ANALYZING THE UNCONVENTIONAL MONETARY POLICY AND CORONA VIRUS (COVID-19) PANDEMIC IN NIGERIA: ITS IMPLICATION TO THE ECONOMY a

Chinonso Tamunowariye and Otekenari David Elisha
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Chinonso Tamunowariye: Department of Economics, Faculty of Social Sciences, Ignatius Ajuru University of Education, Port Harcourt, Nigeria.
Otekenari David Elisha: Department of Economics, Faculty of Social Sciences, Ignatius Ajuru University of Education, Port Harcourt, Nigeria.

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Abstract: The CBN's reaction to the highly regarded COVID-19 pandemic had become unavoidable given its critical unfavorable ramifications for both the worldwide and the Nigerian economies. The advancement had prompted "remarkable disturbances in worldwide gracefully chains, a sharp decrease in unrefined petroleum costs, unrest in worldwide stock and money related markets, far reaching undoing's in brandishing, amusement and business occasions, the lockdown of huge areas of developments of people in numerous nations, and intercontinental travel limitations across basic air courses on the planet. These results have had genuine antagonistic ramifications for key areas, including yet not restricted to oil and gas, carriers, assembling, exchange and customer markets. It is on this scenery that the CBN presented some unconventional monetary policy focused to impact macroeconomic results development, swelling, and conversion scale during this pandemic emergency. Its devices incorporates, resource buys (quantitative facilitating), broadened liquidity activities, negative financing costs and forward direction. The effect of the unconventional monetary policy incorporates, supporting budgetary soundness and financial action, staying away from a lot further downturns that would somehow have happened in Nigeria because of the COVID-19 pandemic. Discoveries from the investigation uncovers the need to corporate unconventional monetary policy measures with counterbalancing policy measures to sanctioning certain large scale prudential measures and fortifying the financial association, upgrading the structure of liquidity infusions with proper motivating force plans demonstrated helpful in diminishing unfavorable impacts and others. The examination presumed that CBN is as a rule proactive in adverting the effect of the COVID-19 and further suggested the expansion of the ban on the peak bank's intercession, fortifying the CBN's Loan to Deposit Ratio (LDR) policy and administrative self-control, augmentation of mediation offices to give advances to pharmaceutical organizations aiming to grow/open their medication producing plants in the nation.

Date: 2021-04-15
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Published in Journal of Economics, Management and Trade, 2021, 6 (1), pp.24-33

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