Ratchet effects in currency substitution: An application to Nigeria

This study examines the persistence of currency substitution in Nigeria by applying the Bounds testing approach to cointegration and including a ratchet variable in the estimated Autoregressive Distributed Lag (ARDL) model. Empirical results show that factors such as exchange rate risks, expected exchange rate depreciation, exchange rate spread, inflation expectations as well as the ratchet variables are significant determinants of currency substitution in Nigeria, with the ratchet variables having overarching influence in the long run. This indicates that currency substitution is persistent in Nigeria and may portend negative implications for the stability of the money demand function as well as the effectiveness of monetary policy. Among others, the study recommends strong and sustained monetary policy intervention towards encouraging deposit holders and other economic agents to switch their currency portfolio back to Naira

Threshold effect of inflation on economic growth in Nigeria

It is widely believed that price stability promote long-term economic growth, whereas high inflation is inimical to growth. This paper utilized a quarterly time series data for the period 1981 - 2009 to estimate a threshold level of inflation for Nigeria. Using a threshold regression model developed by Khan and Senhadji (2001), the study estimated a threshold inflation level of 13 per cent for Nigeria. Below the threshold level, inflation has a mild effect on economic activities, while above it, the magnitude of the negative effect of inflation on growth was high. The negative and significant relationship between inflation and economic growth for inflation rates both below and above the threshold level is robust with respect to changes in econometric methodology, additional explanatory variables and changes in data frequency. These finding are essential for monetary policy formulation as it provide a guide for the policy makers to choose an optimal target for inflation, which is consistent with long-term sustainable economic growth goals of the country

Consumer confidence indicators and economic fluctuations in Nigeria

Consumer confidence indicators(CCI) serve as a veritable tool for providing useful information to policy makers, forecasters and the general public. Recent studies indicated the possibility of a slowdown in output, resulting from the pessimism of consumers in their expectations about the general state of the economy, even if their pessimism were not based on economic fundamentals. This study evaluated the predictive ability of the CCI in forecasting economic fluctuations in Nigeria. The study applied the Granger Causality tests, impulse response functions and forecast error variance decomposition to assess if CCI granger causes output growth as well as ascertain the magnitude of the change in GDP resulting from a change in CCI. Results from granger causality tests indicated a causal relationship between CCI indicators and real GDP growth in Nigeria. Furthermore, the study found that CCI explained the movements in economic activities, even though the magnitude was small. These results have important implications for the usefulness of CCI in planning and forecasting macroeconomic aggregates

Measuring respondent burden in Nigeria: A case study of Central Bank of Nigeria enterprise surveys

This paper uses diffusion indices, percentages and reported time spent to measure the respondent burden in survey of foreign assets and liabilities (SOFAL) and business expectations survey (BES). The results show that respondents found it easy but time consuming to complete the SOFAL questionnaire with an average of 24 hours spent in collecting information and over 2 hours to fill the questionnaire. In contrast, respondents found it much easier and quicker to complete the BES questionnaire, spending an average of 47 minutes to collect relevant information from their records and another 36 minutes to complete the questionnaire. The paper identified problems of documentation, cumbersomeness of the survey instruments and lack of motivation of the respondents as main issues of concern

Exchange rate pass-through to inflation in Nigeria

Concerns about the magnitude and length of exchange rate pass-through to consumer prices have increased in many developing countries in view of its profound implications on price and exchange rate stability as well as the macroeconomic policy environment. This paper examines the exchange rate pass-through effect at the aggregate level into import and consumer prices in Nigeria for the period 1995Q1 - 2015Q1. Utilizing the Johansen approach to cointegration and a vector error correction methodology, the paper found the exchange rate pass-through into Nigeria's CPI inflation to be incomplete. The long run pass-through elasticities were found to be 0.24 and 0.30 for the baseline and alternative models. The effect was discovered to be higher in import than in consumer prices, implying that the pass-through effect declines along the pricing chain. These findings were useful in the design and implementation of monetary and exchange rate policies by the Central Bank of Nigeria

β2-adrenoceptor inverse agonists signalling in human airway cells

Bronchial asthma is characterised by airway inflammation, obstruction and reversible airway-hyper responsiveness (Lötvall et al., 2011). One common treatment is the use of bronchodilator (particularly β agonists).Several studies have reported that the bronchodilators were less effective in chronic use, with worsening symptoms of poor asthma control (Bond et al., 2007). In the quest for new modalities of treatment, antagonists (or inverse agonists) were found to be beneficial to patients on chronic administration. Previously, the agonists were shown to activate the receptor stimulating cyclic AMP production while inverse agonists do not, but act as "biased" agonists in promoting β-arrestin-dependent signalling through the β–adrenoceptor (Nguyen 2008, van der Westhuizen 2014). Because these cell signalling pathways are associated with modulation of intracellular β2-adrenoceptor activity, it is plausible to hypothesize that the β2-adrenoceptor agonists and inverse agonists directly affect β2-adrenoceptor activity. In view of the this, the thesis main aims were to investigate whether the β2-adrenoceptor population are sensitive to inhibition by β2-adrenoceptor inverse agonists and whether they are biased agonist which stimulate G-protein independent signalling pathways and stimulate the functional effects of the β2-adrenoceptors on airway cell biology. In the first part of the investigation, the production of cyclic AMP in Calu-3 and BEAS2B-R1 cells and real-time analysis of cellular impedance was investigated in BEAS2B-R1, Calu-3 and CHO-β2 cells. Phosphorylation of ERK1/2 in Calu-3 and CHO-β2 cells was assessed using western blotting techniques. The second part of investigation assessed the functional effect β2-adrenoceptor stimulation using MTT reduction, MTT real time glo, Neutral red, incuCyte real time assays and cell counting. The third part assessed the effect of β2-adrenoceptor stimulation in wound healing using mechanical, chemical and automated methods of wounding. The fourth part assessed the effect of TEER in Calu-3 cells and was investigated under air liquid interface experiments (ALI). The β2-adrenergic stimulation with isoprenaline and formoterol increased the cyclic AMP in Calu-3 cells and cellular impedance in BEAS2BR-1cells. Cellular impedance assay using the xCELLigence system decreased in BEAS2BR-1 and increased in Calu-3 cells and CHO-β2 cells with formoterol and propranolol. The MEK 1 inhibitor, PD98059 did not decrease cellular impedance with both formoterol and propranolol. Formoterol and carvedilol increased ERK 1/2 phosphorylation in CHO-β2 cells. The assessment of the functional effects of β2-adrenoceptor stimulation showed increased cell viability in response to propranolol and nadolol in Calu-3 cells using MTT reduction assay. Responses to propranolol in neutral red assay increased cell viability in BEAS2BR-1 cells. Wound healing and repair assessed with incuCyte S3 system was inhibited by carvedilol and salmeterol and forskolin. The presence of tight junctions in Calu-3 cells was confirmed by sequential changes TEER measurements. The development of tight junctions was found to increase TEER in response to formoterol and propranolol. Overall, the findings highlight the β2-adrenoceptor activity in the cellular function of β2-adrenoceptor inverse agonist and shows the molecular mechanism involved via cyclic AMP and ERK1/2 dependent pathways

Coagulation of some humic acid solutions by moringa oleifera lam seeds: effect on chlorine requirement

No Abstract. Bulletin of the Chemical Society of Ethiopia Vol. 15 (2) 2001: pp. 119-12

Gravity Model by Panel Data Approach: Empirical Evidence from Nigeria

Gravity trade model continue to be coveted for analysis of determinants trade flows among countries despite its lack of theoretical foundations. The main aim of the paper is to assess the determinants of flow of Nigeria’s exports using longitudinal data from 1999 to 2012. Extrapolating from the empirical literature, the paper constructs Nigeria’s gravity trade model comprising of 9 EU countries, BRICS countries, Canada, Japan and the US. Results from POOL and panel regressions – fixed and random effects show that market size, price index of destination countries positively drive trade flows in Nigeria, while relative factor endowment, economic similarities and geographical distance negatively affect Nigeria’s trade flows. Furthermore, the paper found evidence in support of positive trade flows with the EU countries and negative trade flows with BRICS and on account of cultural difference. Findings show that Nigeria’s exports follow Linder hypothesis. These have important implications for economic, socio-cultural and bilateral trade negotiations for better trade performance in Nigeria in the future

Gravity Model by Panel Data Approach: Empirical Evidence from Nigeria

Gravity trade model continue to be coveted for analysis of determinants trade flows among countries despite its lack of theoretical foundations. The main aim of the paper is to assess the determinants of flow of Nigeria’s exports using longitudinal data from 1999 to 2012. Extrapolating from the empirical literature, the paper constructs Nigeria’s gravity trade model comprising of 9 EU countries, BRICS countries, Canada, Japan and the US. Results from POOL and panel regressions – fixed and random effects show that market size, price index of destination countries positively drive trade flows in Nigeria, while relative factor endowment, economic similarities and geographical distance negatively affect Nigeria’s trade flows. Furthermore, the paper found evidence in support of positive trade flows with the EU countries and negative trade flows with BRICS and on account of cultural difference. Findings show that Nigeria’s exports follow Linder hypothesis. These have important implications for economic, socio-cultural and bilateral trade negotiations for better trade performance in Nigeria in the future

Performance of the CMS Cathode Strip Chambers with Cosmic Rays

The Cathode Strip Chambers (CSCs) constitute the primary muon tracking device in the CMS endcaps. Their performance has been evaluated using data taken during a cosmic ray run in fall 2008. Measured noise levels are low, with the number of noisy channels well below 1%. Coordinate resolution was measured for all types of chambers, and fall in the range 47 microns to 243 microns. The efficiencies for local charged track triggers, for hit and for segments reconstruction were measured, and are above 99%. The timing resolution per layer is approximately 5 ns