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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Managing Nigeria's foreign exchange market
Author:Nnanna, O.J.
Periodical:Vierteljahres-Berichte: Probleme der internationalen Zusammenarbeit
Geographic term:Nigeria
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).