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ORIENTED ECONOMY A CASE STUDY OF UNIVERSAL TRUST BANK, (UTB) OF NIGERIA LIMITED (1994-1997)
ABSTRACT
Foreign Exchange is the international money widely acceptable for settlement of
goods and services between various countries of the world. It thus functions as a
medium of exchange and a unit of account at international level.
Finance is the backbone of international trade. Financing of such goods may be in form
of payments of Cash, Overdrafts, Tenor, Reimbursement Bill, or Documentary
Acceptance Credit to suppliers of the goods, through banks and financial institutions.
Foreign Exchange financing is thus very essential to an import oriented economy like
Nigeria.
This research work sought to :
(i) Determine the roles of Bank in granting foreign exchange to importers of goods
and services through the official transaction,
(ii) Determine other sources of foreign exchange available to importers.
(iii) Make recommendations aimed at minimising the problems facing
the banks and the importers within the Nigerian economy .
The Researcher has established the following facts based on the exercises carried out.
(i) Official transactions account for less than 50% of payments in foreign exchange
for goods and services imported into the Nigerian economy.
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(ii) Importers sought other avenues viz:parallel market, bureau de change,
Domicilliary external or off-shore accounts to pay for goods and services
imported into the Nigerian economy .
Some limitations to the research exercise were noted, for example, the poor
response of some companies to the questionnaire administered was not very
encouraging.
The researcher profered some recommendations aimed at solving the acute
shortage of foreign exchange in financing imports into the economy, viz:-
(i) Development of industrial base through completion of steel projects and
petrochemicals would reduce the volume of imports into the country and thus
make foreign exchange available through official transactions to pay the bills for
the essential goods and services imported into the Nigerian economy.
(ii) Reduction of bottlenecks in the operation of Foreign Currency Domicilliary
Accounts (FCDA) would make foreign exchange more readily available through
official means and thus, make payments of imports to Nigeria less cumbersome
and disturbing to manufacturers and other business organizations in future.
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
