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International Operations

FX Structure | FX Mgt Before Now. | FX Mkt | Debt Conversion | Exchange Rate Policy | Movement in Reserves | International Payments | Reserve Management

Debt Conversion

The evolution of the foreign exchange market in Nigeria up to its present state was influenced by a number of factors such as the changing pattern of international trade, institutional changes in the economy and structural shifts in production. Before the establishment of the Central Bank of Nigeria (CBN) in 1958 and the enactment of the Exchange Control Act of 1962, foreign exchange was earned by the private sector and held in balances abroad by commercial banks which acted as agents for local exporters. During this period, agricultural exports contributed the bulk of foreign exchange receipts. The fact that the Nigerian pound was tied to the British pound sterling at par, with easy co

 

Facts : 1/1/1900
Development Stocks:The first development stock was issued in 1946. Central Bank of Nigeria took the responsiblity of issuing stock at its inception. The Lagos Stock Exchange (now Nigerian Stock Exchange) was set up in 1961 to take over transactions in the stocks.
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