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THE EFFECTS OF COMPLETE DEREGULATION OF FOREIGN EXCHANGE MARKET ON BOTH FINANCIAL AND MANUFACTURING SECTORS OF NIGERIAN ECONOMY (1986-1993)
Abstract
The value of Naira continued to drop appreciably since 1986 when the government embarked on market economic reforms, especially the deregulation of Foreign Exchange System. Though, from time to time the policy makers have adjusted the mechanism for operating the market to make it more efficient through various techniques. The complete deregulation of Foreign Exchange was adopted in 1992, in the continued search for an appropriate exchange for Naira. The significant effects of this major exchange rate reform package on financial and manufacturing sector were assessed. The financial sector continued to withness a massive devaluation of Naira, closure of gap between the official and parallel market rates remained elusive of the policy makers, unacceptably high interest rate persisted, making Naira very more unstable. Also competition against parallel market was hampered as a result of too much documentary requirements and other restrictions of the CBN. Furthermore, manufacturing sector experienced high cost of fund, accessibility to loanable fund was difficult, depressed demand of manufactured goods and continuous hike in prices by manufacturers. To achieve exchange rate system stability, government should continue to encourage non-oil exports in order to boost supply of Forex through number of structures and incentives. Manufacturers should be allowed to retain 100 percent of their export proceeds in forex. Government should encourage petro-chemical industry which is the source of raw materials supplies of manufacturers. Liquidation of terminally distressed financial institutions ordered and debt recovery and credit enforcement through the exercise of legal remedies should be reviewed to ensure that culprits are effectively brought to book.
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
