MANAGEMENT OF FOREIGN EXCHANGE IN NIGERIA BY CBN (1959- JULY, 2004)

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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.

CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVES OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 RESEARCH HYPOTHESIS
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE LIMITATION AND DELIMITATION
1.8 DEFINITION OF TERMS
REFERENCE

CHAPTER TWO
2.0 LITERATURE REVIEW
TABLE 4.3. DEFINTION OF FOREIGN EXCHANGE
2.2 MANAGEMENT OF RESERVE FLOURS
2.3 EXCHANGE RATE MANAGEMENT
2.4 TRADE AND EXCHANGE CONTROL
2.5 ADMINISTRATIVE CONTROL
2.6 MANGEMENT OF RESERVE STOCKS
2.7 LIQUIDITY AND SECURITY
2.8 ASSETS DIVERSIFICATION
2.9 FOREIGN EXCHANGE PROBLEMS
2.10 FOREIGN EXCHANGE CONTROL
2.11 FOREIGN EXCHANGE MARKET – IFEM
REFERENCE

CHAPTER THREE
3.0 RESEARCH DESIGN & METHODOLOGY
TABLE 4.3. RESEARCH DESIGN
3.2 SAMPLE SIZE
3.3 POPULATION SIZE
3.4 SIMPLES AND SAMPLING TECHNIQUES
3.5 SOURCES OF DATA
3.6 DATA LOCATION
3.7 METHOD OF DATA PRESENTATION
3.8 METHOD OF DATA ANALYSIS.

CHAPTER FOUR
4.0 DATA PRESENTATION AND ANALYSIS
TABLE 4.3. DATA ANALYSIS TECHNIQUES
4.2 ANALYSIS OF THE QUESTIONNAIRES
4.3 TESTING OF HYPOTHESIS
4.4 OPERATION ASSUMPTION
4.5 DESCISION RULE
CHAPTER FIVE
5.0 SUMMARY OF FINDINGS, RECOMMENDATION AND CONSLUSIONS
TABLE 4.3. SUMMARY OF FINDINGS
5.2 RECOMMENDATIONS
5.3 CONCUSLION
BIBLIOGRAPHY
LIST OF TABLE
TABLE 4.2.1 The role of central Bank of Nigeria
TABLE 4.2.2 Impact of foreign exchange rate. POLICY
TABLE 4.2.3 Allocation of foreign exchange by CBN
TABLE 4.2.4 Effect of the activities of parallel market operators
TABLE 4.2.5 Impact of foreign exchange control measures.
TABLE 4.3.1 Roles of Central Bank in Nigeria.
TABLE 4.3.1 A observed and expected frequency
TABLE 4.3.2 Impact of foreign exchange rate policy
TABLE4.3 Observed and expected frequency.
TABLE 4.3.3 Effect of the activities of parallel market operators
TABLE 4.3.3.c Observed and expected frequency
TABLE 4.3.4 Impact of foreign exchange control measures
TABLE 4.3.4 Observed and expected frequency
TABLE 4.3.5 Effect of redirection of funds on foreign exchange management
TABLE 4.3.5 E Observed and expected frequency.
LIST OF FIGURES
Fig. 4.2.1 Pie chart showing the role of CBN in managing foreign exchange.
Fig 4.2.2 Bar chart showing the impact of foreign exchange rate policy in managing foreign exchange.
Fig 4.2.3 bar chart illustrating the allocation of foreign exchange by CBN.
Fig 4.2.4 Pie chart illustrating the effects of activities of parallel market operators on foreign exchange management.
Fig 4.2.5 bar chart illustrating the impact of foreign exchange control measures in managing foreign exchanges
Fig 4.2.6 Pie chart show the effect of redirection of funds on foreign exchange management.

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
i. Inadequate inflow of foreign exchange
ii. Balance of payments problems
iii. Debt services burden
iv. Continuous depreciation in the value of the naira.