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IMPACTS OF EXCHANGE RATE MECHANISMS ON FIRST BANK OF NIGERIA PLC,
ABSTRACT
Managing exchange rate risk exposure has gained prominence in the last decade as a result of the unusual
occurrence of a large number of currency crises. From the corporate management perspectives currency risk
management is increasingly viewed as a product approach to reducing a bank or firm’s vulnerabilities from
major exchange rate movement. This attitude has also been reinforced by recent international attention to both
accounting and balance sheet risk. This study there assesses the impact of exchange rate risk on bank
performance in Nigeria. The study employs the usage of secondary sources of information and utilises an auto
regression conditional model as means for measuring risk. The model specified the conditional variance as a
deterministic function of lagged squared residual. The study revealed that unit increases in exchange rate is
driven by an increase in profit after tax (PAT) and equally indicated that there is a significant relationship
between exchange rate management and performance of financial institutions, most especially banks. It is
recommended that as an effective way of managing exchange rate risk, bank should create a centralized entity
within its operations as an institutional strategy to deal with the practical aspects of the execution of exchange
rate forecasting, while the hedging approach mechanism should be adopted in the accounting procedure
regarding currency risk. Also the type of exchange rate risk that a bank or firm is exposed to, as well as the
measurement of the associated risk exposure must be meticulously identified, as a prerequisite for effective
management of exchange risk.
Keywords: Banks, Exchange Rate, Exchange Risk, Performance, Purchasing Power Parity
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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