PROBLEMS AND PROSPECTS OF THE FOREIGN EXCHANGE MARKET IN A DEVELOPED ECONOMY

PROBLEMS AND PROSPECTS OF THE FOREIGN EXCHANGE MARKET IN A DEVELOPED ECONOMY

ABSTRACT

This project work is designed to evaluate the problems and prospects of the foreign exchange market in a developed economy with particular emphasis on United Bank of Africa and intercontinental Bank, plc both in Owerri Imo State, Nigeria.
This project will be designed to show in details how these problems affect operation in the market. This work is achieved after evaluating my five chapters aimed at looking at the problems and prospects of the foreign exchange market in a developed economy. Chapter one deals on the general introduction of the research work which includes the statement of the problems, the research questions, hypothesis and purpose of the study. The significance of the study, the scope limitation and operational definition of terms were also treated in this chapter. Chapter two centers on the review of related literature and opinions of professionals and experts on the subject matter which include the following headings: foreign exchange, the objective of the market, an overview of the Nigeria foreign exchange market, sources of found in the market, the market instruments and operations, the regulatory institutions and their functions management of the Nigeria foreign exchange market, sources of the foreign exchange in Nigeria, problem and causes prospects of the market.

CHAPTER ONE

INTRODUCTION
1.1 GENERAL OVERVIEW
The foreign exchange market is en extricable linked with both segments of the markets. This is particularly striking in the money market where the determination of foreign exchange and money markets rates are linked through interest rates.
Dealing in the foreign exchange market in Nigeria were centralized in the central bank of Nigeria. When it was established, and the determination of the exchange rate was based on local market conditions and the performance of the naira vis-à-vis the weight basket of Nigeria major trading partner currencies. Since the deregulation of the market in 1986, the exchange rate of the domestic currency has been determined mainly by market forces, except for few episodes of visible hand of administrative management of the exchange rate currently the market consist of the central bark and authorized foreign exchange dealers and the burean de change operators. In general there is need to do an in-depth study of the foreign exchange market so as to assess the problems and prospects of the market using a survey of UNITED bank of Africa and the intercontinental bank.

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PROBLEMS AND PROSPECTS OF THE FOREIGN EXCHANGE MARKET IN A DEVELOPED ECONOMY