THE IMPACT OF CONTINUE DEVALUATION OF NIGERIA CURRENCY ON INDUSTRIAL PERFORMANCE IN NIGERIA
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THE IMPACT OF CONTINUE DEVALUATION OF NIGERIA CURRENCY ON INDUSTRIAL PERFORMANCE IN NIGERIA
THE IMPACT OF CONTINUE DEVALUATION OF NIGERIA CURRENCY ON INDUSTRIAL PERFORMANCE IN NIGERIA TABLE OF CONTENTS
Title page
i
Certification
ii
Dedication
iii
Acknowledgement
iv
Table of contents
v
CHPATER ONE
INTRODUCTION
Background of the study
State of the problem
Research question
Objective of the study
Research Hypothesis
Significance of the study
1.7 Scope and
limitation of the study
1.8 Plan of the
study
1.9 Definition of
term
CHAPTER TWO
LITERATURE REVIEW
2.1 What is
Devaluation?
2.2 Devaluation of
Naira
2.3 Condition
favoring Devaluation
2.4 Argument
Against the use of Devaluation to solve balance of pyament Disequilibrum in
Nigeria
2.5 Effect of
currency Devaluation on manufacturing company
2.6 Possible
solution to currency Devaluation
Reference
CHAPTER THREE
RESEARCH METHODOLGY
3.1 Introduction
3.2 Research
Design
3.3 Population
Sampling Techinque
3.4 Design of
Questionnaire
3.5 Method of Data
Analysis
CHAPTER FOUR
PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
4.1 Introduction
4.2 Source of Data
4.3 Analysis of
Data
4.3 Result of
Findings
4.4 Result of
Hypothesis
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2 Conclusion
5.3 Recommendation
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
The issue of Nigeria exchange role of currency vis-a-vis
other international trade currencies especially the American Dollar and British
Pound steeling has become other of the day, many Nigeria that is carrying out
business especially those that procure material from abroad. In July ‘1996 the
Federal Government of Nigeria introduced structural adjustment programmer (SAP)
to correct defect between balance of payment in both national and international
trade.
Likewise, on September 1986, THE Second tier foreign
exchange market was introduced the rational for setting up the (SF EM) is based
on the need of naira via the interplay of market force in July1987, Foreign
Exchange Market (FEM) took over from SFEM and later it was changed to Authomous
Foreign Exchange Market (AFEM)
The Inter-Bank Foreign Exchange Market (IFEM) was officially
introduced 25 of October 1999, to replace AFEM (Autonomous Foreign Exchange
Market). On July 22, 2001 the Central Bank of Nigeria re-introduced the Auction
method of exchange rate this is because the past the method used has been a
failure because the realistic exchange rate of naira is yet to be achieved.
However, since the introduction of new exchange rate in 2006, the value of
naira or currency to tile United State Dollar has edged downward, further,
there has been a widening gap between the parallel markets with the rate in the
former is always on the increase. As a result of fundamental increase in
exchange rate of Nigeria Currency and those of other countries day-in-day out has
resulted in Naira Devaluation
1.2 STATEMENT OF
THE PROBLEM
Let look at the three basic function of a currency and ask
if the Nigeria Currency: the Naira still satisfactorily fulfils those
functions. The currency of a nation would normally serve as a medium of
exchange, a standard of value and a store of value. A close perusal of these
functions would show that in a complex economy, money is usually the only
accepted medium through which a buyer pays a seller. The currency of a nation
function also as a store value. Money is a convenient way to store wealth for
use whenever it is needed. If however, the value of a currency is not stable,
the value of that wealth will diminish daily. The Nigeria currency has lost the
ability to store value over a long period of time and as years go by. This does
have severe consequence for the economy.
As of 2001, the most conspicuous fact about Nigeria economy
is that the corruption and mismanagement of its post colonial governments has
prevented the channeling of the country’s abundant natural and human resources
especially its wealth in crude oil into lasting improvement in infrastructure
and the construction of a sound base for self-sustaining economic development.
Nigeria is poorer today than it was at independence in 1960. Under colonial
rule; Nigeria remained an agricultural country, exporting raw materials to
Britain and importing from it finished goods. While the industrialization of
the country was discouraged, rudimentary
foundation for a modern Nigeria economy however, were laid. It has been that
the currency development is one of the economics which in turn affect the
activities of company (Okin Biscuit Nigeria limited). In the cause of
identifying the evaluation of the impact of continues Devaluation of Nigeria
currency on industrial performance in Nigeria.
THE IMPACT OF CONTINUE DEVALUATION OF NIGERIA CURRENCY ON INDUSTRIAL PERFORMANCE IN NIGERIA
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The issue of Nigeria exchange role of currency vis-a-vis other international trade currencies especially the American Dollar and British Pound steeling has become other of the day, many Nigeria that is carrying out business especially those that procure material from abroad. In July ‘1996 the Federal Government of Nigeria introduced structural adjustment programmer (SAP) to correct defect between balance of payment in both national and international trade.
Likewise, on September 1986, THE Second tier foreign exchange market was introduced the rational for setting up the (SF EM) is based on the need of naira via the interplay of market force in July1987, Foreign Exchange Market (FEM) took over from SFEM and later it was changed to Authomous Foreign Exchange Market (AFEM).. accounting project topics
THE IMPACT OF CONTINUE DEVALUATION OF NIGERIA CURRENCY ON INDUSTRIAL PERFORMANCE IN NIGERIA