THE IMPACT OF MONETRAY POLICY ON BALANCE ON TRADE.

BY

HUSSEINI SHUAIBU
19/409ECNJ/023

DEPARTMENT OF ECONOMICS
FACULTY OF SOCIAL SCIENCE
POSTGRADUATE SCHOOL
UNIVERSITY OF ABUJA

JULY, 2022
THE IMPACT OF TRADE ON ECONOMIC DEVELOPMENT IN NIGERIA:
1981 -2020

BY

FEMI
19/409ECNJ/0

DEPARTMENT OF ECONOMICS
FACULTY OF SOCIAL SCIENCE
POSTGRADUATE SCHOOL
UNIVERSITY OF ABUJA

JULY, 2022
 DECLARATION

I declare that “The Impact of monetary policy on balance on trade is my own

work and that all the sources that I have used or quoted have been indicated and
acknowledged by means of complete references and that this work has not been
submitted before for any other degree at any other institution.

……………………………………….. ……………………………

Husseini Shuaibu Date

Reg No. 19/409ECNJ/023
 CERTIFICATION

This study has been approved by the Department of Economics, Faculty of Social
Science, University of Abuja for the award of Bachelor of Science (B.Sc.) Degree in
Economics by:

……………………………………….. ………………………........……
Prof. Obi Ben Date
Supervisor

……………………………………….. ………………........……………
Dr. Usman Gana Date
Head of Department

……………………………………….. ……………………......………
Professor Gobna Wafure Date
Dean, Faculty of Social Science

………………………………………. ....…………………….....……
External Examiner Date
 DEDICATION

This work is dedicated to God Almighty, who made it possible for me to get to this stage in my academic
pursuit.
 ACKNOWLEDGEMENTS

First of all, my deepest gratitude and appreciation goes to the Almighty God for
His love, guidance, grace, and wisdom throughout my course.

I owe a debt of gratitude to Prof. Ben Obi, my supervisor, for her tireless effort
that guided me through. Her contributions, suggestions and making all relevant
corrections and the entire role she played towards the improvement and delivery
of this dissertation.

I equally wish to specially thank the Head of Department of Economics; Dr.

Usman Gana. My appreciation also goes to Professor Oyinlola Olaniyi, Professor
Siyan Peter, Professor J.A. Adam, Professor S.A.J Obansa Profe, ssor Wafure
Obida Gobna, Professor Michael Jimaza, and Professor Nazifi Darma; other
lecturers who contributed to the success of my study include: Professor Ben Obi,
Prof. Mohammed Yelwa, Dr. David Okoroafor and Dr. Oladele O. Aluko. My
gratitude also goes to Dr. Emmanuel A. Hassan, Dr. David O.K. Okoroafor, Dr. Dr.
Isa Nurudeen Mohammed, and other too numerous to mention.

Finally, to my beautiful parents, Mr and Mrs Shuaibu and my lovely wife Bilkisu
and my three daughters kasirah, Raheema and kausar and My mentor Alhaji
Ibrahim Bagudu for their patience, encouragement, and understanding
throughout the period of studies and my accumulated workload. I also want to
use this opportunity to acknowledge my siblings for their invaluable support and
prayers.
 TABLE OF CONTENTS
Title Page - - - - - - i
Declaration - - - - - - ii
Approval Page - - - - - - iii
Dedication - - - - - - iv
Acknowledgement - - - - - - v
List of Tables - - - - - - ix
Abstract - - - - - - x

CHAPTER ONE
INTRODUCTION
1.1 Background of the Study - - - - - 1
1.2 Statement of Problem - - - - - 4
1.3 Objectives of the Study - - - - - 5
1.4 Research Questions - - - - - 6
1.5 Research Hypotheses - - - - - 6
1.6 Scope of the Study - - - - - 6
1.7 Significance of the Study - - - - - 7
References

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Dividend Policies And Earnings - - - - 10
2.2 Types of Dividends - - - - - 17
2.3 Methods of Dividend Payment - - - - 18
2.4 Dividend Announcements and Stock Returns - - 19
2.5 Dividend Policy and Asymmetric Information - - 21
2.6 Stock Prices and Dividend Announcements - - - 23
2.7 Stock Prices, Dividends And Semi-Strong Market Efficiency 25
2.8 Stock Splits on Price And Liquidity - - - - 26
2.9 Corporate Dividend Policy Determinants- - - 27
2.10 Shareholders Earnings (EPS) and the Firm - - - 29
References

CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Design - - - - - 40
3.2 Nature and Sources of Data - - - - - 40
3.3 Population and Sample Size - - - - - 40
3.4 Model Specification - - - - - 41
3.5 Model Justification - - - - - 42
3.6 Description of Research Variables - - - - - 43
3.6.1 Dependent Variable - - - - - 43
3.6.2 Independent Variables - - - - - 43
3.6.3 Control Variables - - - - - 44
3.7 Techniques of Analysis - - - - - 44
References

CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation of Data - - - - - 47
4.2. Test of Hypotheses - - - - - 50
4.2.1 Test of Hypothesis One - - - - - 50
4.2.2 Test of Hypothesis Two - - - - - 51
4.2.3 Test of Hypothesis Three - - - - - 53
4.3 Comparaism Of Results with Objectives - - - - 54
4.3.1 Objective One: To determine the impact of dividend yield on stock
prices of Nigerian banks - - - - - 54
4.3.2 Objective Two: To determine the impact of earnings yield on stock
prices of Nigerian banks - - - - - 55
4.3.3 Objective Three: To determine the impact of dividend payout ratio
on stock prices of Nigeria banks.- - - - - 55
Reference
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings - - - - - 59
5.2 Conclusion - - - - - 59
5.3 Recommendations - - - - - 60
5.4 Contributions to Knowledge - - - - - 61
Bibliography

LIST OF TABLES

Table 4.1 Panel Data of Model Proxies - - - 47

Table 4.2 Descriptive Statistic - - - 50
Table 4.3 Regression Result of Hypothesis One - - - 52
Table 4.4 Regression Result of Hypothesis Two - - - 53
ABSTRACT