Journal of Social Sciences

An Appraisal of Foreign Exchange Resources Generation and Management

Olorunfemi Sola and Adebayo A. Fatukasi

DOI : 10.3844/jssp.2011.579.585

Journal of Social Sciences

Volume 7, Issue 4

Pages 579-585

Abstract

Problem statement: The study reviewed and appraised foreign exchange resources generation during and after SAP, it also identified the problem area of foreign exchange resources generation and management. Approach: Secondary data from CBN statistical bulletin were analyzed using descriptive and comparative analysis. Results: Result shows that the contribution of non-oil export to total export was as low as 1.5, 4.87, 3.07, 2.46, 1.66 and 2.82% for 2001-2006 compared with oil export which was high for the periods and that this was caused by unstable exchange rate. The result revealed increase in the level off investment for the period. Conclusion: In conclusion, effort should be aimed at blocking areas of reserve leakages. Other sources of generating foreign exchange should be pursued.

Copyright

© 2011 Olorunfemi Sola and Adebayo A. Fatukasi. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.