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EFFECT OF EXCHANGE RATE FLUCTUATION ON FINANCIAL STABILITY IN NIGERIA (A CASE STUDY OF ACCESS BANK PLC)

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 75 ::   Attributes: Secondary Data Analysis ::   520 people found this useful

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CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

Globalization is said to have enhanced the trading relationship between and amongst countries, particularly, with the introduction of the electronic payment system. The foreign exchange market portends to be the largest financial market in the world; more so, large banks are the greatest players in this market. The greatest volume of currency is traded in the interbank market. This is where banks of all sizes trade currency with each other and through electronic networks. Large banks account for a larger percentage of total currency traded in the international financial markets. Banks facilitate foreign exchange transactions for clients and conduct speculative trades from their own trading desks. When banks act as dealers for clients, the bid-ask spread represents the bank's profit. Speculative currency trades are executed to profit on currency fluctuations. The current global trend of large banks establishing corporate branches outside their country of domain has further heightened their degree of exposure to exchange rate risk management. The profitability of such large banks might be significantly affected by fluctuations in exchange rate. Exchange rate risk relates to the effect of unexpected exchange rate changes on the value of the firm (Madura, 1989). It can also be regarded as the possible direct loss (as a result of an unhedged exposure) or indirect loss in the firm’s cash flows, assets and liabilities, net profit and, in turn, its stock market value from an exchange rate movement. Foreign exchange exposure is the risk associated with transactions at such financial markets. Essentially, it is the risk that a foreign currency may move in a direction which is financially detrimental to the global and domestic firms, particularly, the commercial banks. While it is observed that there are three types of exchange rate exposure (transaction, economic and translation), notably, economic and transaction exposure is seen to affect the commercial banks more adversely. Dohring (2008) discussed exchange rate exposure in terms of transaction risk (the risk of variations of the value of committed future cash flows), translation risk (the risk of variations of the value of assets and liabilities denominated in foreign currency) and broader economic risk (which takes into account the impact of exchange rate variations on competitiveness). The paper argues that domestic-currency invoicing and hedging with exchange rate derivatives allow a fairly straightforward management of transaction and translation risk and discusses under which circumstances their use is optimal. The major novelty of this paper is a survey of actual hedging strategies and techniques of large corporations from a euro-area perspective. The paper finds that euroarea exporters have instruments at hand to limit the adverse impact of euro appreciation and that they make ample use of them.


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Paper Information

Format:ms word
Chapter:1-5
Pages:75
Attribute:Secondary Data Analysis
Price:₦3,000
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