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Bullion

Keywords

Nigeria, Interest rate, ECOWAS, Policy.

Abstract

This paper reviews the experiences of developing countries in the management of interest rates, with emphasis on ECOWAS countries. While the Anglophone countries have adopted independent interest rate policies overtime, the Francophone members of the West African Monetary Union (WAMU) have shared similar experiences-a common currency (the CFA franc),a central bank (BCEAO) and common monetary policies. The paper is divided into four parts, in part I, it examines the roles of, and factors affecting interest rates. The part II highlights the characteristics of interest rates in developing countries and requirements for a successful interest rate reform. Part III reviews the experiences of selected ECOWAS countries-Nigeria and Ghana in the Anglophone zone, as well as Cote d' Ivoire and Senegal in the Francophone zone. Finally, part IV offers some concluding remarks.

Author Bio

The author is a staff of the Central bank of Nigeria.

Publication Title

CBN Bullion

Issue

4

Volume

21

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