THE ROLE OF CENTRAL BANK OF NIGERIA IN THE MANAGEMENT OF THE NATIONS FOREIGN DEBT

The central Bank of Nigeria( C.B.N) started full-scale operation on 1st July, 1959, and since its inception like most of the central bank in the world bank the world over performs certain nation and international functions one of the role of CBN in the management of foreign debt. This project therefore examines the role of CBN in the management of foreign debt. A lot of problems engulfed the Central Bank of Nigeria which trying to carryout this ranging from inadequate reserve to cover increasing import bills. The study which is not outcome of empirical research examines the different measure by the central bank of Nigeria at different times to ensure efficiency management debt. The methodology employed revolves round the use of less importance. However, the magnificent increase in the volume of external depreciation in the value of the naira through the exchange market. Finally, the debt rescheduling programme of the central bank of Nigeria will be meaningless if the export base is not developed to guarantee increase earning of foreign exchange. Data were collected through oral interview with the bank managers, and the collected data were analyzed using simple percentage, pie chart and bar chart. This research study found out that redirection of funds obtained from the official market to parallel market militates against effective foreign management. And a recommendation towards this finding was put forward by the researcher which says that the use of dollars bought by customers from CBN should always be investigated in order to know those that are buying with aim of reselling.