This research work looked at the rate of the Central Bank of Nigeria in the development of money market.  A good knowledge of the strategies which the bank uses in implementing and instruction the dwindling economy were identified.  It covered the constraints the bank faces in implementing the government programmes.  The role of Central Bank of Nigeria in developing the Nigeria Economy cannot over stressed.  The Central Bank being the bankers banker and the lender to last resort is a mirror that reflect the nations economy.  The researcher made use survey method.  The researcher reached on books and documents made available to them by the heads of the account and internal audit department.  It has been possible for the researcher to discover the need and implication of CBN in ensuring monetary expansion in the economy and effective operation of the money market.  CNB cannot continue its activities merely to the regulating and operation of commercial banks, but also to carryout its primary duties. In which the research made reasonable recommending on how the central bank can control money market effectively.
Chapter One:       Introduction                       
1.1  Background to the Study                   
1.2  Statement of Problems                      
1.3  Objectives of the Study                     
1.4  Research Questions                                  
1.5  Research Hypothesis                          
1.6  Significance of the Study                          
1.7  Scope and Limitations of the study             
1.8  Definition of Terms                           
Chapter Two: Literature Review                                 
2.1  Review of Related Literature               
2.2  Brief History and Meaning of Central Bank
2.3  Meaning of Money Market     
2.4 Importance of Money Markets                    
2.5  Objectives of the Central Bank of Nigeria
2.6  Function of Central Bank Of Money Market   
2.7  Theoretical Review               
2.8  Empirical Review                 
Chapter Three:    Research Methodology                    
3,1  Research Design                  
3.2  Area of Study                     
3.3  Population Of Study             
3.4  The Sample and Sampling Procedure
3.5  Instrument for Data Collection                   
3.6  Validation and Reliability of Instrument
3.7  Reliability of the Instrument               
3.8  Method of Data Collection                  
3.9  Method of Data Analysis                           
Chapter Four  
4.0  Presentation and Analysis of Data        
4.1  Presentation and Analysis of Results    
4.2  Testing of Hypothesis                        
Chapter Five
5.0  Summary of Findings, Conclusion and Recommendations
5.1  Summary of Findings                         
5.2  Conclusion                                       
5.3  Recommendations                             
1.1  Background to the Study
The objectives of establishing central bank of Nigeria were to serve as banker to the banking systems, to perform supervisory role over the all money market and issue currency thus requiting the supply of money in the country. It also acts as financial adviser to the government on monetary policy and implementing the policy on behalf of the government, it involves issuing legal trader currency, maintaining the value of the domestic currency enhancing mobilization of fund.
The Central Bank of Nigeria is government bank, established to keep a country’s financial system under control and supervision. The Central Bank of Nigeria is expected particularly in promoting economic growth by fostering the developing of money market and capital market, develop banking habits and sound financial system. In order to facilitate economic development, CBN tends to engage in activities, which extend beyond its traditional functions. In this regard, it played a unique role in the development of Nigeria economy; particularly in promoting agricultural and industrial development in general.
The Central Bank of Nigerian was established to act as the organ of government that should undertake the major financial operation of the government and by it’s conduct influence the behaviour of financial institutions so as to support the economic policy of the government. The CBN carries out this responsibility on behalf of the federal government through a process outlined in the Central bank of Nigeria decree 24, 1991 and the banks and other financial institution in formulating monetary policy.
In fact the roles played by CBN in stabilizing Nigeria economy is an enormous one. Since its inception in 1958, it had engaged in one stabilizing role or the other.
       However, a well-developed money market is essential for a modern economy. Though, historically, money market has developed as a result of industrial and commercial progress, it also has important role to play in the process of industrialization and economic development of a country.
1.2  Statement of Problems
The Central Bank of Nigeria according to Professor G.O. Nwankwo his book titled “Nigeria financial system” in expected as on of the function to develop the Nigeria money market. The problem to the investigated here are the extent to which the central bank of Nigeria has performed its role towards having a higher in developed money market which according to seen in his hook lilted central banking in undeveloped money market is usually characterized by the availability of proper investment in the market e.g. cash, call money, treasury bill e.g.
Highly organized, banking system which make sit possible for central bank to control the economy effectively,.  The number funds and securities as the money market may demand.
Action of foreign funds, which depicts the confidence of foreigners and the prospects unvisited in the market.  When one sub-market is disturbed e.g. shortage of funds in one sub-market will cause movement of funds from the surplus area to the shortage region.
1.3  Objectives of the Study
The study aims at the following;
1.    To identify the role of central bank of Nigeria in the development of money market.
2.    To assess if there a significance relationship between central of Bank of Nigeria and the money market.
3.    To determine whether Central bank of Nigeria make provision for credit to most financed institution.
4.    To determine if Central Bank of Nigeria actually promote monetary stability and sound financial system in Nigeria.
5.    To make reasonable recommendations on how to enhancing the weak aspect of CBN on money market.
1. 4 Research questions
       The following are the research questions;
          Do you think that central bank play a significance role in the development of money market?
          Is there a significance relationship between Central bank of Nigeria and the money market?
          Whether Central Bank of Nigeria make provision for credit to most financed institution?
          Does central Bank of Nigeria actually promote monetary stability and sound financial system in Nigeria?
1.5  Research Hypothesis
       Hypothesis One
H0:  Central bank of Nigeria plays a significance role in the development of money.
H1:  Central bank of Nigeria do not play a significance role in the development of money.
       Hypothesis Two
H0:  Central Bank of Nigeria provide sound financial system and money stability.
H2:  Central Bank of Nigeria do not provide sound financial system and money stability.’
       Hypothesis Three
H0: Money market rely on Central Bank for financed.
H3: Money market do not rely on Central Bank for financed.
1.6  Significance of the study
The significance of the study offer relevant information about the roles of central bank in development of money market, which will turn contribute immensely to economic development.
       Since we all know the central bank issue of currency, banker to other banks, banker to the government, lender of last result clearing and collection of cheque and other instrument, it becomes clearly that every individual should master the role of central bank in money market.
1.8 Definition of Terms
a.    Central Bank:  It is the apex financial institution which manages in the cost of money, the volume of money available within the economy, the direction of money and credit floor in the same economy with a used to realize the designed monetary and credit objectives.
b.    Commercial Bank:  Commercial Bank is an institution that accepts cash, near, cash assets and other credit and makes payment on demand using its money market institutions.
c.    Discount House:  These are financial institution, which pays the face value of a bill upon materially to the holder of such bill discounting.
d.    Money market:  Is the arrangement whereby borrowers and lenders of money on short-term basis are brought into contractual relationship.
e.    Capital Market:  Is a market for long-term capital.  It suppliers invest with the opportunity to borrow and tender money on medium and long-term bases.
f.     Stock Exchange Market:  Is a market that facilitates buying and selling shares, stocks bond debenture and other securities.
g.    Call Money:  This is calls money at call on short notice.  It’s an arrangement where by commercial banks borrow money from one another on over night basis.
h.    Treasury Certificates:  Is the certificates used for raising money form the money market by government for duration of between 1 and 2 years.


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