FOREIGN EXCHANGE CONTROL POLICY AND PARALLEL-CROSS BORDER MARKET ACTIVITIES IN A DEVELOPING ECONOMY: THE NIGERIAN EXPERIENCE; 1961-1996

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dc.contributor.authorMOLEM, CHRISTOPHER SAMA
dc.date.accessioned2014-03-22T08:52:19Z
dc.date.available2014-03-22T08:52:19Z
dc.date.issued1999-10
dc.descriptionA DISSERTATION SUBMITTED TO THE DEPARTMENT OF ECONOMICS, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF Ph.D IN ECONOMICS, AHMADU BELLO UNIVERSITY, ZARIA.en_US
dc.description.abstractVIII ABSTRACT The study is specifically concerned with the investigation of the performance of the foreign exchange control policy measures in Nigeria, 1961 -1996. The main contention of this study is that, restrictive foreign exchange control policy cannot solve the problem of misalignment of Real Exchange rate and parallel cross border market activities in the economic structure of Nigeria. The contention is investigated through the main hypothesis; that a market-oriented foreign exchange control policy is more effective than the government (restrictive) exchange control policy to achieve a sustained unified exchange rate, insulate domestic (prices) economy and converged parallel cross-border market activities into the mainstream economy of Nigeria. To test the hypothesis, the study, analysed non-quantitatively the policy performance for the period under review. It developed a unified framework to show how cross border market can be explained through the optimizing behaviour of exporters and importers. The study of the foreign exchange control policy empirically found that (I) A restrictive foreign exchange control policy is far less effective than a market-oriented foreign exchange control policy in the long-run than in a short-run as far as Equilibrium Real Exchange Rate (ERER) and Exchange Rate unification are concerned. (II) Restrictive exchange control policy is far less effective in the long-run than in the short-run as far as the level of premium and insulation of domestic (prices) economy are concerned. (III) Restrictive exchange control policy is far less effective as far as the convergence of the parallel cross-border market activities are concerned. From the above findings, the study recommended the use of market-oriented based - IX approaach for foreign exchange control policy measures and market-based foreign exchange allocation mechanism.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/4144
dc.language.isoenen_US
dc.subjectFOREIGN,en_US
dc.subjectEXCHANGE,en_US
dc.subjectCONTROL,en_US
dc.subjectPOLICY,en_US
dc.subjectPARALLEL-CROSS,en_US
dc.subjectBORDER,en_US
dc.subjectMARKET,en_US
dc.subjectACTIVITIES,en_US
dc.subjectDEVELOPING,en_US
dc.subjectECONOMY,en_US
dc.subjectNIGERIAN,en_US
dc.subjectEXPERIENCE.en_US
dc.titleFOREIGN EXCHANGE CONTROL POLICY AND PARALLEL-CROSS BORDER MARKET ACTIVITIES IN A DEVELOPING ECONOMY: THE NIGERIAN EXPERIENCE; 1961-1996en_US
dc.typeThesisen_US
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