FOREIGN EXCHANGE RISK MANAGEMENT IN NIGERIA ECONOMY AND ITS IMPACT ON PROFITS OF BANKS

FOREIGN EXCHANGE RISK MANAGEMENT IN NIGERIA ECONOMY AND ITS IMPACT ON PROFITS OF BANKS

ABSTRACT

In every part of the world, financial reports form the basis of communicating the activities and performance of business entities to owners and outsiders. But it is rather unfortunate that most of these financial reports do not meet the need of users as a result of different accounting bodies with varying standards and codes. Most reports are published much more later than the date of the account when the state of affairs of the organization would have changed. Also, they do not disclose all the pieces of information necessary to make decision by users. They have therefore, created what the accountant refer to as “expectation gap”