FOREIGN EXCHANGE MANAGEMENT IN NIGERIA CRITICAL APPRAISAL AND SUGGESTED POLICY MEASURES FOR THE FUTURE
FOREIGN EXCHANGE MANAGEMENT IN NIGERIA CRITICAL APPRAISAL AND SUGGESTED POLICY MEASURES FOR THE FUTURE
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Date
1995-09
Authors
AUGOYE, DANIEL
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Abstract
Foreign Exchange Management in Nigeria has been an
issue and continues to be an issue that touches on the very
foundation of the Economy since the movement of the
Naira/Dollar Exchange rate is the most important single
factor influence prices output and emp1oyment.
Foreign Exchange Management until 1986 was based mainly
on the exchange control act of 1962. About mid 1991 the
W o r 1 d oil ma rket f rom where the bu1k o f t he nation & foreign
exchange was earned started to collapse as a result of the
sharp decline in the demand for crude o i l . The development
in the world oil market adversely affected the Nigerian
economy. Crude o i l prices which had peaked at US$40.00 per
barrel in 1981 f e l l drastically to USS$29„00 per barrel in
1933 and slumped to US$14.85 in 1986.
In 1986 the structural adjustment programme was
introduced to turn around the economy. However by 1992
worried by the wide gap between the official and so called
parallel market rates the government further devalued the
Currency.
By 1994 economic and socio political changes in the
economy led to the adoption of a fixed exchange rate; the
naira was fixed at N2.1.9960 to one (1) U.S. Dollar.
This did not also work so in 1995 the Government adopted
guided deregulation policy in managing the nations foreign
exchange resources.
The analysis above shows that the government especially
in the last few years have not been able to adopt a very
efficient and stable strate in foreign exchange
management. Given this scenario a suggested efficient
method of managing the nations foreign exchange resources
becomes imperative hence this study!
Description
A THESIS SUBMITTED TO THE POSTGRADUATE SCHOOL, AHMADU BELLO
UNIVERSITY, IN PARTIAL FULFILLMENT OF
THE REQUIREMENT FOR THE DEGREE OF
THE MASTER OF BUSINESS
ADMINISTRATION.
DEPARTMENT OF BUSINESS
ADMINISTRATION, FACULTY OF
ADMINISTRATION AHMADU BELLO
UNIVERSITY
Z A R I A .
OCTOBER 1995
Keywords
FOREIGN,, EXCHANGE,, MANAGEMENT,, NIGERIA, CRITICAL,, APPRAISAL,, SUGGESTED,, POLICY,, MEASURES,, FUTURE.