Economic and Financial Review


Central Bank of Nigeria


Exchange Rate, Exchange Rate Policy, Structural Adjustment Programme, Africa, SAP, African Countries


The purpose of this paper is to review the experiences of some selected countries in Africa- Zambia, Kenya, Ghana and Nigeria- that have implemented adjustment programmes supported by the use of IMF resources, focusing largely on the role of their exchange rate policies. The paper is divided into four parts. Part I highlights the policy targets/objectives and instruments of structural adjustment and discusses in some detail.the role of exchange rate in the programmes of the countries under reference. In Part II, a theoretical analysis is undertaken of exchange rate concepts and the typology of the transmission mechanism linking exchange rate to some macro-economic variables in the economy. Part III dwells on the appraisal of policy measures, particularly the efficacy of exchange rate in the countries studied. This section also highlights the limitations of exchange rate as a policy instrument. Part IV contains the summary and conclusion, including implications for policy.

Author Bio

The author is Chief Research Officer, Research Department, Central Bank or Nigeria

Publication Title

CBN Economic and Financial Review





Recommended Citation

Omoruyi, S. E. (1990). Exchange Rate Policy and the Structural Adjustment Programme in African Countries: Case Studies of Zambia, Kenya, Ghana and Nigeria. CBN Economic and Financial Review. 28(4), 48-54.



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