central bank, macroeconomic policy, development finance, developmental function, quantitative easing


The developmental function is one prominent contribution of the Central Bank of Nigeria to the Nigerian economy. Routine reporting of this function focuses on volume of projects funded, disbursements, and repayments. Exploring the possibility of expanding the reporting scope, this paper conceptualized and illustrated handy measures of policy anchored on macroeconomic aggregates, to track this function relative to other macroeconomic policy ends. Descriptive and inferential analyses suggested that the financial, economic and market intensity measures were quite responsive to developments in the economy and could be useful tools for policy reporting purposes. The pricing intensity indicator suggested distortions in the pricing mechanism. It is recommended that the pricing of the interventions receive some look in by the Bank while the indicators should still be interpreted with caution.

Author Bio

Dr. Xavier-Itam Antigha Okon is a staff of Development Finance Department of the Central Bank of Nigeria

Mr. Igonibo D. Abili is a staff of Yenogoa Branch of the Central Bank of Nigeria

Publication Title

CBN Bullion





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