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DEREGULATION AND TREASURY ACTIVITIES IN THE NIGERIAN BANKING SECTOR AN ANALYSIS OF SELECTED MERCHANT BANKS

ABSTRACT

The Nigerian Banking sector which had been regulated

prior to 1986, witnessed a steady deregulation of both

interest rates and foreign exchange controls, from the year

1986. By 1987, ceiling on lending and deposit rates were

virtually removed, while the Foreign exchange market was

liberalised enabling Banks to determine rates outside the

official exchange rate as approved by the government. This

added a new dimension to Treasury Management; purchase,

control and management of the local currency and foreign

exchange.

Alongside these developments, certain monetary policy

statements by the authorities impacted on the developments

of money market and indeed the treasurers’ functions. The

withdrawal of government and government parastatals deposit

from the Banking system, to the Central Bank of Nigeria is a

case in point. The policy was directed at reducing the size

of money in the banking system, control of inflation and

achievement of budgetary expectations. However, the impact

of this policy statement is the astronomical jump in

interest rates witnessed, and the beginning of the crisis of

confidence in the Banking industry as many banks could not

honour their matured obligations. Interest rates remained

high and completely deregulated, while the resultant high

cost of fund was subsequently passed down to users of

– vi –

credits thus increasing their costs, and in the final

analysis increasing prices of goods.

The years 1988 – 1992 saw a greater increase in the

level of financial intermediation as many Banks were

licenced resulting in intense competition in fund sourcing

and pricing. By 1993, the competition was at its peak when

the political crisis crept in resulting in nea r economic

collapse since virtually everything in the economy stopped

especially in the South-western axis of the country. Prior

to this, the monetary authority introduced the stabilisation

securities in its attempt to further reduce or mop up

liquidity from the banking system.

However by 1994, the government reverted to the era of

regulation fixing a maximum lending rate of 21% P.A. and a

deposit rate range of 12-15% P.A., while still carrying

along the stabilisation securities application. This indeed

worsened the Banks portfolio as depositors who were used to

the high rates as offered in 1993 were uncoilling to part

with their money at such a low rate as decreed by the

government. The resultant effect is low credit to the

borrowers of funds as Banks concentrated on how to survive

in such a turbulence.

TABLE OF CONTENT

Title page- – – – – – – – – i

Approval page – – – – – – – -ii

Dedication – – – – – – – – -iii

Acknowledgement – – – – – – – -iv

Abstract – – – – – – – – – -v

Table of content – – – – – – – -vi

CHAPTER ONE

INTRODUCTION – – – – – – – -1

1.0 Background of the study – – – – -1

1.1 Statement of the problem – – – – -5

1.2 Purpose of the study – – – – – -6

1.3 Significance of the study – – – – -8

1.4 Research questions – – – – – -9

1.5 Scope of the study – – – – – – -10

CHAPTER TWO

LITERATURE REVIEW – – – – – – -11

CHAPTER THREE

Research methodology – – – – – – -39

Design of study – – – – – – – -40

CHAPTER FOUR

Presentation, analysis and interpretation of data – -48

CHAPTER FIVE

Summary of findings – – – – – – -60

Conclusion – – – – – – – – -61

Recommendations – – – – – – – -62

Suggestions for further research – – – – -64

References – – – – – – – – -65

Appendix I – – – – — – – – -68

Questionnaire. – – – – – – – -69

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