Foreign Exchange Management Policies in Nigeria, 1962-1992

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Periodical article

Title:	Foreign Exchange Management Policies in Nigeria, 1962-1992
Author:	Mawuli, Agogo
Year:	1993
Periodical:	Transafrican Journal of History
Volume:	22
Pages:	24-34
Language:	English
Notes:	biblio. refs., ills.
Geographic terms:	Nigeria West Africa
Subjects:	exchange rates Politics and Government international relations Economics and Trade History and Exploration Economics, Commerce foreign exchange monetary policy liberalism
External link:	https://www.jstor.org/stable/24328634
Abstract:	For more than two decades, Nigerian policymakers employed a pegged exchange regime supported by import restrictions and foreign exchange controls rather than free the exchange rate to find a level that could achieve external and internal balances. Foreign exchange crises occurred with varying degrees of severity since the Foreign Exchange Control Bill was enacted in 1962. The policy of overvaluation made import prices attractive and foreign exchange cheap, and this discouraged traditional exports. As the economy got worse the restrictive policy package was abandoned and radical foreign exchange policy reforms have been introduced since 1985. It has taken six years to liberalize the foreign exchange packet and adopt a free float. This paper appraises the interactions of the foreign exchange policies, other macroeconomic policies, and the economic environment in Nigeria. Bibliogr., sum.