The Stranger Essays (1044 words) - Absurdist Fiction, The Stranger

The Stranger In The Stranger, as in all Camus works, Camus views on freedom and death one dependent on the other are major themes. For Camus, freedom arises in awareness of ones life, the every-moment life, an intense glorious life that needs no redeeming, no regrets, no tears. Death is unjustifiable, absurd; it is but a reintegration into the cosmos for a free man. Until a person reaches this awareness, life, like death, is absurd, and indeed, generically, life remains absurd, though each individuals life can be valuable and meaningful to him. In a sense, The Stranger is a parable of Camus philosophy, with emphasis on that which is required for freedom. Meursault, hero of The Stranger, is not a person one would be apt to meet in reality in this respect; Meursault does not achieve the awakening of consciousness, so essential to freedom and to living Camus philosophy until the very end of the book, yet he has lived his entire life in according with the morality of Camus philosophy. His equivalent in the Christian philosophy would be an irreligious person whose homeland has never encountered Christianity who, upon having it explained by a missionary, realizes he has never sinned. What is the morality, the qualities necessary for freedom, which Meursault manifested? First, the ruling trait of his character is his passion for the absolute truth. While in Meursault this takes the form of a truth of being and feeling, it is still the truth necessary to the conquest of the self or of the world. This passion is so profound that it obtains even when denying it might save his life. Second, and not unrelated to the first, is Meursaults acceptance of nature as what it is and nothing more, his rejection of the supernatural, including any god. Actually, rejection of God is not accurate until later when he is challenged to accept the concept; Meursault simply has never considered God and religion worthwhile pursuing. The natural makes sense; the supernatural doesnt. It follows that death to Meursault also is what it is naturally; the end of life, cessation, and that is all. Third, and logically following, Meursault lives entirely in the present. The past is past and dwelling upon it in any mood is simply a waste of the present. As to the future, the ultimate future is death; to sacrifice the present to the future is equivalent to sacrificing life to death. Finally and obviously, since the present is his sole milieu, Meursault takes note of each moment of life; since there is no outside value system, no complex future plan, to measure against, and as a result of his passion for truth and consequently justice, he grants every moment equal importance. One moment may be more pleasurable than another, one boring, one mundane, each receives equal time in his narration of his life. Meursault has one failing trait, a direct and logical result of his unconsciousness of his own view of life and philosophy of living, indifference. Perhaps because his way of life and thinking seem so natural to him, he has never considered their roots, has never confronted the absurdity of death, with the consequent recognition of the value of his life. Out of indifference he fails to question and thereby errs out of indifference he links forces with violence and death, rather than with love and life. As a result of indifference, he kills a man. Meursault kills a man and is brought to trial. But in truth he is not tried for murder, nor for his error, he is tried for his virtue. Here Camus shows how many men fear the absurd, refuse not to accept it to confront it at all. Instead they make compromises with it, grant it importance and supernatural meaning, and live for it. The result is lives built on sham, hypocrisy, paper scaffolding. The natural man, the man of truth and reality, can only threaten their authority, the very fragile web of their lives, that is, his very existence may force them to see through themselves. It is for this that they condemn Meursault to death. Faced with the guillotine, Meursault is forced to confront death, his own death. Through the horror and

Choosing the Right Essay

Choosing the Right EssayWhen you are writing a leadership and organizational development essay for college, there are a few ways to determine how your writing can be improved. As such, you need to have a way to choose among the different essay samples available. A lot of essay writing services companies provide these essay samples on their websites and can offer you up to a number of samples that you can review.However, when you go for a sample of your own, always remember that you should also compare them to essays that are not included in the sample, and that you should also look for a higher level of professionalism. There are so many essay samples that the companies will not give you the chance to see what they really look like. Instead, they will let you use their word processors, which may offer you an impression of the finished product, but do not reveal its true nature.Looking for a better essay that is more than just a copy of a sample contains you and your interests in it. You should choose your essay based on the kind of person you are. It is not just about following a course in writing.Sometimes, you will find some sample essays that you like, but if they do not contain any references to your interests or your experiences, you should start to look for other ones. There are a lot of topics in college that you would want to discuss in your essay, and you should have a certain amount of knowledge about each of them. So, as well as looking for the topic you are interested in, you should look for things that might interest you in each topic.There are a lot of students who are finding that the only people who take part in leadership training courses are those who have a certain passion for a particular leader or organization. It is your duty to find out what interest you, and to highlight that in your essay. If you are passionate about organizations that deal with the development of the human spirit, then you should look for a focus on the development of leadership.Looking for a leader essay that you can relate to, does not mean that you should write something that is over the top. Rather, you should write something that can be more personal and can allow you to state your thoughts in a simple way. This way, you can make your essay look professional, and you can avoid looking as though you are trying to converse in public.When you are looking for a better essay, you should make sure that you compare several different sample essays. It is also important to use only one or two word processors in order to allow you to become familiar with the functions of the software. Your leader essay will be one of the most influential documents that you write for college, so it is important that you be able to use a computer well.A good essay is an amalgamation of several things. You should be able to have a clear idea about what you are going to write about, and you should make sure that you give more than enough space in the document to your read ers. In short, you should always remember that you should choose your essay based on your audience, as well as the subjects that you are interested in, and you should also choose your writer based on how much you know about a subject.

Free Essays on To His Coy Mistress

At first glance, Andrew Marvell’s poem â€Å"To His Coy Mistress† is a fairly typical carpe diem poem, in which the speaker tells his beloved that they should â€Å"seize the day† and have sex now instead of waiting until they are married (Meyer 728). In today’s world, the speaker’s speech may seem sexist in its attitude toward women and irresponsible in its attitude toward the coy mistress; however the speaker does not explain how he would seize the day if the woman became pregnant. Still, if we look beyond the limited perspective of the speaker himself, we can see that Marvell is making a statement. He implies how all of us, regardless of gender or involvement in relationships, should savor the pleasures of the moment. The mistress would like to postpone sex, at least until she and the speaker are married; however, the speaker wants to consummate their physical relationship now. Each viewpoint has its reasons, and certainly the woman in the poem would stand to lose sensibly from premarital sex. Marvell, however, is not suggesting that unrestrained lust is preferable to moral or ethical restraint; sex is only the subject matter, not the theme of the poem. In my opinion, Marvell’s actual point here is that we should savor the unique experiences of each present moment. To convey this theme, the poet uses irregularities of rhyme, rhythm, and meter to undermine the mathematically neat but artificial patterns of the poem. Although the rhyme scheme of the poem follows a simple couplet pattern (AA, BB, and so on), two couplets use irregular rhyme, not only to vary the monotonous pattern but also to reinforce the poem’s theme (Meyer 878). Lines 23 and 24 use the approximate rhyme â€Å"lie/eternity† while lines 27 and 28 repeat this irregularity with â€Å"try/virginity.†(Meyer 835). The first couplet suggests that the future that lies before us is in no way desirable: â€Å"deserts of vast eternity† imply a threatening rather... Free Essays on To His Coy Mistress Free Essays on To His Coy Mistress At first glance, Andrew Marvell’s poem â€Å"To His Coy Mistress† is a fairly typical carpe diem poem, in which the speaker tells his beloved that they should â€Å"seize the day† and have sex now instead of waiting until they are married (Meyer 728). In today’s world, the speaker’s speech may seem sexist in its attitude toward women and irresponsible in its attitude toward the coy mistress; however the speaker does not explain how he would seize the day if the woman became pregnant. Still, if we look beyond the limited perspective of the speaker himself, we can see that Marvell is making a statement. He implies how all of us, regardless of gender or involvement in relationships, should savor the pleasures of the moment. The mistress would like to postpone sex, at least until she and the speaker are married; however, the speaker wants to consummate their physical relationship now. Each viewpoint has its reasons, and certainly the woman in the poem would stand to lose sensibly from premarital sex. Marvell, however, is not suggesting that unrestrained lust is preferable to moral or ethical restraint; sex is only the subject matter, not the theme of the poem. In my opinion, Marvell’s actual point here is that we should savor the unique experiences of each present moment. To convey this theme, the poet uses irregularities of rhyme, rhythm, and meter to undermine the mathematically neat but artificial patterns of the poem. Although the rhyme scheme of the poem follows a simple couplet pattern (AA, BB, and so on), two couplets use irregular rhyme, not only to vary the monotonous pattern but also to reinforce the poem’s theme (Meyer 878). Lines 23 and 24 use the approximate rhyme â€Å"lie/eternity† while lines 27 and 28 repeat this irregularity with â€Å"try/virginity.†(Meyer 835). The first couplet suggests that the future that lies before us is in no way desirable: â€Å"deserts of vast eternity† imply a threatening rather... Free Essays on To His Coy Mistress To His Coy Mistress Before paraphrasing the poem itself, I must first start with the title. The speaker is telling of his unending love to his â€Å"coy mistress.† But at the time this poem was written, in the late 17th century, a mistress was not the lover of a married man. Instead, it refers to a woman who is loved and courted. Coy is defined as shy and modest. The speaker is telling his coy mistress that if there were enough time in the world, her shyness would be no crime because time would not be a factor. They could sit down and pass the days just loving each other. He (the speaker) would sit by the river Indian Ganges, and write love songs about her. He would love her for eternity, and she could always refuse him, because without time as a factor, there would be no rush. His love for her would grow slowly, slower than empires grow. He would praise her eyes for a hundred years, and praise each breast for two hundred years. He would spend thirty thousand years praising the rest o f her body; he would dedicate an entire age to each part of her. Saving the best for last, he would spend an age talking of her heart. He loves her so much that she deserves all this praise, and he cannot imagine loving her any less than he does; he cannot imagine giving her any less praise than she deserves. But this is not possible, because he knows that time is short; our lives are short indeed compared to the time it would take him to properly praise her. Because life is so short, because â€Å"Time’s winged chariot hurr[ies] near† (line 22) she would be dead long before he got done praising her. She would no longer be beautiful, and she would not hear his songs of love, because she would be dead, buried underground. Before he could take her virginity, the worms would eat her. Her honor would turn to dust as she decomposes, just as his lust would turn to ash, because they will both be dead. There is humor in the statement â€Å"Th... Free Essays on To His Coy Mistress Poetry Essay â€Å"To His Coy Mistress† a poem written by Andrew Marvell is one of the most famous carpe diem poems ever written. Carpe diem means to seize the day. Marvell’s poem is about a young man trying to persuade his mistress to have sex with him. The young man is using a tripartite form of an argument, using figurative language to try and persuade his mistress to have sex with him. The young man’s argument is divided into three stanzas of the poem. In the first stanza, the young man is using figurative language to let his mistress know how much he would love her if he had a lot of time. Next, in the second stanza the young man is using figurative language to tell his mistress that time is running out and what will happen when it does. Lastly, in the third stanza the young man uses figurative language to tell his mistress now would be a good time to have sex. The figurative language used in each stanza, comes together to form the carpe diem theme. In the first stanza of the poem the young man says,† Had we but world enough and time this coyness, lady, were no crime†(1-2). He is stating that if the two had all the time in the world that he would not mind his mistress acting reluctant. The young man is saying if they had the time,† My vegetable love should grow vaster than empires, and more slow.†(11-12). The young man is stating that his flourishing love for his mistress would grow larger than empires but a lot slower, if they had the time. If he had,† World enough and time†(1), â€Å" An hundred years should go to thine eyes, on thy forehead gaze, two hundred to adore each breast, but thirty thousand to the rest. An age at least to every part†(13-17). The young man is letting his mistress know he would spend countless years on each part of her body, if they had the time. The young man is pointing out what he would do if he had a lot of time, by using figurative language. This part of the argument i... Free Essays on To His Coy Mistress Love spans horizons, but empires span centuries. In Andrew Marvell’s â€Å"To His Coy Mistress†, the speaker uses the fourteenth century poetic mode of patriarchal convention to emphasis the themes of insult and irrationality. The themes are communicated through various forms of figurative language, different types of poetic form, and subconscious propaganda that is emitted from the carpe diem tradition. Further observations into the speaker’s method of courtship reveals attributes of manipulative behavior. Love spans horizons, but empires span centuries. In Andrew Marvell’s â€Å"To His Coy Mistress†, the speaker uses the fourteenth century poetic mode of patriarchal convention to emphasis the themes of insult and irrationality. The themes are communicated through various forms of figurative language, different types of poetic form, and subconscious propaganda that is emitted from the carpe diem tradition. Further observations into the speaker’s method of courtship reveals attributes of manipulative behavior. The speaker’s verbal artistry is a compelling drama that envisions no shame, showing how can a man fill a woman’s heart with empty promises and concepts and still walk proudly â€Å"through the iron gates of life† (line 44). The speaker’s intentions are obvious to the reader; sex today and love tomorrow. Various forms of figurative language such as allegories, similes, symbolism, and metaphors represent the intentions of the speaker. Allegorical images of walking by â€Å"the Indian Ganges’ side† (5) while waiting â€Å"two hundred years to adore each breast† (15) are logically impossible considering the time period’s difficulty with travel and health. The use of simile contradicts the speakers own concept of forever lasting love when he offers his lady to act â€Å"like amorous birds of prey† (38) and act upon primal instincts, which is suggestive of participating in savage lust. What...

How to Make Bubble Print Pictures

How to Make Bubble Print Pictures Bubble prints are like fingerprints, except made with bubbles. You can make bubble prints and learn about how bubbles are shaped and how pigments combine to make different colors. Bubble Print Materials Bubble prints are made by coloring bubble solution, blowing bubbles, and pressing paper onto the bubbles. You need brightly-colored bubbles in order to get a good picture. Tempera paint powder works really well, but you can substitute other water-soluble paints if you like. bubble solution (buy it or make your own)tempera paint powderpaperstrawssmall plates Make Colored Bubble Solution Pour a little bubble solution onto the bottom of a plate.Stir in paint powder until you have a thick paint. You want the thickest paint you can get, yet still be able to make bubbles using it. If you get the three primary colors of tempera paint then you can mix them in order to make other colors. You can add black or white paint, too. Primary Colors BlueRedYellow Secondary Colors - Made by mixing two primary colors together. Green Blue YellowOrange Yellow RedPurple Red Blue Make Bubble Prints Put the straw into the paint and blow bubbles. It may help to tilt the dish slightly. You can experiment with a few large bubbles versus many small bubbles.Touch the bubbles with a sheet of paper. Dont press the paper down into the paint - just catch the impressions of the bubbles.You can switch between colors. For multicolored bubbles, add two colors together but dont mix them. Blow bubbles into the un-mixed paints. Learn About Bubbles Bubbles consist of a thin film of soapy water filled with air. When you blow a bubble, the film expands outward. The forces acting between the molecules of the bubble cause it to form the shape that encloses the most volume with the least surface area a sphere. Look at the bubble prints that you have made. When bubbles stack, do they remain spheres? No, when two bubbles meet, they will merge walls to minimize their surface area. If bubbles that are the same size meet, then the wall that separates them will be flat. If bubbles that are different sizes meet, then the smaller bubble will bulge into the large bubble. Bubbles meet to form walls at an angle of 120Â °. If enough bubbles meet, the cells will form hexagons. You can see this structure in the images you make in this project.

Lesson 10 Essay Example | Topics and Well Written Essays - 750 words

Lesson 10 - Essay Example Jarvis (14) argues that site planning is one of the subsets of a community design and must be taken into consideration in order to create a beautiful community. In attempting to describe the relationship between site planning and community design, a famous urban theorist and author Kevin Lynch came up with three key variables that distinguish site planning from community design. The variables include a site is a contiguous area; controlled by single ownership; with much greater design control (Lynch 21). From Lynch’s theory, it becomes evident that site planning truly represents an important aspect of a community design. The purpose of this discourse is to discuss site planning as a unique subset of a community design in light of Kevin Lynch’s theory of site planning. The discourse will also examine how Highland City in Florida has incorporated site planning as a key element of community design. To begin with, site planning is regarded as an important subset of community design. Jarvis (16) attributes this to the fact that it determines the form and character of the built environment of the community. These include the groupings of buildings, neighborhoods, public spaces, public improvements, and streetscapes. In this regard, planning will affect what we see or experience in the community or neighborhoods. Therefore, the community design element, at its best, should provide clear, relevant and creative guidance to the private enterprise, city and the public as they labor together to build a community whose small-town character is augmented by high quality public and private development. In his theory of urban planning, Kevin Lynch claimed that site planning functions as a feedback system between the site itself and the designer. This requires conducting a thorough initial analysis of the site and considering various ecological approaches once suggested by McHarg. Even though there are quite a number of models that can assist in describing a city or

In the News Essay Example | Topics and Well Written Essays - 250 words

In the News - Essay Example The article argues that this trend will continue to grow in future as interest of the people in the internet is expected to increase in coming years. Ad tracking companies attempt to increase the experience of the viewers and this is the main reason why they are expected to do good in future. The article also forecasts that in future customers will be targeted with more relevant and quality advertisements. The material discussed in the article is both important and relevant to course content. Internet advertisement has become an important area of advertisement. Gone are the days when managers had to worry about print and television media only. Digital media and social media is an all new territory for managers and today they have to focus more on such media in order to achieve their sales target. This is why the article is completely related to the course content and in also important for future managers. The article has great managerial implications for future marketers. The growth of internet marketing tells managers what audiences are interested in. Managers should focus more on the digital media than any other media in order to attract audiences because this is where the future

The History of Nigerian Banking System

The History of Nigerian Banking System The existence of banks in Nigeria dates back as far as 1862 when the first Nigerian bank came into being. There was no banking legislation until 1952; at that time, Nigeria had three foreign banks and two indigenous banks with a collective total of forty branches. Despite the set standards by the 1952 ordinance, the growth of demand deposits was slowed down by the Nigerian propensity to prefer cash and distrust checks for debt settlements. 1912 experienced the establishment of the West African currency board which was to help 6 in financing the export trade of foreign firms in West Africa and to issue a West African currency which could be converted to British pound sterling. The colonial policies barred the local investment of reserves, discouraged deposit expansion, precluded discretion for monetary management and did nothing to educate Africans in developing indigenous financial institutions. This led to a motion by several Nigerian members of the house to establish a central bank to facilitate economic development. Though the motion was defeated, the colonial administration appointed a bank of England to study the issue and he advised against a central bank with emphasis on their effectiveness in an undeveloped capital market. Another study was conducted in 1957 and this resulted in the creation of a Nigerian central bank and the introduction of the Nigerian currency. The role of the central bank was to establish the Nigerian currency, control and regulate the banking system, serve as bankers to other banks in Nigeria and carry out the governments economic policy in the monetary field. This policy included control of bank credit growth, credit distribution by sector, cash reserve requirements for commercial banks, discount ratesinterest rates the Central Bank charged commercial and merchant banksand the ratio of banks long-term assets to deposits. Changes in Central Bank restrictions on credit and monetary expansion affected total demand and income. For example, in 1988, as inflation accelerated, the Central Bank tried to restrain monetary growth. During the civil war, the government limited and later suspended repatriation of dividends and profits, reduced foreign travel allowances for Nigerian citizens, limited the size of allowances to overseas public offices, required official permission for all foreign payments, and, in January 1968, issued new currency notes to replace those in circulation. Although in 1970 the Central Bank advised against dismantling of import and financial constraints too soon after the war, the oil boom soon permitted Nigeria to relax restrictions. The three largest commercial banks held about one-third of total bank deposits. In 1973 the federal government undertook to acquire a 40-percent equity ownership of the three largest foreign banks. In 1976, under the second Nigerian Enterprises Promotion Decree requiring 60-percent indigenous holdings, the federal government acquired an additional 20-percent holding in the three largest foreign banks and 60-percent ownership in the other foreign 7 banks. Yet indigenization did not change the management, control, and lending orientation toward international trade, particularly of foreign companies and their Nigerian subsidiaries of foreign banks. At the end of 1988, the banking system consisted of the Central Bank of Nigeria, forty-two commercial banks, and twenty four merchant banks, a substantial increase since 1986. Merchant banks were allowed to open checking accounts for corporations only and could not accept deposits below N50, 000. Commercial and merchant banks together had 1,500 branches in 1988, up from 1,000 in 1984. In 1988 commercial banks had assets of N52.2 billion compared to N12.6 billion for merchant banks in early 1988. In FY 1990 the government put N503 million into establishing community banks to encourage community development associations, cooperative societies, farmers groups, patriotic unions, trade groups, and other local organizations, especially in rural areas. Other financial institutions included government-owned specialized development banks: the Nigerian Industrial Development Bank, the Nigerian Bank for Commerce and Industry, and the Nigerian Agricultural Bank, as well as the Federal Savings Banks and the Federal Mortgage Bank. Also active in Nigeria were numerous insurance companies, pension funds, and finance and leasing companies. Nigeria also had a stock exchange (established in Lagos in 1961) and a number of stockbrokerage firms. The Securities and Exchange Commission (SEC) Decree of 1988 gave the Nigerian SEC powers to regulate and supervise the capital market. These powers included the right to revoke stockbroker registrations and approve or disapprove any new stock exchange. Established in 1988, the Nigerian Deposit Insurance Corporation increased confidence in the banks by protecting depositors against bank failures in licensed banks up to N50, 000 in return for an annual bank premium of nearly 1 percent of total deposit liabilities. 1.5.3 Types of Banks A bank is a profit making business providing financial services which includes receiving deposits of money, lending money and processing transactions. There are different types of banks and so do their functions differ. 8 1.5.3.1 Commercial Banks Commercial banks are authorized institutions providing retail banking services to the public. They accept deposits from customers and in turn make loans based on those deposits. They are noted for providing services which includes savings, current and term/fixed deposit accounts, lending, payment and transfer of money which is now facilitated by the recently introduced online banking. They also facilitate the transformation of rural areas by extending banking services. They offer professional advice to their clients on viable businesses and international trade. They are the channel for the implementation of the monetary policies from the central bank and act as authorized foreign exchange dealers in providing such facilities. They are collectors on behalf of other government and non government agencies. They buy and sell securities on behalf of their customers and boost the securities in the capital market and also sponsor companies seeking quotation on the Nigerian Stock Exchange. 1.5.3.2 Merchant Banks They started operations in 1961 with the establishment of Philip Hill (Nigeria) Limited which later merged with Nigerian Acceptances Limited in 1969. Other merchant banks later came along. As a result of the non recognition of universal banking then, merchant banks in Nigeria operate wholesale banking, which involves loan syndication, equity and debt issues, ventures capital and equipment leasing. They play important roles in pooling a consortium of banks, where the borrowing required exceeds availability of funds from commercial or any other bank. They also introduce their big clients to the Nigerian Stock Exchange and handle international transactions through a global network of affiliated banks. The banks are usually sited at urban areas and provide services to large organisations and extremely wealthy individuals. 1.5.3.3 Universal Banks Before the introduction of the universal banking concept by the federal government, operators of merchant banks had complained that their poor performances over the years 9 were due to a banking system that they claimed favoured commercial banks. The clamour for one-stop-supermarket bank became noticed in the mid 1990s when the financial system was swept by the distress in the banking sector. This virtually wrecked havoc on the economy. Many people have observed that the distinction between commercial and merchant banking is out-dated and no longer fashionable in other developed countries. The harmonised banking service is seen as cost-effective for providing a level playing field, where a customer can open an account and engage in all banking and insurance transactions from one bank to the other. The new banking concept offers a wider range of banking services, which include retailed banking, capital market activities and insurance business. The banking environment will no longer be restricted to certain functions. The new banking services commenced in January 2001. 1.5.3.4 Development Banks Development banks were established by the government, to promote national economic development. They tend to address issues of low income, insufficient savings and inadequate investment. The government and multilateral agencies sponsor the banks. The first development finance institution is the Nigerian Local Development Board, which was established in 1946 and charged with the responsibility of giving loans and grants to native authorities, cooperative societies and other public bodies for prescribed development projects (Agene 1990). Notable development banks include, Nigerian Industrial Development Bank, Federal Mortgage Bank of Nigeria, Nigerian Bank for Commerce and Industry, Nigerian Agricultural and Cooperative Bank, Peoples Bank of Nigeria and Nigerian Educational Bank. Others include, National Economic Recovery Fund (NERFUND), Community Banks, etc. In a nutshell, for the long term survival of a bank, they would have to make money in their operation so as to be able to meet up with their expenses. They accept deposits from customers and pay interest which can only be realized from the exchange of money between two parties. One of the ways in which they make money is by charging interest on loans. The money deposited by customers is lent out to creditors. They charge higher interest on money they lend out and pay lower on the deposits. The difference then serves as own realization from the transaction. 10 Also, they operate on fractionalized deposit. They use depositors money to make money by giving loans and earning interest. These loans are usually real estate loans and sometimes car loans. Prior to the depression, banks were allowed to invest in the stock market. As a result of the bank crash, a law was passed to end the practice and force banks and investment institutions to be different entities. 1.5.4 Impact of the Central Bank on the activities of a Bank The Central Bank of Nigeria governs the activities of banks in Nigeria and provides rules and guidelines for the execution of activities in the banking industry. The central bank is charged with the general control and administration of the monetary and financial sector policies of the federal government. Its statutory mandate includes the issuance of the legal tender currency, maintaining of the external reserves, safeguarding the international value of the legal tender currency, and acting as bankers and financial adviser to the federal government; promote monetary stability and a sound financial system in Nigeria. In understanding the monetary policy, it is important to look at it from the perspective of the mandate set for the bank. This includes maintenance of Nigerias external reserves to safeguard the international value of the legal currency, promotion and maintenance of monetary stability and a sound and efficient financial system in Nigeria, acting as banker and financial adviser to the Federal Government; and acting as lender of last resort to banks. Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system. In addition to its core functions, CBN has over the years performed some major developmental functions, focused on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.The roles of the central bank of Nigeria also include the establishment of a national microfinance consultative committee, evolvement of a clear micro finance policy that spells out the eligibility and licensing criteria, provides operational standards and guidelines to 11 stakeholders, adopting an appropriate regulatory and supervisory framework, minimizing regulatory arbitrage through periodic reviews of the policy and guidelines, continuously advocating market determined interest rates for government owned institutions and promote microfinance funds through MFBS, promoting linkage programmes between universal banks, specialized finance institutions and the micro finance banks. 1.5.4.1 Departments of central bank and their activities There a basically three departments in the central bank of Nigeria and they are the banking supervision department, development finance department and other financial institutions department. 1.5.4.1.1 Banking Supervision Department The banking supervision department of the central bank of Nigeria carries out on-site as well as off site supervision of deposit money and discount houses. Its basic functions include reviews and analyses of the financial conditions of banks based on CAMEL parameters using prudential reports, reviews and analyses of statutory returns and other relevant information, monitor trends and development for the banking sector, generate industry reports on a monthly and quarterly basis. It also monitors compliance with the law, guidelines and circulars (BOFIA (banks and other financial institutions act), CAMA, and CBN (Central Bank of Nigeria) Act etc) 1.5.4.2 Development Finance Department The development finance department was established to manage the agricultural credit guarantee scheme fund and finance the marketing operations of the defunct commodity marketing boards. In view of the expected role of the bank in the Nigerian economy, the department was restructured and renamed as the development finance department. They are concerned with identifying development finance market failures, designing strategies and policies for addressing them, formulating policies, regulatory and supervisory framework for micro/rural finance, identifying development priorities, designing and implementing alternative funding sources, monitoring and evaluating the impact of 12 development finance initiatives, advising government and the CBN Management on commodities, SME, and micro/rural finance issues. 1.5.4.3 The Other Financial Institution Department (OFI) The other financial institutions department is saddled with the responsibility of supervising and regulating the other financial institution sub-sector which include the community banks, finance companies, bureau de change, primary mortgage institution, the development finance institutions and the recently launched micro finance banks. The department carries out both on-site and off-site supervision of the other financial institutions. The off-site supervision involves the appraisal and approval of the application for licenses, nominees intothe boards and top management positions, transfer of shares and increase in hare capital, statutory returns from other financial institutions, appointment or exchange of the external auditors. The on-site aspect of the departments function includes pre commencement examination before the grant of a final license to an OFI (Other financial institutions), routine examination which is the regular examination, target examination addresses specific supervisory concerns arising from unprofessional conduct of the operations of an OFI and is carried out as the need arises while spot-checks for quick confirmation/ verification through independent on-site assessment. This includes corporate governance, accounting systems and records, quality of assets, reliability of information provided, internal control system/anti-money laundering controls and procedures, earnings, liquidity, financial condition and capital adequacy. 1.5.5 Effects of the Monetary and Economic policies on the activities of Nigerian Banks Monetary policies refers to the specific actions taken by the central bank to regulate the value, supply and cost of money in the economy with a view t achieving governments macroeconomic objectives. For many countries, the objectives of the monetary policy are explicitly stated in the laws establishing the central bank, while for others they are not. The objectives of the monetary policy may vary from country to country but there are two main views. 13 The first view calls for the monetary policy to achieve price stability, while the second view seeks to achieve price stability and other macroeconomic objectives. The central bank of Nigeria like other central banks in developing countries, achieve the monetary policy goal through the amount of money supplied. In Nigeria, the Central Bank defines money supply as comprising narrow and broad money. The definition of narrow money (M1) includes currency in circulation with non-bank public and demand deposits or current accounts in the banks. The broad money (M2) includes narrow money plus savings and time deposits, as well as foreign denominated deposits. The broad money measures the total volume of money supply in the economy. Thus, excess money supply (or liquidity) may arise in the economy when the amount of broad money is over and above the level of total output in the economy. The need to regulate money supply is based on the knowledge that there is a stable relationship between the quantity of money supply and economic activity and that if its supply is not limited to what is required to support productive activities; it will result in undesirable effects such as high prices or inflation. In summary, monetary policy in the Nigerian context refers to the actions of the Central Bank of Nigeria to regulate the money supply, so as to achieve the ultimate macroeconomic objectives of government. Several factors influence the money supply, some of which are within the control of the central bank, while others are outside its control. The specific objective and the focus of monetary policy may change from time to time, depending on the level of economic development and economic fortunes of the country. The choice of instrument to use to achieve what objective would depend on these and other circumstances. 1.6. History of the banks surveyed 1.6.1 Zenith International Bank Plc. Zenith Bank Plc was incorporated on May 30, 1990 as a private company limited by shares. In July 2004, the Bank became a public company limited by shares and subsequently launched what still remains the most successful Initial Public Offering (IPO) in the history 14 of the Nigerian Capital Market. Its 6,000,000,000 (six billion) ordinary shares of 50 kobo each were later listed on the Nigerian Stock Exchange on October 21, 2004. Zenith Bank Plc achieved yet another milestone when it raised N53.63bn in February 2006 by a Public Offer of 3,000,000,000 (three billion shares), one of the largest amount in the history of the Nigerian Capital Market. Zenith Bank Plc is one of the largest and most profitable banks in Nigeria with total assets plus contingents of over N714.5 billion after consolidation. The Bank has continued to record remarkable performance on several parameters. Zenith Banks growth and performance has earned excellent ratings from both local and international rating agencies. Agusto co. ltd has consistently rates the bank Aaa for six consecutive years. Also of repute is the fact that the bank has the lowest non performing loans to total loans ratio of 1.7% against the industry average of 18% and has grown its asset base at an average of over 50% per annum in the last five years. Its service offering covers but are not limited to corporate and commercial banking services, funds and asset management, investment banking and financial advisory services , private bank, treasury and cash management services. In delivering their vision, they put strategies in place which has being their guide in their operation. It sets out to differentiate itself in the banking industry through the quality of service it render, the caliber of their clients and the drive for a unique customer experience. The bank is easily associated with attributes such as innovation, best risk asset portfolio, high quality personnel, consistent superior financial performance and leadership in the use of information and communication technology. The banks overall vision is to make the brand a reputable international financial services network recognized for innovation, superior customer service and performance while creating premium value for all stakeholders. 1.6.2 Guaranty Trust Bank Plc Guaranty Trust Bank plc was incorporated in July 1990, as a private limited liability company wholly owned by Nigerian individuals and institutions. The bank was licensed as a Commercial Bank in August 1990 and commenced operation in February 1991. In September 1996, Guaranty Trust Bank plc became a publicly quoted company and won the Nigerian Stock Exchange Presidents Merit award that same year and again in the years 15 2000, 2003,2005 and 2006. The Bank was also runner-up for the quoted company of the year award in 2005. In February 2002, it obtained a Universal Banking license and was appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003. Its quest to continue adding value to the businesses of its stakeholders has seen it emerge as a pacesetter and industry leader over the years. This is evident in its introduction of real time online banking in 1990, mobile, telephone and internet banking in 2002, Slip free banking in 2006 and the first fully interactive self service call centre; GT Connect in 2006. The bank was able to meet their financial obligations as they fell due and this got them the recognition of three rating agencies. Agusto Co reaffirmed its triple a risk rating every year fro the last four years, Fitch also assigned the bank a double A minus risk rating in recognition of its strong domestic franchise, good quality assets and sound earnings record and finally, Standard Poors, assigned the Bank a double B minus (BB-) risk rating. The Bank is the only Nigerian financial institution with such a rating, which is the same as the Agencies Sovereign rating for Nigeria. The bank has over the years been a recipient of several awards for superior financial performance, customer service delivery, excellent share performance, management efficiency some of which are the most respected financial institution in Nigeria (2006), the highly commended bank of the year award in Africa (2005), Most Customer friendly Bank (2007), Best Bank for Brand Development 2007. Despite the challenges which characterized the year under review(2006-2007 Financial year), the bank was able to grow its gross earnings by 46% from N34 billion to N49 billion while its profit before tax rose by 50% from N10.5 billion in the previous year to N15.7 billion. In the same period, total asset and contingents increased by 54% from N391billion a year earlier to N603 billion.