Pyrex Journal of Business and Finance Management Research

February 2016 Vol. 2(2), pp. 006-011

Copyright 2016 Pyrex Journals




Original Research Article


Foreign Exchange Management in Nigeria: The Journey So Far


MI Oloye

Landmark University, Omu-Aran, Kwara State, Nigeria.

Corresponding Author E-mail: doloye@yahoo.com

Accepted 25th January, 2016



Abstract


The management of foreign exchange in Nigeria has come a long way from the days of the military regimes when exchange rates were determined by military fiat up till now when there appears to be some semblance of stability in the value of the Naira. It is, however, a matter of regret that this seeming stability has come at a great cost. The value of the Naira has gone through thick and thin, through devaluation, revaluation, and some other methods of extrapolation. We have devised several forms of exchange rate contraptions in a bid to finding the right method of exchange rate determination without success. It is sad to note however, that most of the trial-and-error modes were due to the selfishness of our corrupt leaders and policy formulators. This paper has, therefore, tried to highlight some of the past challenges in our foreign exchange management, and offer some suggestions for the way forward.

Keywords: Foreign Exchange Management, Exchange Rate, Foreign Currency, Authorized Dealers, Dutch auction.

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