Institutional reforms and the management of exchange rate policy in Nigeria /
Odubogun, Kassey.
Institutional reforms and the management of exchange rate policy in Nigeria / - Nairobi : African Economic Research Consortium, c1995. - 45 p. :ill., - AERC research paper ; no. 36 .
"October 1995."
Includes bibliographical references: p. 43-45.
This study has therefore analyzed from an institutional perspective, the evidence on Nigeria's FOREX management
and exchange rate policy from 1960 to 1990. The outcome of each policy regime was compared in terms of (a) the trend in exchange rate (b) degree of exchange rate premium and (c) structure of FOREX allocation. Evidence suggests that in spite of the reform of 1986, the naira exchange rate is still not competitively determined and the allocation of FOREX remains inconsistent with the requirements for the long-term development of the Nigerian economy. Evidence also indicate that the post-reform exchange rate policy has been adversely affected by government's expansive fiscal and monetary policy. The major conclusion of the study is that given government's macroeconomic policy and the character of the markets within which FOREX was traded and the linkages between them, the naira exchange rate has little chance of convergence and as a result, the possibilities for distortions in the allocation of FOREX remain very high.
996690039X
Foreign exchange.
Nigeria.
HG3987.7 / .O35 1995
332.45'9669 / ODU
Institutional reforms and the management of exchange rate policy in Nigeria / - Nairobi : African Economic Research Consortium, c1995. - 45 p. :ill., - AERC research paper ; no. 36 .
"October 1995."
Includes bibliographical references: p. 43-45.
This study has therefore analyzed from an institutional perspective, the evidence on Nigeria's FOREX management
and exchange rate policy from 1960 to 1990. The outcome of each policy regime was compared in terms of (a) the trend in exchange rate (b) degree of exchange rate premium and (c) structure of FOREX allocation. Evidence suggests that in spite of the reform of 1986, the naira exchange rate is still not competitively determined and the allocation of FOREX remains inconsistent with the requirements for the long-term development of the Nigerian economy. Evidence also indicate that the post-reform exchange rate policy has been adversely affected by government's expansive fiscal and monetary policy. The major conclusion of the study is that given government's macroeconomic policy and the character of the markets within which FOREX was traded and the linkages between them, the naira exchange rate has little chance of convergence and as a result, the possibilities for distortions in the allocation of FOREX remain very high.
996690039X
Foreign exchange.
Nigeria.
HG3987.7 / .O35 1995
332.45'9669 / ODU