This paper examines the movements trends of globalization,
with particular emphasis on the challenges it creation to financial management and how to cope with these challenges.
It also defined the except of globalization, gives an overview of the task of financial management in a global organization. This paper also appreciates the strategies of a global organization.
This papers also gave discussing on how the finance manager should handle these challenges facing its organization, and this managerial function to the organization.
1.1 THE BACKGROUND OF STUDY
For easy understanding of this project topic, “Financial Strategies for a Globalised Firm”. Let the globalised firm be “Central Bank”.
Like the case in many countries, commercial banking started in Nigeria long before the central banks was established. Whereas far back as 1892, it was only in 1958 (66years later) that the central bank of Nigeria was established by the central bank of Nigeria Act of 1958, it started full, operation on 1st July, 1959.
Prior to the establishment of the central bank was partially performed by the West African currency Boards, which was established by the British Government in 1912. This body was established to perform the primary role of issuing in West African Currency in all the five countries that were British Countries.
Nigeria was one of the British colonies. Before the colonization of Nigeria, several currencies were circulating in Nigeria.
Merchants who came into Nigeria for trade came with their own currencies. The Arabians, Portuguese and British traders who came to trade in the West African Coast each introduced their own countries’ currencies in West African. The result was that several currencies were circulating side by side.
When British gained a higher control of Nigerian and some other west African countries, the need for monetary control arose. In 1912 the colonial government set up a committee, headed by Lord Emolt from England, to study ways and means of dealing with two basic necessitation. One was financing the needs of the export trade of the expatriate firm in West African and the other was the eradication of the confused, in convenient and in British West Africa (Nwankwo 1980:1).
These were the recommendations of Lord Emott committee, the West African currency Board (W.A.C.B) was established in November 1912.
It was charged with the following three objectives:
1. To issue a West African currency
2. To ensure a speedily convertibility of this currency with the old silver currency before it and
3. To provide a means whereby the colonial governments might share in the profit of the currency issue.
1.2 STATEMENT OF PROBLEMS
The problems mediating this firms are as follows:
1. Fast changing technology advancement
2. Multination/trans-national trade which cost a lot of money to run
3. Capital market integration and internationalization of finance capital
4. Market forces and competitive pressure
5. Quantum leaps in information and communications technology
6. Economic alliances.
1.3 SCOPE OF STUDY
Due to the time limit or factor required in this project work.
I will like to restrict my scope in Enugu metropolis that is the Enugu branch of this globalsed bank.
1.4 OBJECTIVES OF STUDY
The objectives that made me to go into research on this
project topic includes:
1. To determine the strategies in which globalised from finances other institutions.
2. to determine the relationship between the bankers and its customers
3. To determine the challenges facing this globalised bank.
4. To determine the financial management of this globalised form
5. To determine the remittance strategies of this bank.
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