MANAGEMENT OF FOREIGN EXCHANGE BY CENTRAL BANK OF NIGERIA PROBLEMS AND PROSPECTS
This project deals with foreign exchange management in Nigerian by the central bank of Nigeria (CBN). The need to manage foreign exchange became imperative as a result of disequilibrum in the foreign exchange reserves. The concept, foreign exchange management is a Conscious attempt to harness foreign exchange resources, deploy them to service the economy so as to prevent the economy for experiencing shocks due to foreign exchange volatility.
The central focus of this project is to examine how central bank of Nigeria (CBN) through its policy measures manages foreign exchange in the country. To carryout this project, the researcher made use of both primary and secondary data. Questionnaires were also distributed to officials of the Central Bank of Nigeria (CBN). The questionnaires were in line with the objectives of the study.
Based on the objectives of the study, the findings reveals that. The role of central Bank of Nigeria (CBN) in managing foreign exchange is not impressive, the impact of exchange is not encouraging the activities of parallel market operators negatively affect the effective operation of the foreign exchange management, the impact of foreign exchange decree No 17 of 1995 and other control measures in managing foreign in the country is not impressive and redirection of funds obtained from the official market to parallel market by banks is a problems militating against foreign exchange management.