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Management of Foreign Exchange in Nigeria by CBN

Management of Foreign Exchange in Nigeria by CBN

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DEDICATION

This research material, titled “Management of Foreign Exchange in Nigeria by CBN” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Banking and Finance (BF) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Management of Foreign Exchange in Nigeria by CBN provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    ABSTRACT

    This thesis deals with foreign exchange management in Nigeria by the Central Bank of Nigeria (CBN) from 1959 to July 2004. The need to manage foreign exchange became imperative as a result of dis equilibrium in the foreign exchange market caused by inadequate supply of foreign exchange management is a conscious attempt to harnesses foreign exchange resources deploy them to service the economy so as to prevent the economy from experiencing shocks due to foreign exchange volatility.

    The central focus of thesis is to examine how CBN through its policy measures manages foreign exchange in the country. To carryout this thesis, the respondent makes use of both primary and secondary data. Questionnaires were in line with the objective of the study.

    Based on the objective of the study the findings reveal that the role of CBN in managing foreign exchange is not impressive. The impact of exchange rate policy in managing foreign exchange is not encouraging, the activities of panel market operators negatively affect the effective operation of the foreign exchange management . conclusion and recommendations were made in line with the findings.


    Proposal

    This thesis deals on the management of foreign exchange in Nigeria by central Bank of Nigeria; (CBN) from 1959 to July 2004.

    In carrying out this thesis the researcher examine how CBN through the policy measures manages foreign exchange in the country.

    That is why this thesis is divided into five chapters, chapter one introduce the , the background, the problems, the objectives, significance if the study and limitation.

    Chapter two is a direct attempt to review the related literature, elimination of foreign exchange.

    Chapter three deals with the research methodology and design adopted for presentation of information.

    Chapter four is concerned with the presentation of data, data analysis techniques and test of hypothesis to enable one provide answers to related questions

    Chapter five summarizes the findings makes conclusion and recommends solutions to the problem under study.


    Management of Foreign Exchange in Nigeria by CBN

    CHAPTER ONE

    1.0 Introduction

    1.1 Background Of The Study

    It has already been stated that money is a common denomination in which the rate relative value of goods and services can be expressed.

    Throughout history any community which form itself into a nation for the purpose of self-government immediately introduce its own distinctive unit of account − monetary unit of account (Legal tender)

    In the words or (Obaseki 1991:15) “ in the international reaches no legal tender exists value must be measured, accounts kept and payments made by conversion process is known as foreign exchange.

    Foreign currency, otherwise known as foreign exchange, is one of the scare resources particularly in developing economy. Unless the management of this scarce resources is properly articulated in terms of its revenue generation and expenditure, or unknown and out now a country runs the risks of balance of trade or balance of payment problems. Moreover, in order that a country may optimize the advantages of international trade, it become imperative for that country to institute appropriate foreign exchange management.

    The practice of managing the foreign exchange resources has, therefore evolved broadly in line with the globalization and liberization of economics and financial markets” (Anfourose 1997:19)

    1.2 Statement Of The Problem

    The primary objective of foreign exchange management is to reduce foreign exchange instability and its adverse effect on the economy. Despite government effects to achieve this objective though the Central Bank of Nigeria (CBN), foreign exchange (Monitoring and miscellaneous provisions) decree No.17 promulgated in 1995 and the introduction of the use of forms A and M, a handled problems are still identified with foreign exchange operation in Nigeria.

    There problem include

    1. Inadequate inflow of foreign exchange
    2. Balance of payments problems
    3. Debt services burden
    4. Continuous depreciation in the value of the naira.
    5. Problem of funding sectorial allocation of foreign exchange in the foreign exchange market.

    1.3 Objective Of The Study

    The objective of the study are

    1. To examine the roles of the Central Bank of Nigeria in managing the countries foreign exchange.
    2. To examine the impact of foreign exchange rate policy in the foreign exchange management.
    3. To examine the effect of the activities of parallel market on the foreign exchange management.
    4. Examine the problems facing foreign exchange management in Nigeria.

    1.4 Research Question

    1. How can we determine the role of the central bank of Nigeria in managing the country’s foreign exchange?
    2. Is the impact of foreign exchange rate policy been encouraging?
    3. Is the activities of the parallel market operators negatively affect the effective operation of the foreign exchange management in Nigeria?

    1.5 Research Hypothesis

    1. Ho: The role of Central bank of Nigeria in managing the countries foreign exchange is not impression.
      Hi: The role of the CBN in managing the countries foreign exchange
    2. Ho: The impact of exchange rate policy in the management of foreign exchange in Nigeria not admirable
      Hi: The impact of exchange rate policy in the management of foreign exchange in Nigeria is admirable
    3. Ho: The activities of parallel market operators negatively affect the effective operation of the foreign exchange management in Nigeria.
      Hi: The activities of parallel market operators positively affect the effective operation of the foreign exchange management in
    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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