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Periodical article | Leiden University catalogue | WorldCat |
Title: | Managing Nigeria's foreign exchange market |
Author: | Nnanna, O.J. |
Year: | 1989 |
Periodical: | Vierteljahres-Berichte: Probleme der internationalen Zusammenarbeit |
Issue: | 116 |
Pages: | 139-144 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | money foreign exchange |
Abstract: | The Second-Tier Foreign Exchange Market (SFEM) was established in Nigeria in September 1986 in order to enable the naira to achieve a stable and realistic exchange rate. The SFEM, which is generally recognized as the key element of the structural adjustment programme, shares the characteristics of a 'managed float' exchange rate system, which has now replaced the defunct Bretton Woods system. This article discusses the evolution of Nigeria's exchange rate policy since the early 1970s, the operational framework of the SFEM, and the measures introduced in order to minimize the anticipated but unintended impact of the inflationary pressures, persistent exchange rate depreciation and volatility that often accompany the introduction of foreign exchange auction systems. Bibliogr., notes, sum. in English (p. 119), French (p. 123), and German (p. 115). |