ANALYZING THE UNCONVENTIONAL MONETARY POLICY AND CORONA VIRUS (COVID-19) PANDEMIC IN NIGERIA: ITS...

Given the serious unfavourable repercussions for both the global and Nigerian economies, the CBN's response to the highly regarded COVID-19 outbreak had become necessary. "Remarkable disruptions in global gracefully chains, a sharp decrease in unrefined petroleum costs, unrest in global stock and money related markets, far-reaching undoings in brandishing, amusement, and business occasions, the lockdown of vast areas of development of people in numerous nations, and intercontinental travel limitations across basic air routes on basic air routes on basic air routes on basic air routes on basic air routes on basic air routes on basic air routes on basic air routes on basic air routes on basic air These outcomes have got genuine adverse repercussions for essential fields such as oil and gas, transportation, assembly, exchange, and consumer markets, to name a few. On this backdrop, the CBN announced some unconventional monetary policy aimed at influencing macroeconomic results, swelling, and conversion scale throughout this pandemic situation. Its tools include resource purchases (quantitative easing), expanded liquidity activities, negative financing costs, and forward guidance. The unorthodox monetary policy has the impact of promoting budgetary soundness and financial activity, as well as avoiding a lot of subsequent downturns that could have occurred in Nigeria as a result of the COVID-19 epidemic. The investigation uncovered the need for corporate unconventional monetary policy measures with counterbalancing policy measures to sanction certain large-scale prudential measures and fortifying the financial association, as well as upgrading the structure of liquidity infusions with proper motivating force plans that have proven helpful in reducing unfavourable impacts and others. The investigation assumed that the CBN is generally proactive in announcing the impact of the COVID-19, and recommended that the ban on the peak bank's intercession be expanded, the CBN's Loan to Deposit Ratio (LDR) policy and administrative self-control be strengthened, and mediation offices be expanded to give advances to pharmaceutical companies looking to expand/open their medication manufacturing plan.

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