Abstract:
Foreign exchange management in Nigeria has remained a topical issue since the inception of the ongoing Structural Adjustment Programme (SAP) in 1986, which gave birth to the current foreign exchange reforms. In pursuit of the objectives of SAP, many foreign exchange (FOREX) policies were formulated, starting with SFEM in 1986 to AFEM in 1996.
Also, various pricing techniques have been adopted over the period, all in an attempt to finding a sustainable and realistic exchange rate of the naira. These policies were considered laudable and timely except that their implementation left much to be desired. Thus, eleven (11) years after launching SAP, the country is still finding a stable foreign exchange management system that will salvage the naira from its continuous dwindling fortunes.
This five chapter research work attempts to evaluate the foreign exchange management policies since inception of SAP to date i.e 1986-1996 .Chapter one introduces the topic while chapter two reviews the literature. The review touches on such areas as the concept off and evolution of forex system , balance of payment equilibrium, management of forex resources including the principal actors in the market, various pricing methods and forex movement and quotations. It finally touches on foreign exchange management problems in Nigeria .
Chapter three examines the various methods adopted in carrying out this research. They include sources of data, nature of data, method of data analysis and some perceived limitations thereof. Chapter four deals with the presentation and analysis of data which to some extent attempts to provide answers to the research quest ions. Chapter five presents the summary and recommendations. It also concludes by stating that the quest for a sustainable exchange rate of the naira is still endless. It calls among others on every individual, corporate bodies, the various arms of government etc to give a patriotic touch to this search for the objective of forex management to be achieved
