated banking reforms and landmark debt repayment deal in 2006, the
Central Bank of Nigeria (CBN) announced in August that it would make the Naira hlly
convertible from 1 January 2009. The decision should have provided more reassurance
that the country's economic recovery is well on track. However, the revelation was
overshadowed by Abuja's decision, which came out of the blue, to block a plan to re-
denominate the Naira by August 2008. At present, the value of the Naira is heaviIy
regulated by the CBN, which sets a fixed exchange rate and limits exchanges with foreign
currencies. Many African currencies are subject to the same controls and regulations in
order to protect what are perceived to be vulnerable economies. In many ways, such
regulation mirrors the same tight controls that many Afiican governments impose on fuel
prices: it is easy to see why it is done but tight control is a sign of economic weakness
rather than strength. The CBN currently sells foreign currency by auction and Nigerian
businesses are required to apply for dollars for a trade transaction, lengthening the process
and adding unnecessary red tape. As a result, making the Naira hl ly convertible could
enable much greater and more flexible flows of money in and out of the country.
3.3 MERITS & DEMEEUTS OF THE DEPRECIATION
a) Nigerian importslexport
b) Short and long-term capital flows abroad by Nigeria businesses as against short and long-term capital in-flows from foreign businesses and investors.
c) Other public and private payments fiom Nigeria to other countries as against other pubIic and private payments fiom abroad to Nigeria.
We have wrongly assumed in the prevailing logic that all economies are equally
developed, with same education and technology level, with equally developed capital and
financial markets, efficiency, productivity level, real income levels, etc.; hence all
11 economies are required to compete by the same rule. To put it simple, the conventional
theory that draws its logic from the argument that when a country's currency exchange
rate, due to a deficit in exportlimport and capital in- and outflow, has to depreciate to
balance out the imbalance in trade, with local products becoming cheaper and
consequently leading to higher demands of locally produced products and to growth
neglects the specific domestic factors, such as the social conditions, the structure of
industries, structure of importkxport items, income disparities, other specific geographic
and environmental factors, etc., that are essential for economic growth. Empirical
observations have shown that, in fact, because these important domestic factors are
neglected, devaluations have had the contrary effect. There is no known developing
country where devaluation has actually lead to sustainable growth and creation of wealth
for the masses. Instead, they have often lead to a series of problems that have sooner or
later lead to the next devaluation, starting off a spiral of economic decline.
CHAPTER FOUR
4.1 THE EFFECT OF TRE DEPRECLATING CURRENCY TO TME ECONOMY
The dynamics of money and exchange presents four possible scenarios: Scenario 1 : Nominal value of money remains constant (or unchanged); and price (and price level) of good orland service remains unchanged between two or more periods.
Scenario 2: Nominal value of money remains constant (or unchanged); while price (and price level) of good or/and service changes (increases or decreases) between two or more periods.
Scenario 3: Nominal value of money changes (increases or decreases); while price (and price level) of good or/and service remains constant (or unchanged) between two or more periods.
Scenario 4: Nominal value of money changes (increases or decreases); and price (and price level) of good or/and service changes (increases or decreases) as well between two or more periods.
Scenario 3 describes the situation Nigeria will face once the proposed plan comes into force come 2008. The effect of changes or otherwise in nominal value of money is change in the price of goodslservices or (and price level) on the real value of money and its repercussion on trade can be analyzed as follows:
Under scenario 3, the effect on the real value of money could be of two forms as. The fmt possibility, which results from a fiftyfold (or 5,000 per cent) increase in the nominal value, is an increase in the time value of money indicating an appreciation of the purchasing power from N1,000.00 worth of good o r h d service in August 2007 to N50,000.00 worth of good/service in August, 2008.
4.2 THE POSITM EFFJWTS
Government's ability to change the import-dependent consumption pattern of
Nigerians: central to the successfid implementation of the proposed policy is the
reorientation of the consumption habits and pattern of Nigerians in favour of locally
manufactured goods and services. This is important as the theory of consumer
preference tells us, if near or perfect substitutes to imported commodities are not made
13 available at reasonable rate, Nigerians would be willing to pay higher prices in order
to maintain their tastes and protect the joy/satisfaction they derive from the imported
goods and services rather make do with substandard ones produced in the country. By
the way, an important question to ask is, is it possible to fundamentally change
people's taste, consumption pattern within the present context in the short run or even
within the medium term? The answer may not be far from no.
4.4 THE NEGATIVE EFFECT
It therefore appear that the CBN is in a hurry to accomplish within a short term
what has taken other countries careful planning, commitment and decades to establish.
We have demonstrated elsewhere that the Nigerian economy has in the last eight years
performed appreciably well especially in the area of macro economy, but poorly in the
socioeconomic sphere and ecological department. To transform Nigeria into a
formidable economic engine room in the sub-region, what is required at the moment is
the consolidation of the gains of the current reform Progamme and the urgent need to
address the problems of those departments that the implementation of its national
economic empowerment and development strategy (NEEDS) seemed to have done
poorly in the last seven years. To this end, the
steps to diversify the economy through the sys
agricuItura1 sector, and designing an industrial ~ U I U , ~ WIIILII ~ L . c > G l l l p l l ~ 3 1 J "11
reinvigorating the manufacturing sector as the hub of the economy. In line with this
thrust, the strategy should be the promotion of linkages between the various sectors of
the economy, so that the objective of meeting up with the needs of local markets will
be at the same time be at the core of objective of creating; iobs and wealth, and the
reduction of poverty; (b) government should pay
of old and provision of more infrastructure, espec
generation and distribution; human capital developmt;nr; wmuaru nmlirl ra~11it1t.s iulu
services; and water supply.
-- -
following are recommended: (a) urgent
ternatic modernization of the ,,I:*.. ..,l.:,1, ,I,,,, ,,,l..,,:, *,
-" more attention to the modernization
:ially but not limited, to electricity ----A- -A--J--A L--l&L c--:l:&:-- --.I
4.5 THE POSSIBLE SOLUTIONS
(1) Domestic demand can be provided for at rather affordable price levels that can help
stimulate growth,
(2) The more refineries that a . available the higher the number of qualitative
empIoyment opportunities the sector and relating industries can offer,
(3) Import of refmed oil shall be substituted reducing pressure on the currency,
(4) Increase in export volume of finished products with foreign exchange earnings and
eventual appreciation of the Naira
(5) There shall be spill-over effects on related and affiliated industries. Now, for the
refineries to fimction they shall require chemicals and other inputs. It is to be expected that
those companies to take charge of logistics and distribution of the refined product shall
locate near the refineries. Because of the eventual high demands of chemicals that may be
required, some chemical producing companies are likely to be attracted to invest and
produce locally. Such chemical companies are likely to produce for the refineries and
other chemical related industries.
15 SUMMARY
Developed economies and perpetually to the detriment of the developing countries. For
globalization to yield those desirable results for all, the disparities in our present system
must first of all be addressed. Should the discussion continue to neglect the weaknesses of
the present system in supposing that all economies are equal and must compete by the
same conditions and rule, in this case, globalization without any control and social
balances shall not be in the interest of developing countries. Some laws that protect local
production, market and capital movement must continue to be in place. Removing these
laws that regulate our capital flow with other economies prematurely because they are
trendy would be tantamount to economic suicide. I suppose that the fmt step to a
successful concept of globalization is the "countrylisation", which means the objective of
any such policy shall be to liberalize and deregulate the economy,
monopolies within a country, encouraging those wanting, to participate In local Investment
and production to do so without any discrimination. 1
substitution through local productions must be given
other vital infrastructure are to be upgraded, ernphasi
' . I t this development phase, import
priority, te1ec;ornmunication .. . and
s laid on education quality Ad
having the banking system re-organized. The second J J I ~ L ~ ~ G MIUUIU vc UIF IG~IUIIQILLLILIUII,
in the case of Nigeria, say for example "West Africa" or the whole of "Africa". These
countries should compete fieely with one another in an open market without any
hindrance or discrimination. I am afiaid, we would have to first of a11 learn to walk and
train before we can want to filly participate and expect to win at a competition to
determine the fastest athletes in the world at a game where the winner takes it all. It is
: only after such a phase of regionalization can we discuss globalization that can be
beneficial to all.
BIBLIOGRAPHY
Awoyomi, B., (1989), "Structural adjustment, risk aversion and currency in Nigeria," Rural Development in Nigeria, 3,8247. Buren, R., (1998), Apica south of the sahara, 27th (Ed.), (Europa Publication Ltd., New York).
Beveridge, W. A. and M. R. Kelly, (1 %O), 'TiscaI content of finance program supported by stand-by arrangement in the upper credit tranches, 1969-78," IMF StafPapers 27,205-249.
Connors, Thomas A., (1979), "The apparent effects of recent lPvlF stabilization programs," Inter~rafional Financial Discussion Papers, No. 1 3 5 (U. S. Board of Governors ofthe Federal Reserve System, International Finance Division, Washington, T), C.).
Donovan, Donald J., (1 98 I), 'Real responses associated with exchange rate action in selected upper credit tranche stabilization programs," IMF StafPapers 2 8, 698-727.
.- Donovan, Donald J., (1982), "Macroeconomic performance and adjustment undw Amdsupported
, . J < m s : the experience of the seventies," IMF SbafPapers 29, -203.
f?oT&tein, M. and P. Montriel, (1 986), "Evaluating fund stabil!a~nn aalpilms with multi-country data: some methodological pitfalls," I . ' d ' * , * ~ e 3 3 304-334.
Gylfason, T., (1 987), "Credit policy and economic activity in deMoeb@ caudtries with IMF stabilization programs," Studies in International Finance, No. 60 ( P r i n m University, Princeton).
Harrison, Fidel E., (1993), "Struchu?tl re-adjustment in Nigeria," American Jozanal of Economics and Sociology, 52, 193-207.
Henkel, R, (1976), Test of significance (Sage, Beverley Hills). Igbedioh, S. 0. and J. B. I. Aderiye, (1994), "Increase in food prices and food consumption pattern in some university students in Makurdi, Nigeria," Ecology of currency and money power, 3 1 , 2 19-226.
KaJisa, K., M. Mardia and D. Boughton, (1997), ''Transformation versus stagnation in the central bank of Nigeria : a comparison between Malaysia and Nigeria," Stagpaper No. 97-5 (East Lansing: Michigan State University).
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