FOREIGN EXCHANGE ALLOCATION IN NIGERIA: A CASE STUDY OF CBN
| Abstract: | ABSTRACT The problem of foreign exchange allocation raises a fundamental question in any economy of the world, more especially in an economy that is largely monocultural. The natural consequence of mismanagement of foreign exchange reserves is the worsening of the balance of payment problems. This is the scenario in which most developing countries of the globe including Nigeria find themselves today. It is with the above in mind that this study attempted to study the role and effect of foreign exchange management in Nigeria using the Central Bank of Nigeria as a case study. Categorically, the study emphasized the maximization of foreign receipts, adequate utilization of scare foreign exchange and improvement of the balance of payment position. In carrying out the above objectives, certain hypotheses were formulated. These served as general guides to the researcher as they sought to explain the facts of the assumed relationship. Existing literature was reviewed, which included various opinions of scholars and researchers alike in the field of study. The study also examined the role of the central authorities in managing the country’s foreign exchange resources in the pre-SAP era and during the period of Structural Adjustment Programme (SAP). The sources of data collection for the study were both primary and secondary. The techniques employed to generate the primary data included vi questionnaires and interviews administered on selected officials of the Central Bank Nigeria. On the other hand, secondary data were gotten from related textbooks, journals, educational and research publications etc. The findings of this wor-icrevealed that in the era of Structural Adjustment Programme the free market forces and private initiatives were the instruments used for foreign exchange management. Their use, however, was not to avoid conflicts in the area of policy implementation. For an effective foreign exchange management, the export base of the economy has to be diversified since the market forces were not in themselves sufficient to guarantee optimally. Measures that would help to strengthen the foreign exchange resources were highlighted as recommendation in the last chapter of the study. |
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
FOREIGN EXCHANGE ALLOCATION IN NIGERIA: A CASE STUDY OF CBN
