A Comprehensive; Analysis Of The Effects Of Regulation And Deregulation Of Exchange Rate On Nigeria’s Foreign Trade

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A Comprehensive; Analysis Of The Effects Of Regulation And Deregulation Of Exchange Rate On Nigeria’s Foreign Trade

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PROJECT TOPIC AND MATERIAL ON A COMPREHENSIVE; ANALYSIS OF THE EFFECTS OF REGULATION AND DEREGULATION OF EXCHANGE RATE ON NIGERIA’S FOREIGN TRADE

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  • Name: A Comprehensive; Analysis Of The Effects Of Regulation And Deregulation Of Exchange Rate On Nigeria’s Foreign Trade
  • Type: PDF and MS Word (DOC)
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  • Length: [56] Pages

 

 

CHAPTER ONE

INTRODUCTION

Foreign exchange is defined by Samuelson and Mordhaus (1983) “as a currency or other financial institution that allows are country to settle amounts owed to another country”

According to lisped ((1982) “the term foreign exchange refers  to what is  traded actual foreign currency or various  claims on it.”

These different definition of foreign exchange  all mean or refer to the effecting payment for  international transaction foreign exchange can be acquired by a country through the export of goods and service direct investment inflow draw down on external loans aids and grants and it can be extended to  settle international  obligations when foreign exchange expenditure is lower than foreign exchange  receipt  the surplus  is added to external reserves.  These external reserves which are also saving from  foreign exchange  transactions are held by the authorities to finance short falls in foreign exchange receipts  and to safe guard the international value  of  the domestic currency

A country’s external reserves are the financial assets available to the monetary authorities to meet temporary imbalance in the external payments position and to purpose other policy objectives. External reserve management is the technique of optimizing  a  nations external resources to meet its economic needs.  As the nations apex financial institution the central bank of Nigeria  (CBN) has the sole responsibility for the management of external reserves comprising monetary fund (IMT) holding of  special drawing right (SDRS) and foreign exchange (CBN) 1995.  The  bank started exercising this power in 1962 prior to this date the country’s  external reserves were held by the federal and regional governments as well as their parastatals.  This arrangement made is difficult to manage the external resaves with adverse imputations for the conduct of monetary policy in order to redress the problem the foreign exchange component of the external reeves was consolidated with   the CBN in January 1962 leaving only working balance  with other holders (CBN 1995).

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