ABSTRACT
The method used in the
collection of data for this research include information gotten from the
responses of the questionnaires distributed. Also there were secondary data
which are from books and magazines. There was analysis of the table involved.
At the end of the study, some of the finding include that actually a remittance
lag actually exists in the Nigerian financial system and that the fluctuating
exchange rate has an effect on the country’s balance of trade.
The recommendation include that
external borrowing by, Nigeria should be in different currencies so as to offset
exchange rate risks.
There was also a recommendation
that there should be the establishment of official help to reduce the
variability and increase the incentives on exchange rates. In conclusion it was
adjusted that Nigeria as a developing country and economy needs to grow and
come out of the menace of chronic balance of payment disequilibrium which is
one of the causes of inflation. This could only be achieved when there is
adequate management of international trade and payment.
CHAPTER
ONE
1.1
INTRODUCTION
The process of globalization
which is in vague is the rapid integration of trade relation productive and
investment decisions across the globe by economic agents who employ and move
investment capital and technology around to take advantage of environments
where their competitive edge can manifest in high returns.
This process which came about
with Marshall plan for Europe after the second world war has greatly expanded
trade and economic contact between nations. The mass movement of commodities
often over great distance have raised the standard of living world wide.
International trade has made available a greater amount and a greater variety
of goods for consumption. International trade has gone hand with technological
improvements in production and with development of transportation, obviously
this advanced in volume and variety of goods produced and traded. Factories
turn out quantities of commodities large and small, which are not consumed
locally but are promptly distributed to different parts of the word.
Virtually improvements in
transportation and the expansion of world markets have made possible this large
scale of economic production. The world is now a ‘global village ‘ because of
the continuous flaw of goods in and out of nations and the dependence by every
nations upon foreign sources for variety of goods, which are of special
importance. These nation economics, financial and cultural activities have
boundries. Trade between nations was formerly carried out by private
individuals, however in recent times government has increasingly engaged in
international trade transactions directly with each other on the basis of
governmental decisions.
1.2 STATEMENT
OF PROBLEM
International trade involves
the movement of goods and services between two countries. Payment for such
goods and services are however made in an agreed currency between the exporter
and the importer. And because exchange rate are variant the before the
researcher is therefore to determines who bears the burden of the incidence of
the exchange rate fluctuation. More so, since the exporter /importer cannot
source the foreign exchange if not through the financial institutions. The
researcher therefore finds it imperative to
What are the economic forces
that lie behind international trade? Simply put, trade promotes specialization,
and specialization increases productivity. Over the long run, increased trade
and higher productivity......
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