CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

The performance of every economy is determined by the effectiveness of its monetary policies.

These policies are formulated by the government through the monetary authority with the aim of

ensuring a sound financial system. According to Jegede (2014), monetary policy is an aspect of

macroeconomics which deals with the use of monetary instruments designed to regulate the

value, supply and cost of money in an economy, in line with the expected level of economic

activity. It covers series of measures or combination of packages intended to influence or

regulate the volume, prices as well as direction of money in an economy per unit of time. The

monetary policy of the Central Bank of Nigeria is formulated with the aim of controlling the

money supply in the economy (Agu, Nwankwo and Onah, 2018).Monetary policy refers to

combination of measures designed to regulate the cost, value and supply of money in consonance

with the level of economic activities in a country (Okaro, 2014). Its broad objective in Nigeria is

to ‘ensure monetary and price stability’ (CBN ACT, 2007). Chang and Grabel (2004) defined

monetary policy as government actions that influence the money supply and market Interest Rate

s. Governments control money supply and market Interest Rate s through a number of

instruments such as open market operations, discount rates and reserve requirements. Money

supply is basically made up domestic credit and net foreign assets and domestic credit is

composed of central bank credit to government and commercial bank credit to the public

(Hossain and Chowdhury, 1998). Monetary policy is an instrument given to the Central Bank of
1
Nigeria (CBN) by Federal Government, that is, it is a function which is a documentary policy to

control the aggregate demanded in the circulation. The policy is to see to the stability in wages

and prices of goods and services. It is also necessary to control volume of money in circulation

and to give the domestic money a value via other controls (Akanbi & Ajagbe, 2012). Kyari,

2015, Okonkwo, Godslove and Mmaduabuchi (2015) posits that in supervising the conduct of

monetary policy to pursue certain objectives, Central Banks in the world such as the Central

Bank of Nigeria (CBN) often employ certain monetary policy instruments like bank rate, open

market operations, changing reserve requirements and other selective credit control instruments

to influence money in circulation. In using the direct monetary policy measures, the monetary

authorities ultimately influences items of the balance sheet of commercial banks. In such a

system, Interest Rates are set and credits are allocated by monetary authorities in accordance

with the government’s economic plan. Ajayi and Atanda (2012) states that under this system, the

financial system, and especially financial market conditions, play no role in the determination of

financial prices or returns and allocation of credits. On the other hand, there is a casual nexus

between indirect monetary policy and financial (banking performance) as both of them influence

each other. The decontrol of Interest Rates and the use of indirect monetary policy are crucial

steps towards the development of financial markets. The use of market-based instrument was not

feasible at that point (direct monetary policy era, 1960-1985) because of the underdevelopment

nature of the financial market and the deliberate restraint of Interest Rate.

Amassoma, Wosa and Olaiya (2012), see the adoption of Structural Adjustment Program (SAP)

in Nigeria as offering a sea of policy change in monetary policy development in Nigeria. To

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these authors, the deregulation exercise in the financial system, led to the adoption of indirect

monetary policy with the open market operating as the primary tool which was complemented by

reserve requirements, discount window operations, foreign exchange market intervention and

injection/withdrawal of public sector deposits in and out of Deposit Money Banks.

Solomon (2013) believed that in trying to strengthen the policy, the discount houses were

established which served as the intermediary between the CBN and the banks in the sale and

purchases of OMO instruments.

Banks can hardly survive without a positive return on capital invested. Profitability is therefore

the driven factor for activities of Deposit Money Banks. Banks are the intermediaries through

which the surplus and deficit units in any economy interact to exchange financial value

indirectly. When the surplus units make deposits in the banks, they are given out to loan seeking

customers or investors preparing to embark on viable projects with an interest charge on the loan.

Consequent on vital role of intermediation played by banks, the banking sector is highly

regulated by the government.

To carry out this regulation effectively, government employs monetary policies as the primary

tool to regulate the banking sector. Embedded in these monetary policies are the different types

of instruments that are used to regulate the operations of banks in the economy. Being an

external factor to the banks, the tools could act as a militating or mitigating factor in boosting

banks profitability, (Ajie & Nenbe, 2010).

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In Nigeria as in other developing countries, the objectives of monetary policy include full

employment, domestic price stability, adequate economic growth and external sector stability.

The supplementary objectives of monetary policy include smoothening of the business cycle,

prevention of financial crisis and stabilization of long term Interest Rates and real exchange rate,

Mishra & Pradhan, (2008). In pursuing these objectives, the CBN recognizes the existence of

conflicts among the objectives necessitating at some points some sorts of trade-offs Uchendu,

(2010). The Bank manipulates the operational target (monetary policy rate, MPR) over which it

has substantial direct control to influence the intermediate target (broad money supply, M2)

which in turn impacts on the ultimate objective of price stability and sustainable economic

growth (Okafor, 2009; Uchendu, 2009).

Monetary policy and Deposit Money Banks are intricately linked together. In fact, the

assessment of the Banking System (particularly in the area of profitability) can be evaluated

through the performance of monetary policy tools, which can be broadly classified into two

categories – the portfolio control approach and market intervention. Olokoyo (2011) expressed

that Deposit Money Banks’ decisions to lend out loans are influenced by a lot of factors such as

the prevailing Interest Rate , the volume of deposits, the level of their domestic and foreign

investment, banks Liquidity Ratio, prestige and public recognition to mention a few. Many

developing countries, including Nigeria have adopted various policy measures to achieve

targeted objectives. Banks are influenced by the Central Bank through its various instruments of

monetary policy. These instruments include the cash reserve requirement, Liquidity Ratio, open

market operations and primary operations to influence the movement of reserves. All these

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activities affect the banks in their operations and thus influence the cost and availability of loan

able funds. Thus, monetary policy instruments are critical in the demand for and supply of

reserves held by depository institutions and consequently on availability of credit. Ajie &

Nenbee (2010).

Despite several empirical evidences that found the efficacy of monetary policy lies on the

effectiveness of the real sector; how those monetary policies had influenced the volume Deposit

Money Banks profitability in Nigeria remains unresolved and demands investigation. This study,

therefore empirically evaluate and investigates whether monetary policy influences Deposit

Money Banks profitability in Nigeria. This study employs the use econometric techniques to

determine the relationship and linkage between the monetary policy and Deposit money Banks

performance in Nigeria, which is poised to establish the effects of monetary policy on Deposit

Money Banks in Nigeria. For the purpose of this study, the monetary policy instruments to be

examined are; the Cash Reserve Ratio (CCR), Liquidity Ratio (LR), Maximum Lending Rate

(MLR), and Monetary Policy Rate (MPR). Central Bank of Nigeria CBN, (2006).

1.2 Statement of the Problem

The financial intermediation function of the banking sector presupposes the need to satisfy the

ultimate goals of the sector. Like other private sectors or enterprises, banks have private goals

(other than the necessity to effectively perfect the intermediation role) of profitability, liquidity

and solvency. Profitability is perhaps more important for financial intermediaries, like banks

because it is an evidence of strengths and progress and it helps to generate and radiate confidence

in the bank.

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Banks do not operate in a vacuum; they operate within the framework of the monetary and

banking policies provided by the economy. Nigeria has over the years employed these policies at

one time or the other to regulate and control the cost, volume, availability and direction of money

credit in order to influence the broader objectives of the policy which include price stability, high

level of employment, sustainable economic growth and development and balance of payments.

1.3 Objectives of the study

The general objective of this study is to examine the effect of monetary policies on the

profitability of Deposit Money Banks in Nigeria (2006-2018). However, the specific objectives

are:

1. To ascertain the extent of the effect of Cash Reserve Ratio (CRR) on the performance of

Deposit Money Banks in Nigeria.

2. To determine the extent of the effect of Liquidity Ratio (LR) on the performance of

Deposit Money Banks in Nigeria.

1.4 Research Questions

At the end of this study, it is expected that answers will be proffered to the following questions:

1. To what extent does Cash Reserve Ratio affect the performance of Deposit Money Banks

in Nigeria?

2. To what extent does Liquidity Ratio affect the performance of Deposit Money Banks in

Nigeria?

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1.5 Research Hypotheses

The following hypotheses were formulated to guide the study:

Ho1: The Cash Reserve Ratio does not have significant effect on the performance of Deposit

Money Banks in Nigeria

Ho2: The Liquidity Ratio does not have significant effect onthe performance of Deposit Money

Banks in Nigeria

1.6 Significance of the Study

This study is extracted to explain the effect of monetary policy on banks performance in Nigeria,

the result and recommendation from this study will be beneficial to policy maker on the type of

policy to be introduced.

The result will also be relevant to entrepreneurs, future investors and the entire public, it will

help researchers in other fields to carry out further research on the subject matter in the future.

This research work being an appraisal of the effect of monetary policies on the performance of

Deposit Money Banks in Nigeria precisely will enable the apex bank restructure and relax the

assumed stringent measure in order to make it possible for necessary assistance from banks. The

primary motive for any corporate business is profit optimization and the maximization of

shareholders’ wealth, banks are no exception. Form this research, they will realize that proper

implementation of monetary policies can ensure higher profitability of the banking industry. To

borrowing customers, they will deduce that some act inherent in loan defaulting are the causes of

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high Interest Rates and their remedies. This implies that if they continue borrowing funds

without paying back, the banking industry may in future become liquid which will result in high

Interest Rates and subsequently high cost of borrowing fund.

It will also constitute guide towards future design and formulation of lending policies by the

monitoring authority through the implementation of recommended measure.

Finally, this work will be of immense help to other university undergraduates who will like to

write on this topic as well as exposing them to monetary policies available to Deposit Money

Banks in Nigeria.

1.7 Scope of Study

This study covers various monetary policy instruments and policy options as they affect banking

operations. It is however delimited to Deposit Money Bank institutions in Nigeria.The monetary

policy tools that would be involved in this study are Cash Reserve Ratio (CRR), Maximum

Lending Rate (MLR), Liquidity Ratio (LR) and Monetary Policy Rate (MPR).Emphasis is

clearly laid on applications and not on process of formulation of monetary policy. The study

spans for a period of thirteen years, 2006 – 2018.

1.8 Operational Definition of Terms

Financial Intermediaries: Institutions such as banks, finance houses, insurance

companies and mutual trust that act as intermediary between lenders and savers. Perry,

F.E. (1979)

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Rediscount Rate: This is the rate at which the Central Bank lends to banks. It varies with

time. Parry, F.E. (1979)

Credit Ceiling: A ceiling placed on the volume of money or credit banks can create or

can give a single individual (Single Obligor Limit) within a time frame. Usually fixed by

the apex bank. Osayameh, Ralph (1986)

Quantitative Control: These are techniques of monetary policy that affects the economy

generally without regards to various units in the economy. Nwankwo, Green (1980)

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 CHAPTER TWO

2.0 REVIEW OF RELATED LITERATURE

The review of literature takes three perspectives, one is the conceptual view point, the second is

the theoretical perspective and the third is the empirical review of literature.

2.1 Introduction

The Central Bank of Nigeria (CBN) by law controls and supervises the activities of other banks

(Deposit Money) with Open Market Operating (OMO), Discount Rate Policy (DRP), Reserve

Requirement Rate (RRR), Monetary Policy Rate (MRR), Minimum Liquidity Ratio (MLR) and

Cash Reserve Ratio (CRR). To ensure a stable domestic monetary environment, CBN exercise

control over the deposit of banks and tendency to increase size as well as the level of money

supply. This chapter thus reviews relevant literatures as pertaining monetary policy, monetary

policy theories, commercial banks and the relationship between monetary policy and Deposit

Money Banks’ performance.

2.2 Conceptual Review

2.2.1 Concept of Profitability

Profitability as defined by Rose (1999) refers to the net income of the commercial bank where

company’s income exceeds its expenses. Income is earned from the activities of the commercial

banks and expense is the cost of resources which are used to earn profit. Profitability is the main

objective of the commercial banks. Deposit Money Banks cannot survive in the market for the

long run without adequate profitability. Therefore evaluating past and current profitability and

the factors affecting it is paramount.

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2.2.2 Cash Reserve Ratio (CRR)

Cash Reserve Ratio is the percentage of total deposits that DBMs are required to keep with

central bank. Fama (1980) defined CRRs as taxes on the return on deposits both foreign and

domestic on a bank balance sheet since other resources that have similar risks and returns do not

have cash required reserves. Cash Reserve Ratio is a central bank regulation employed by most,

but not all, of the world’s central banks, to set the required reserve percentage on specific

customer deposits and each bank must keep money in vault cash with CBN. In Nigerian context,

Cash Reserve Requirement (CRR) are set at different percentage between the private and public

sector fund from 2013-2014 and was harmonized in 2015 (Central Bank of Nigeria press release

through Communique No. 98 & 101).

This is so in order to stimulate banks to be more proactive in performing their role of financial

intermediation rather than depending much on government fund as their main source of deposit.

In most countries (as in Nigeria), the central bank is responsible for watching over the Cash

Reserve Ratio

2.2.3 Liquidity Ratio (LR)

Liquidity Ratios are a class of financial metrics used to determine a debtor’s ability to pay off

current debt obligations without raising external capital. Liquidity ratios measure a company’s

ability to pay debt obligations and its margin of safety through the calculation of metrics

including the current ratio, quick ratio and operating cash flow ratio.

2.2.4 Monetary Policy Rate (MPR)

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This is also known as discount rate. It is the rate at which Central Bank offer financial assistance

to financial institutions through loans or discounting bills. The rediscount rate is the rate at which

the central bank stands ready to provide loan accommodation to commercial banks (CBN, 2013).

The Central Bank lends to financially sound Deposit Money Banks at a most favourable rate of

interest, called the Monetary Policy Rate (MRR). The MRR sets the floor for the Interest Rate

regime in the money market (the nominal anchor rate) and thereby affects the supply of credit,

the supply of savings (which affects the supply of reserves and monetary aggregate) and the

supply of investment (which affects full employment and GDP) according to Obidike, Ejeh &

Ugwuegbe (2015).

As a lender of last resort, such lending by the central bank is usually at panel rates. By making

appropriate changes in the rate, the central bank controls the volume of total credits indirectly.

This has the purpose of influencing the lending capacity of the commercial banks. During the

periods of inflation, the central bank may raise the rediscount rate making obtaining of funds

from the central bank more expensive. In this way, credit is made tighter. Similarly, in

depression, when it is necessary to encourage banks to create ore credits, the central bank will

lower the rediscount rate.

2.2.5 Maximum Lending Rate (MLR)

Maximum Lending Rate is the amount of interest due per period, as a proportion of the amount

lent or borrowed (called the principal sum). The total interest on an amount lent or borrowed

depends on the principal sum, the Interest Rate, the compounding frequency and the length of

time over which it is lent or borrowed.

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It is defined as the proportion of an amount loaned which a lender charges as interest to the

borrower, normally expressed as an annual percentage. It is the rate a bank or other lender

charges to borrow its money, or the rate a bank pays its savers for keeping money in an account.

This is the cost of, or price charged for using someone’s money which is normally expressed as a

percentage of the amount borrowed.

2.2.6 Other Monetary Policy Instruments:

The instruments of monetary policy can be categorized into two namely:

1. Direct or quantitative instruments

2. Indirect or qualitative instruments

Direct Instruments or Quantitative Instruments of Monetary Policy Tools

Though there is an avalanche of instruments available for money and credit control, the

instrument mix to be employed at any time depends on the goals to be achieved and the

effectiveness of such instrument to a large extent hinges on the economic fortunes of the country.

 Special Deposits: The central bank has the power to issue directories from time to time

requiring all banks to maintain with it as special deposits an amount equal to the percentages

of the institution’s deposits, liabilities or the absolute increase in its deposit liabilities over

an amount outstanding at a certain date.

 Moral Suasion: Moral suasion simply means the employment by the monetary authority of

friendly persuasive statement, public pronouncement, and outright appeal. The monetary

authority sometimes uses the less tangible technique to influence the lending policies of

commercial banks. Consequences to the banking system and the economy as a whole, the

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 Central Bank of Nigeria holds periodic meetings with the bankers committees and on other

occasion meets formally or informally with the leaders in the banking community (CBN,

2013). With the leaders in the banking community – such contracts are geared towards the

development of confidence between the central bank and other banks. It affords the central

bank opportunity to discuss the improvement in standards and conducts in the banking

industry.

 Selective Credit Control: According to Nnanna (2001), this instrument is used to

distinguish among the sectors of the economy into preferred and less preferred sectors. This

is usually designed to influence the direction of credits in the economy so as to ensure that

credits go to those sectors designed “preferred”.

It is very useful where a country operates development plans like Nigeria. When plans are

drawn up these credit controls will be integrated in the budget. In course of the

government’s programme to revitalize agricultural production which is the most favoured

sector, credits to the favoured sector is at a lower Interest Rate while least favoured sector

pays the highest rate of interest.

 Direct Credit Control:According to CBN (2013), the Central Bank can direct Deposit

Money Banks on the maximum percentage or amount of loans (credit ceilings) to different

economic sectors or activities, Interest Rate caps, liquid asset rate and issue credit

guarantee to preferred loans. In this way the available savings is allocated and investment

directed in particular directions.

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 Prudential Guidelines: The Central Bank may in writing require the Deposit Money Banks

to exercise particular care in their operations in order that specified outcomes are realized

(CBN, 2013). Key elements of prudential guidelines remove some discretion from bank

management and replace it with rules in decision making.

Indirect Instruments or Qualitative Instruments of Monetary Policy

Fiduciary or paper money is issued by the Central Bank on the basis of computation of estimated

demand for cash. To conduct monetary policy, some monetary variables which the Central Bank

controls are adjusted – a monetary aggregate, an Interest Rate or the exchange rate – in order to

affect the goals which it does not control. The instruments of monetary policy used by the

Central Bank depends on the level of development of the economy, especially its banking sector.

The commonly used instruments are discussed below (CBN, 2011):

 Open Market Operations: The Central Bank buys or sells (on behalf of the Fiscal

Authorities (the treasury) securities to the banking and non-banking public (that is in the

Open market). One such is Treasury Bills. When the Central Bank sells securities, it reduces

the supply of reserves and when it buys (back) securities-by redeeming them-it increases the

supply of reserves to the Deposit Money Banks, thus affecting the supply of money (CBN,

2013; Ibeabuchi, 2007; Ojo, 1993; & Solomon, 2013).

 Exchange Rate: The balance of payments can be in deficit or in surplus and each of these

affect the monetary base, and hence the money supply in one direction or the other. By

selling or buying foreign exchange, the Central Bank ensures that the exchange rate is at

levels that do not affect domestic money supply in undesired direction, through the balance

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 of payments and the real exchange rate. The real exchange rate when misaligned affects the

current account balance because of its impact on external competitiveness (Akpan, 2008:

Imoisi, Olatunji &Ekpenyong, 2013; Ibeabuchi, 2007; & Sanusi, 2004).

2.2.7 Monetary Policy in Nigeria

The primary goal of monetary policy in Nigeria has been the maintenance of domestic price and

exchange rate stability since it is critical for the attainment of sustainable economic growth and

external sector viability, Sanusi, (2012) The ability of the CBN to pursue an effective monetary

policy in a globalized and rapidly integrated financial market environment depends on several

factors which include, instituting appropriate legal framework, institutional structure and

conducive political environment which allows the Bank to operate with reference to exercising

its instrument and operational autonomy in decision-making, the degree of coordination

between monetary and fiscal policies to ensure consistency and complementarily, the overall

macroeconomic environment, including the stage of development, depth and stability of the

financial markets as well as the efficiency of the payments and settlement systems, the level and

adequacy of information and communication facilities and the availability of

consistent,adequate, reliable, high quality and timely information to Central Bank of Nigeria

Sanusi, (2012). The central bank tries to maintain price stability through controlling the level of

money supply.

Examining the evolution of monetary policy in Nigeria in the past four decades, Nnanna, (2010)

observes that though, the monetary management in Nigeria has been relatively more successful
17
during the period of financial sector reform which is characterized by the use of indirect rather

than direct monetary policy tools yet, the effectiveness of monetary policy has been undermined

by the effects of fiscal dominance, political interference and the legal environment in which the

Central Bank operates. Busari, (2002) states that monetary policy stabilizes the economy better

under a flexible exchange rate system than a fixed exchange rate system and it stimulates growth

better under a flexible rate regime but is accompanied by severe depreciation, which could

destabilize the economy meaning that monetary policy would better stabilize the economy if it is

used to target inflation directly than be used to directly stimulate growth. They advised that

other policy measures and instruments are needed to complement monetary policy in

macroeconomic stabilization. In the same stride, Batini, (2004) stresses that in the 1980s and

1990s monetary policy was often constrained by fiscal indiscipline.

2.2.8 Objectives of monetary policy in Nigeria

Monetary policies, as adopted in Nigeria, have four broad objectives.

■ To maintain a high level of employment (full employment): Full employment means

employment of labour, plant and capital at a tolerable capacity to achieve the set goals of

national economic policy aimed at combating recession and economic depression.

■ To maintain stable price level: Price level stability goal is related in an important sense to

the control of inflation refers to a situation of sustained and rapid increase in the general

level of prices, however, generated (Nnanna, 2001). According to Ibeabuchi (2007), inflation

reduces real disposable income and consequently the purchasing power of money.

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■ To maintain the highest sustainable rate of economic growth: This means both

quantitative and qualitative, increase in the total quantity of goods and services produced in

the economy annually. Nnanna (2001) opined that economic growth is said to be achieved in

a country in a situation where there is an increase in the income position of the citizens of the

country and also a corresponding increase in the amount of goods and services which a given

quantity of money can buy.

■To maintain the highest equilibrium in the balance of payments: A country's balance of

payment may be in total equilibrium of there exists between total payments and total

receipts, that is. The avoidance of larger or chronic deficit or surplus in the balance of

payments. Kahn, (2010) observes that monetary policy objectives are concerned with the

management of multiple monetary targets among them price stability, promotion of growth,

achieving full employment, smoothing the business cycle, preventing financial crises,

stabilizing long-term Interest Rate s and the real exchange rate.

2.3 THEORETICAL FRAMEWORK

2.3.1 CLASSICAL THEORY

Adam Smith's 'The Wealth of Nations' in 1776 is usually considered to mark the beginning of

classical economics. The classical school evolved through concerted efforts and contribution of

economists like Jean Baptist Say, Adam Smith, David Richardo, Pigu and others who shared the same

beliefs. The classical economists decided upon the quantity theory of money as the determinant of the

general price level. Most were of the opinion that the quantity of money determines the aggregate

demand which in term determine the price level as posted by Amacher & Ulbrich (1986). If the
20
quantity of money is doubled, the price level will also double and the value of money will be one half.

Fisher's theory also known as equation of exchange is stated thus;

MV=PT .........................................................................(1)

Where:

M- actual money stock or money supply

V= the transaction velocity of circulation of

money. P= the average price level

T= the real volume of all market transactions made during a period of time. Fisher posited that

the quantity of money (M) times the velocity (V), must equal average price level (P) times the

aggregate transaction (T). The equation equates the demand for money (PT) to the supply of

money (MV). In the equation, T is better replaced with Q "quantity of goods involved" hence

the Fisherian equation can be written as MV = PQ....(2)

Fisher further stated that the average price in the economy (P) multiplied by the amount of

transaction (T) when divided by the money stock (M) gives us a volitional element called the

average turnover of money or money velocity (V). I.e. PT/M = V. Doubling the money stock

will lead to a doubling of the price level since T and V do not change. Velocity is seen as

constant because factors that would necessitate a faster movement in the velocity of money

evolve slowly. Such factors include among others, population density, mode of payment

(weekly/monthly), availability of credit sources, nearness of stores to individuals etc. Thus it is

seen that there exists a direct and proportional relationship between money stock and price level.

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The theory is based on the assumption of neutrality of money according to Ajudua, Davis, &

Osmond (2015).

2.3.2 KEYNESIAN THEORY

In 1936, John Maynard Keynes published his "General Theory of Employment, Interest and

Money" and initiated the Keynesian Revolution. However, the role of money in an economy

gotfurther elucidation from (Keynes, 1930 P. 90) and other Cambridge economists who

proposed that money has indirect effect on other economic variables by influencing the Interest

Rate which affects investment and cash holding of economic agents. Keynes maintained that

monetary policy alone is ineffective in stimulating economic activity because it works through

indirect Interest Rate mechanism. From the Keynesian mechanism, monetary policy works by

influencing Interest Rate which influences investment decisions of financial institutions such as

banks and the public and consequently, output and income via the multiplies process as

contained in the works of Amacher & Ulbrich (1989) and Gertler & Gilchrist (1991) Okpara,

2010; & Solomon (2013). Keynes posits that government had the responsibility to undertake

actions to stabilize the economy and maintain full employment and economic growth, using

fiscal policies. He therefore recommends a proper blend of monetary and fiscal policies as at

some occasions, monetary policy could fail to achieve its objective (Onyemaechi, 2005).

The original Keynesian view that emerged from the Great Depression was challenged on two

fronts. First, the early view that money and monetary policy were relatively unimportant was

judged incorrect. Second, the basic premise of the Keynesian model was the inherent instability

of the market system and the right and responsibility of the government to conduct an
22
activestabilization policy. Some economists such as Friedman (1956), Modigliani (1963)Richard

(1979) questioned this premise and argued that efforts to stabilize the economy through active

monetary and fiscal policies were not likely to generate long-run improvement in the real

performance of the economy, but were more likely to generate instability.

In simple terms, the monetary mechanism of Keynesians emphasizes the role of money, but

involves an indirect linkage of money with aggregate demand via the Interest Rate as

symbolically shown below:

↓OMO→↓ R→↑MS→↓r → I→↓GNP

Where, OMO = Open Market Operating R =

Commercial Bank Reserve

MS = Stock of Money

r = Interest Rate

I = Investment

GNP = Gross National Product

On a more analytical note, if the economy is initially at equilibrium and there is open market

purchase of government securities by the Central Bank of Nigeria (CBN), this open Market

Operating (OMO) will increase the commercial banks reserve (R) and raise the bank reserves.

The bank then operates to restore their desired rate by extending new loans or by expanding

bank credit in other ways. Such new loans create new demand deposits, thus increasing the

money supply (MS). A rising money supply causes the general level of Interest Rate (r) to fall.

The falling Interest Rates affects commercial bank performance and in turn stimulate investment
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given businessmen expected profit. The induced investment expenditure causes successive

rounds of final demand spending by GNP to rise by a multiple of the initial change in

investment. On the other hand, a fall in money supply according to Jhingan (2005).causes the

general level of Interest Rate (R) to rise or increase thereby increasing the commercial banks

profitability.

2.4 EMPIRICAL LITERATURE REVIEW

Ajisafe and Folorunso (2002) examine the relative effectiveness of monetary and fiscal

policy on economic activity in Nigeria using co-integration and error correction

modeling techniques and annual series for the period 1970 to 1998. The study revealed

that monetary rather than fiscal policy exerts a greater impact on economic activity in

Nigeria and concluded that emphasis on fiscal action by the government has led to

greater distortion in the Nigerian economy.

Gambacorta and Lannoti (2005) investigate the velocity and asymmetry in response of bank

Interest Rates (lending, deposit, and inter-bank) to monetary policy changes from 1985-2002

using an Auto-regressive Vector Correction Model (AVECM) that allows for different

behaviours in both the short-run and long run. The study shows that the speed of adjustment

of bank Interest Rate to monetary policy changes increased significantly after the

introduction of the 1993 Banking Law, Interest Rate adjustment in response to positive and

negative shocks is asymmetric in the short run, with the idea that in the long- run the

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equilibrium is restored. Theyalso found that banks adjust their loan (deposit) prices at a

faster rate during period of monetary tightening in Italy.

Heuvel (2005) argues that monetary policy affects bank lending through two channels. They

argued that by lowering bank reserves, monetary policy reduces the extent to which banks can

accept receivable deposits, if reserve requirements are binding. The decrease in reservable

liabilities will, in turn, lead banks to reduce lending, if they cannot easily switch to alternative

forms of finance or liquidate assets other than loans.

Folawewo and Osinubi (2006) examine the efficacy of monetary policy in controlling inflation

rate and exchange instability. The analysis performed was based on a rational expectation

framework that incorporates the fiscal role of exchange rate. Using quarterly data spanning over

1980:1 to 2000:4 and applying times series test on the data used, the study showed that the

effects of monetary policy at influencing the finance of government fiscal deficit through the

determination of the inflation-tax rate affects both the rate of inflation and exchange rate,

thereby causing volatility in their rates. The study revealed that inflation affects volatility in its

own rate, as well as the rate of real exchange.

Punita and Somaiya (2006) investigate the impact of monetary policy on the profitability of

banks in India between 1995 and 2000. The monetary variables are bank rate, lending rates,

Cash Reserve Ratio and statutory rate, and each regressed on banks profitability independently.

Lending rate was found to exact positive and significant influence on banks profitability, which

indicates a fall in lending rates will reduce the profitability of the banks. Also bank Cash

Reserve Ratio and statutory rate were found to have significantly affected profitability of banks
25
negatively. Their findings were the same when lending rate, bank Cash Reserve Ratio,

andstatutory rate were pooled to explain the relationship between bank profitability and

monetary policy instrument in the private sector.

Okwo, Mbajiaku and Ugwunta (2012) examine the effect of bank credit to the private sector on

economic growth in Nigeria using data on Gross Domestic Product (GDP) and bank credit to

private sector (BCPS). Inflation and Interest Rates were included in the study as control

variables. All data were obtained from Central Bank of Nigeria (CBN) statistical bulletin and

span across 1981 to 2010. Data stationary were ensured using the Augmented Dickey Fuller

(ADF) statistic, while the OLS were applied to ascertain the impact of bank credit to the private

sector on economic growth. Results of the analysis showed that bank credit to private sectors

has a statistical strong positive relationship with GDP and that as expected, bank credit to the

private sector has statistically significant effect on economic growth. The paper recommends

that the CBN should lower its Monetary Policy Rate to a moderate level that will enable banks

fix low Interest Rates on their loan able funds.

Olokoyo (2012) analyzes the areas that have been deregulated in the banking sector and how it

has affected bank performance. To realize these objectives, the study analyzed secondary data

collected from CBN statistical bulletin by employing the Ordinary Least Square (OLS)

technique. This study found out that the deregulation of the banking sector has positive and

significant effect on bank performance

Fasanya, Onakoya and Agboluaje (2013) examine the impact of monetary policy on economic

growth in Nigeria. The study uses time-series data covering the range of 1975 to 2010.The
26
effects of stochastic shocks of each of the endogenous variables are explored using Error

Correction Model (ECM). The study shows that Long run relationship exists among the

variables. Also, the core finding of this study shows that inflation rate, exchange rate and

external reserve are significant monetary policy instruments that drive growth in Nigeria. It is

therefore recommended that the establishment of primary and secondary government bond

markets that can also increase the efficiency of monetary policy and reduce the government's

need to rely on the central bank for direct financing.

Imoisi, Olatunji, and Ekpenyong (2013) examine the efficacy of monetary policy in achieving

Balance of Payments stability in Nigeria. The research was conducted using an Ordinary Least

Squares (OLS) technique of multiple regression models using statistical time series data from

1980-2010. The estimated result shows a positive relationship between the dependent variable

(Balance of Payments) and the Independent variables (Money Supply, Exchange Rate and

Interest Rate). Specifically, Money Supply and Interest Rate had significant relationship with

Balance of Payments, whereas Exchange Rate was not statistically significant. It recommended

that the government should promote the exportation of Nigerian products especially the Non-oil

products.

Okoye and Eze (2013) examine the impact of bank lending rate on the performance of Nigerian

Deposit Money Banks between 2000 and 2010. It specifically determined the effects of

lendingrate and monetary policy rate on the performance of Nigerian Deposit Money Banks and

analyzed how bank lending rate policy affects the performance of Nigerian deposit money

banks. The result confirmed that the lending rate and monetary policy rate have significant and
27
positive effects on the performance of Nigerian deposit money banks. The implication of this is

that lending rate and monetary policy rate are true parameter of measuring bank performance.

28
 CHAPTER THREE

RESEARCH METHODOLOGY

3.1 INTRODUCTION

Research design refers to the overall strategy chosen by a researcher to integrate the different

components of the study in a coherent and logical way, thereby, ensuring it effectively addresses

the research problem (De Vaus, 2001).

The ex post facto research design was used in the carrying out the study because it is the best

method that can be used to explain the effect of the given independent variables on the

dependent variable. Ex post facto design is a quasi-experimental study examining how an

independent variable, present prior to the study in the participants, affect a dependent variable.

3.2 RESEARCH DESIGN

This means structuring of investigation aimed at identifying variables and their relationship to

one another. The primary goal of research design is to maximize the accuracy of information

generated in collecting information for this study.

3.3 STUDY POPULATION

The target population for this study will consists of all the deposit money banks quoted on the

Nigerian Banking Industry as at Dec. 2019.

29
3.4 SAMPLING AND SAMPLING TECHNIQUES

The population would be divided into sub-groups including male and female selected female

both young and old. The total population of the study were fifty through the use of stratified

random sampling techniques.

3.5 RESEARCH INSTRUMENT

The basic method to be used for the collection for this work is survey method. Its used together

data without putting pressure on the respondents for immediate response. The questionnaire was

also designed and distributed to enable adequate and to be collected for research purposes.
3.6 METHOD OF DATA COLLECTION

The two major types and sources of data were used in the cause of carrying out this assignment.

These are primary and secondary sources of data. At this juncture, it is imperative to explain

what primary and secondary data are:

PRIMARY SOURCE OF DATA

These are data that are collected for the first time through observation, experimental and question

for the purpose of the research work. Those are the first hand information of the study.

SECONDARY SOURCE OF DATA

Secondary data are existing information that may be useful in carrying out this research work.

They are generated both internally and externally from the organization studies.

30
3.7 METHODS OF DATA ANALYSIS
The data collected will be applied on the following using (x2) chi-square is applied on the

following situation.

a. When there are three variables drawn from independent sample each of which is categorized

b. When the data are expressed in frequencies

The formula below is used in computing chi-square value for the data

X = E (O-E)2

Where E is summation sign

O is Observed frequency

Degree of freedom = (r-1) (c-1)

The above method was used to calculate the degree personnel policy on organization efficiency.

The calculation of this formula could be seen later in this chapter four

31
 CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1 INTRODUCTION
Data presentation cover the method used for data collection as well as the sampling and
design adopted. The data collection for this study was evaluated and analyzed having
design the instrumentation. It also discusses the procedures and the methods used in
analyzing the data.
4.2 DATA PRESENTATION AND ANALYSIS
The data gathered for the research are presented below in the table.
4.2.1 TABLE I: TOTAL QUESTIONNAIRE ADMINISTERED
Respondent Number Percentage %

Received 42 84

Un received 0 16

Total administration 42 100

Sources: field survey, 2021

The above table showed that out of 100% questionnaire administered 84% was returned
while 16% were unreturned
4.2.2 TABLE II: SHOW THE SEX OF THE RESPONDENTS
Sex Number of respondent Percentage %

Male 28 67

Female 14 33

Total 42 100

Source: field survey, 2021

The table above shows that 67% of the respondents are male while 33 are female
32
4.2.3 TABLE III: SHOWS THE MARITAL STATUS OF THE RESPONDENTS
MARITAL STATUS Number Percentage

Single 34 81

Married 8 19

TOTAL 42 100

Source: field survey, 2021

Table above show 81% respondent are single while 19% are married.
4.2.4 TABLE IV: EDUCATIONAL QUALIFICATIONS OF THE RESPONDENTS.
QUALIFICATION Number Percentage %

ND/HND 14 33

BSC 18 43

MSC 10 24

TOTAL 42 100

Source: field survey, 2021.

The table above show that 43% respondents has BSC followed by ND/HND with 33%
while Msc holders are 24%
4.2.5 TABLE V : WHAT EXTENT DOES CASH RESERVE RATIO AFFECT THE
PERFORANCE OF DEPOSIT MONEY BANK IN NIGERIA.
RESPONDENT Number Percentage

To a large extent 34 81

Small extent 8 19

TOTAL 42 100

Source: field survey, 2021

33
 The table above indicates that out of 100, 81% agreed that increase in wage of workers has
yield effect on the productivity of workers while 19% disagreed.
4.2.6 TABLE VI: DOES LIQUIDITY RATIO AFFECT THE PERFORMANCE OF
DEPOSIT MONEY BANK IN NIGERIA.

RESPONDENT Number Percentage

YES 40 95

NO 2 5

TOTAL 42 100

Source: field survey, 2021

The above table shows that almost the respondents agreed that monetized benefits improve
workers performance of workers while only 5% disagreed.

4.2.7 TABLE VII: DOES MAXIMUM LENDING RATE AFFECT THE

PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

RESPONDENT Number Percentage

YES 42 100

NO - -

TOTAL 42 100

Source: field survey, 2021

I can deduce from the above table that distribution of fringe on the benefits meets basic
needs of workers as concluded by the respondents.

4.3 TESTING HYPOTHESES

34
TABLE V: WHAT EXTENT DOES CASH RESERVE RATIO AFFECTS THE
PERFORANCE OF DEPOSIT MONEY BANK IN NIGERIA.
Ho1: The Cash Reserve Ratio does not have significant effect on the performance of Deposit
Money Banks in Nigeria

RESPONDENT NUMBER PERCENTAGE

YES 34 81

NO 8 19

TOTAL 42 100

Source: field survey, 2021

TEST OF HYPOTHESIS 1

H01: The Cash Reserve Ratio does not have significant effect on the performance of
Deposit Money Banks in Nigeria

Using X2

X2 =∑ (o1 – e 1)2

e1

Options O E O-E (O-E)2 (O-E)2

E
Yes 34 21 19 361 17.19
No 8 21 -19 -361 17.19
Total 42 42 34.3

X2= 34.3
35
DECISION RULE
From the chi-square for 1 degree of freedom at 5% level of significance, the tabulated X2
value is 1.04. This shows that the computed value of 34.3 is greater than the tabulated. It
could be concluded that Cash Reserve Ratio has significant effect on the performance of
Deposit Money Banks in Nigeria.

TEST OF HYPOTHESIS II

TABLE VI: DOES LIQUIDITY RATIO AFFECT THE PERFORMANCE OF DEPOSIT

MONEY BANK IN NIGERIA.

Ho1: The Liquidity Ratio does not have significant effect on the performance of Deposit Money
Banks in Nigeria

RESPONDENT Number Percentage

YES 40 95

NO 2 5

TOTAL 42 100

Source: field survey, 2021

TEST OF HYPOTHESIS II

H0II: The Liquidity Ratio does not have significant effect on the performance of Deposit
Money Banks in Nigeria

Using X2

X2 =∑ (o1 – e 1)2

e1

36
 Options O E O-E (O-E)2 (O-E)2

E
Yes 40 21 19 361 17.19
No 2 21 -19 -361 17.19
Total 42 42 34.3

X2= 34.3

DECISION RULE
From the chi-square for 1 degree of freedom at 5% level of significance, the tabulated X2
value is 1.04. This shows that the computed value of 34.3 is greater than the tabulated. It
could be concluded that Liquidity Ratio has significant effect on the performance of Deposit
Money Banks in Nigeria.

4.4 DISCUSSION OF FINDINGS

This study was carried out to examine the effect of fiscal and monetary policy on performance
deposit money bank, a case study of Zenith Bank plc. To achieve this objective, five research
questions and three research hypotheses were formulated to guide this study. A structured
questionnaire was use as the main instrument to gather data from 38 personnel in Zenith Bank
plc,. Out of this number 30(79%) copies of questionnaire were appropriately completed and
returned for data analysis while 8(21%) copies of questionnaire not completed and returned. The
data collected from the respondents were analyzed using simple percentage and tables to analyze
the research questions while chi-square (X2) statistical tool were used to test the hypotheses.

37
 CHAPTER FIVE
5.0 SUMMARY, CONCLUSION, AND RECOMMENDATIONS

5.1 SUMMARY

The research work investigated the effect of monetary policy on the performance of Deposit

Money Bank in Nigeria: 2006-2018. A monthly time series data were employed with variables

such as: Cash Reserve Ratio, Liquidity Ratio, Maximum Lending Rate, Monetary Policy Rate

and Aggregate Assets of Banks in Nigeria. The study found that monetary policy application in

Nigeria within the period in review marginally impacted on performance of Deposit Money

Banks. However, with an exception of Liquidity Ratio and Monetary Policy Ratio which showed

a negative correlation each, other variables used in the analysis showed that there exist a positive

relationship between monetary policies and performance of Deposit Money Banks in Nigeria.

5.2 CONCLUSION

The conduct of monetary policy is the statutory responsibility of the Central Bank of Nigeria

(CBN) The primary objective of monetary management by the CBN is to ensure a stable

macroeconomic environment, which is the basis for promoting sustainable economic growth and

development.

Sound monetary and fiscal policy has become very crucial during the recent global financial

crisis, when the Central Bank of Nigeria in collaboration with the fiscal authorities adopted

measures to avert a collapse of the banking system and to stimulate aggregate demand and

strengthen output growth.

38
Given the result of the estimated model, it shows that various monetary policies administered

through those variables have not probably been adequately applied to help propel performance of

Banks. However, below are the conclusions drawn from the study:

That there exist an obvious negative and positive correlation between monetary policy and Banks

performances in Nigeria; that the various monetary policies of the government are sustainable if

properly managed.

5.3 RECOMMENDATIONS

The study recommends that the CBN should redefine monetary policy instruments by setting

CRR at an equilibrium level in order to make more funds available to DMBs for advancing loan

and investing in the economy for growth and development. In addition, the Nigerian government

through the CBN should set lending rate an optimum level as these would help to boost credit

expansion, money supply and invariably returns and profitability of deposit money banks in

Nigeria. Further recommendations made in this study include the following:

i. For effective operation of the monetary policy measures in the Nigerian economy, the

Central Bank of Nigeria should be granted full autonomy on its monetary policy

functions. Partial autonomy should be replaced with full autonomy for the central banks

devoid of government interference.

ii. The central bank of Nigeria and other financial authorities should persuade Deposit

Money Banks to abide by the regulations governing the issuance of credit to the public.

Any deviation from the set regulations should be punished to serve as a deterrent to

others.

39
iii. Monetary policy must work in random to create the right macroeconomic framework in

other word such monetary policy applied by the central bank is to great extent depends on

coordination with fiscal policy. Therefore, these two should be well articulated in order to

bring out effective results.

iv. The government should also endeavour to make the financial sector less volatile and

more viable as it is in developed countries. This will allow for smooth execution of the

Central Bank monetary policies. Law relating to the operation of the financial institutions

could be made a bit less stringent and more favourable for the operators to have room to

operate more freely.

v. The Central Bank should support SMEs and promote their integration into the formal

sector while at the same time working with government to improve the tax regime to

make the tax capacity to approach the tax potential so as to reduce tax evasion to barest

minimum and ensure that there is proper balancing between capital and recurrent

expenditures of government.

40
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53
APPENDIX I

Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
ASSETS 156 28.71 31.29 30.5879 .52736
CRR 156 .69 3.43 2.0152 .98801
LR 156 3.40 3.69 3.4602 .11654
MLR 156 2.84 3.45 3.1663 .17262
MPR 156 1.79 2.64 2.3737 .27190
Valid N (listwise) 156

54
 Correlations
ASSETS CRR LR MLR MPR
Pearson Correlation ASSETS 1.000 .661 -.813 .908 .300
CRR .661 1.000 -.352 .773 .830
LR -.813 -.352 1.000 -.766 -.010
MLR .908 .773 -.766 1.000 .453
MPR .300 .830 -.010 .453 1.000
Sig. (1-tailed) ASSETS . .000 .000 .000 .000
CRR .000 . .000 .000 .000
LR .000 .000 . .000 .449
MLR .000 .000 .000 . .000
MPR .000 .000 .449 .000 .
N ASSETS 156 156 156 156 156
CRR 156 156 156 156 156
LR 156 156 156 156 156
MLR 156 156 156 156 156
MPR 156 156 156 156 156

Model Summary
Std. Error Change Statistics
R Adjusted of the R Square F Sig. F
Model R Square R Square Estimate Change Change df1 df2 Change
a
1 .933 .870 .867 .19267 .870 252.546 4 151 .000
a. Predictors: (Constant), MPR, LR, MLR, CRR

ANOVAa
Sum of
Model Squares Df Mean Square F Sig.
1 Regression 37.501 4 9.375 252.546 .000b
Residual 5.606 151 .037
Total 43.106 155
a. Dependent Variable: ASSETS
b. Predictors: (Constant), MPR, LR, MLR, CRR
55
 Coefficientsa
Standa
Unstandardi rdized 95.0%
zed Coeffi Confidence Collinearity
Coefficients cients Interval for B Correlations Statistics
Zer
Upper o-
Std. Lower Boun orde Parti Toler
Model B Error
Beta T Sig. Bound d r al Part ance VIF
1 (Consta 30.93 .00 34.07
1.589 19.466 27.798
nt) 8 0 8
CRR .00 .10
.176 .048 .331 3.695 .082 .271 .661 .288 .108 9.299
0 8
LR - .00 -.81 -.15
.262 -.302 -5.220 -1.885 -.850 -.391 .257 3.890
1.367 0 3 3
MLR .00 .17
1.580 .260 .517 6.081 1.066 2.093 .908 .444 .119 8.395
0 8
MPR .00 -.09
-.411 .123 -.212 -3.339 -.655 -.168 .300 -.262 .214 4.683
1 8
a. Dependent Variable: ASSETS
Coefficient Correlationsa

Model MPR LR MLR CRR

1 Correlations MPR 1.000 -.204 .179 -.767
LR -.204 1.000 .766 -.215
MLR .179 .766 1.000 -.666
CRR -.767 -.215 -.666 1.000
Covariances MPR .015 -.007 .006 -.005
LR -.007 .069 .052 -.003
MLR .006 .052 .067 -.008

56
 CRR -.005 -.003 -.008 .002
a. Dependent Variable: ASSETS

Collinearity Diagnosticsa

Variance Proportions
Mode Dimensio Eigenval Condition (Constan
l n ue Index t) CRR LR MLR MPR
1 1 4.849 1.000 .00 .00 .00 .00 .00
2 .146 5.767 .00 .11 .00 .00 .00
3 .004 34.154 .00 .05 .00 .03 .37
4 .001 68.315 .00 .58 .13 .08 .63
5 6.202E-5 279.602 1.00 .27 .86 .89 .00
a. Dependent Variable: ASSETS

APPENDIX II
RAW DATA FROM CBN BULLETIN 2006-2018
YEAR MONTH TA in Naira CRR LR % MLR MPR
% % %
2006 January 4,693,954,430,000.00 5 40 18.23 13.00
2006 February 2,928,862,904,000.00 5 40 18.14 13.00
2006 March 5,258,192,288,000.00 5 40 17.89 13.00
2006 April 5,450,142,255,000.00 5 40 18.03 13.00
2006 May 5,619,511,688,000.00 5 40 18.36 13.00
2006 June 6,009,745,380,000.00 5 40 18.61 14.00
2006 July 6,333,370,294,000.00 5 40 18.61 14.00
2006 August 6,460,656,224,000.00 5 40 18.39 14.00
2006 Septembe 6,554,946,926,000.00 5 40 18.52 14.00
r
2006 October 7,136,758,883,000.00 5 40 18.71 14.00
2006 November 7,251,176,930,700.00 5 40 18.72 14.00
2006 December 7,172,932,139,136.45 5 40 18.66 10.00
2007 January 5,619,513,408,543.28 5 40 18.70 10.00
57
2007 February 5,959,484,532,194.37 3 40 18.64 10.00
2007 March 7,570,502,551,315.57 3 40 18.92 10.00
2007 April 7,839,063,048,730.24 3 40 18.58 10.00
2007 May 8,149,030,266,032.46 3 40 17.17 10.00
2007 June 8,780,049,794,542.00 3 40 18.74 8.00
2007 July 9,277,244,556,893.66 3 40 18.36 8.00
2007 August 9,574,243,676,209.97 3 40 18.27 8.00
2007 Septembe 10,409,066,015,806.30 3 40 18.27 8.00
r
2007 October 10,288,916,206,658.00 3 40 18.21 9.00
2007 November 10,392,775,792,406.40 3 40 18.29 9.00
2007 December 10,981,693,579,679.20 3 40 18.21 9.50
2008 January 11,675,722,143,351.90 3 40 18.26 9.50
2008 February 12,578,802,134,231.60 3 40 18.16 9.50
2008 March 13,326,938,186,442.30 3 40 17.58 9.50
2008 April 13,807,371,743,595.90 3 40 18.25 10.00
2008 May 13,906,128,866,983.40 3 40 17.98 10.00
2008 June 14,825,366,673,236.70 4 40 18.03 10.25
2008 July 14,965,659,176,116.40 4 40 18.07 10.25
2008 August 14,984,809,943,053.80 4 40 18.02 10.25
2008 Septembe 15,926,170,120,736.40 2 30 19.24 9.75
r
2008 October 14,963,612,409,395.30 2 30 19.19 9.75
2008 November 14,913,709,956,798.00 2 30 20.45 9.75
2008 December 15,919,559,824,920.90 2 30 21.15 9.75
2009 January 15,922,486,777,968.60 2 30 21.27 9.75
2009 February 15,952,741,005,810.40 2 30 23.52 9.75
2009 March 15,542,613,507,550.50 2 30 22.62 9.75
2009 April 15,578,674,412,548.30 2 30 23.12 8.00
2009 May 15,428,145,497,147.60 2 30 22.01 8.00
2009 June 15,519,862,974,650.90 2 30 22.67 8.00
2009 July 15,851,044,432,902.20 2 30 22.80 6.00
2009 August 16,547,731,747,250.50 2 30 23.18 6.00
2009 Septembe 16,731,539,641,330.20 2 30 22.81 6.00
r
2009 October 17,220,165,502,568.60 2 30 20.50 6.00
2009 November 17,442,600,044,320.20 2 30 23.20 6.00
2009 December 17,522,858,248,595.30 2 30 23.77 6.00
58
2010 January 17,360,529,383,176.80 2 30 22.76 6.00
2010 February 17,724,184,317,654.50 2 30 23.33 6.00
2010 March 17,845,086,633,405.40 2 30 23.62 6.00
2010 April 17,840,605,060,913.20 2 30 23.47 6.00
2010 May 17,613,167,581,436.10 2 30 22.56 6.00
2010 June 18,053,158,797,818.40 2 30 22.03 6.00
2010 July 17,681,842,663,906.70 2 30 22.27 6.00
2010 August 17,978,185,963,982.80 2 30 22.31 6.00
2010 Septembe 18,023,948,650,359.30 2 30 22.20 6.25
r
2010 October 18,374,110,158,482.10 2 30 21.85 6.25
2010 November 18,305,591,567,793.10 2 30 21.84 6.25
2010 December 17,331,559,022,440.80 2 30 21.86 6.25
2011 January 17,263,316,300,118.90 2 30 21.75 6.50
2011 February 17,514,807,828,786.00 2 30 21.88 6.50
2011 March 17,698,745,162,266.90 2 30 22.02 7.50
2011 April 17,861,414,080,523.20 2 30 22.19 7.50
2011 May 17,950,841,906,174.70 2 30 22.11 8.00
2011 June 18,175,410,999,995.20 2 30 22.02 8.00
2011 July 18,679,078,026,100.30 2 30 22.42 8.75
2011 August 19,482,991,922,224.50 2 30 22.27 8.75
2011 Septembe 19,798,960,192,973.80 2 30 22.09 9.25
r
2011 October 19,164,780,905,783.20 8 30 23.32 12.00
2011 November 19,271,081,267,736.70 8 30 23.35 12.00
2011 December 19,396,633,755,987.80 8 30 23.21 12.00
2012 January 20,419,067,336,437.30 8 30 23.08 12.00
2012 February 19,721,688,619,157.90 8 30 23.13 12.00
2012 March 19,853,543,738,283.10 8 30 23.22 12.00
2012 April 19,886,702,607,851.00 8 30 23.31 12.00
2012 May 19,862,719,558,538.60 8 30 23.44 12.00
2012 June 19,966,171,940,228.20 8 30 23.44 12.00
2012 July 20,335,164,075,665.30 12 30 23.45 12.00
2012 August 20,490,320,273,506.90 12 30 23.76 12.00
2012 Septembe 20,836,987,422,813.40 12 30 24.67 12.00
r
2012 October 21,216,308,086,000.80 12 30 24.65 12.00
2012 November 21,862,424,920,039.90 12 30 24.70 12.00
59
2012 December 21,303,951,769,613.80 12 30 24.61 12.00
2013 January 21,765,860,159,563.80 12 30 24.54 12.00
2013 February 22,094,252,642,173.20 12 30 24.60 12.00
2013 March 22,347,134,133,234.80 12 30 24.49 12.00
2013 April 22,580,747,998,183.40 12 30 24.53 12.00
2013 May 22,552,122,650,305.00 12 30 24.57 12.00
2013 June 22,647,128,370,237.30 12 30 24.58 12.00
2013 July 22,832,217,697,731.90 12 30 24.62 12.00
2013 August 23,264,244,996,911.30 12 30 24.46 12.00
2013 Septembe 23,429,231,444,473.50 12 30 25.11 12.00
r
2013 October 23,607,238,758,831.40 12 30 24.90 12.00
2013 November 23,690,019,573,092.30 12 30 25.00 12.00
2013 December 24,468,368,480,414.90 12 30 24.90 12.00
2014 January 24,589,103,408,552.50 12 30 25.52 12.00
2014 February 24,436,909,509,572.70 12 30 25.83 12.00
2014 March 24,761,385,825,660.00 15 30 25.80 12.00
2014 April 24,915,606,128,846.00 15 30 25.63 12.00
2014 May 24,829,763,007,090.20 15 30 25.76 12.00
2014 June 25,253,828,889,466.20 15 30 26.07 12.00
2014 July 25,755,920,286,329.60 15 30 26.07 12.00
2014 August 25,621,559,540,564.60 15 30 25.07 12.00
2014 Septembe 26,119,515,398,478.20 15 30 25.77 12.00
r
2014 October 26,466,014,704,802.50 15 30 25.75 12.00
2014 November 27,515,361,852,199.40 20 30 25.74 13.00
2014 December 27,690,106,971,899.50 20 30 25.91 13.00
2015 January 27,901,805,037,739.60 20 30 25.97 13.00
2015 February 28,764,254,210,847.80 20 30 26.33 13.00
2015 March 28,904,888,011,129.20 20 30 26.61 13.00
2015 April 29,120,416,020,840.60 20 30 26.41 13.00
2015 May 28,887,345,289,087.60 31 30 26.43 13.00
2015 June 28,560,751,228,295.90 31 30 26.84 13.00
2015 July 28,440,408,279,931.50 31 30 27.03 13.00
2015 August 28,423,808,680,168.70 31 30 27.01 13.00
2015 Septembe 28,357,417,532,852.60 25 30 26.99 13.00
r
2015 October 27,455,568,881,423.40 25 30 27.01 13.00
60
2015 November 27,702,951,512,969.50 20 30 27.02 11.00
2015 December 28,369,031,685,017.10 20 30 26.84 11.00
2016 January 28,529,684,007,689.20 20 30 26.77 11.00
2016 February 28,728,164,877,976.70 20 30 26.73 11.00
2016 March 28,970,820,098,615.20 22.5 30 26.93 12.00
2016 April 29,012,511,438,938.50 22.5 30 26.88 12.00
2016 May 28,813,851,348,376.90 22.5 30 26.73 12.00
2016 June 31,733,582,735,215.60 22.5 30 26.93 12.00
2016 July 32,893,931,895,341.80 22.5 30 27.06 14.00
2016 August 32,579,635,847,901.60 22.5 30 27.21 14.00
2016 Septembe 32,241,654,207,760.80 22.5 30 27.49 14.00
r
2016 October 32,001,329,154,692.10 22.5 30 27.69 14.00
2016 November 31,922,218,062,098.10 22.5 30 28.53 14.00
2016 December 32,130,449,377,026.80 22.5 30 28.55 14.00
2017 January 32,732,231,124,208.50 22.5 30 28.88 14.00
2017 February 32,529,226,655,272.50 22.5 30 29.26 14.00
2017 March 32,878,236,749,380.90 22.5 30 30.18 14.00
2017 April 33,208,181,898,335.20 22.5 30 30.31 14.00
2017 May 33,393,909,313,383.30 22.5 30 30.75 14.00
2017 June 33,370,495,500,264.30 22.5 30 30.94 14.00
2017 July 33,987,355,971,070.10 22.5 30 30.94 14.00
2017 August 33,689,560,725,619.20 22.5 30 31.20 14.00
2017 Septembe 33,851,321,096,136.60 22.5 30 31.39 14.00
r
2017 October 33,848,151,163,974.70 22.5 30 31.39 14.00
2017 November 33,861,406,509,139.00 22.5 30 30.95 14.00
2017 December 35,146,836,645,249.30 22.5 30 30.99 14.00
2018 January 35,847,260,040,270.10 22.5 30 31.39 14.00
2018 February 36,188,185,599,953.90 22.5 30 31.40 14.00
2018 March 36,299,586,840,536.90 22.5 30 31.55 14.00
2018 April 36,555,679,504,922.90 22.5 30 31.56 14.00
2018 May 36,731,101,874,805.40 22.5 30 31.29 14.00
2018 June 36,286,292,864,769.80 22.5 30 31.17 14.00
2018 July 36,649,603,664,517.80 22.5 30 31.09 14.00
2018 August 36,991,316,770,358.00 22.5 30 30.93 14.00
2018 Septembe 38,750,292,828,149.90 22.5 30 30.77 14.00
r
61
2018 October 38,845,155,342,851.30 22.5 30 30.67 14.00
2018 November 38,662,057,668,128.50 22.5 30 30.80 14.00
2018 December 38,690,641,997,552.90 22.5 30 30.52 14.00

62