This project work is based on the topic Automation of computer based sophisticated currency exchange services in central bank of Nigeria. In our society today, we are in the midst of information revolution, it is evident that the wider spread use of computers has significantly magnified our ability to analyze, compute and communicate. No wonder it is gaining recognition in virtually all fields of human endeavors. In proof of this, the manual system of currency exchange operations is credited with a number of drawbacks and this has necessitated this study to design an automated alternative, which will curtail, if not completely. Eliminate the attendant inconsistencies of the manual system of exchange operations Nigeria banks. The automated computer-based sophisticated currency exchange services is a system that works with the foreign exchange department of the Central Bank of Nigeria which helps currency sales and purchase from one currency to another with accurate and faster result with an excellent record keeping system through its well packaged database system inbuilt in the system. This system was built using dreanweaver Software (This software makes use of good designs and self generating codes), I also used php programming language and MYSQL for the database design.
- BACKGROUND OF THE STUDY
A bureau de change (plural bureaux de change or bureaus de change or bureau de changes) or currency exchange is a business where people can exchange one foreign currency for another. Although originally French, the term “bureau de change” is widely used throughout Europe and French speaking Country, where it is common to find a sign saying “exchange” or “change”, in the United States and English speaking Canada the business is described as “currency exchange” and sometimes “money exchange”, sometimes with various additions such as “foreign”, “desk”, “office”, “counter”, “service” etc.; for example, “foreign currency exchange office”.
The market of foreign exchange has become the largest financial market in the world today. And it’s operating virtually around the world, the foreign market trades enormous amount of money which is estimated several trillion dollars daily. The introduction of the proposed system to the foreign exchange market (bureau de change) will help reduce errors and problems related to currency exchange which the old system has been unable to solve. This is a brief idea of the old and new proposed system of currency exchange services.
A country’s currency is a legal tender generally accepted or used in the exchange of goods and services. In such a way the currency of other countries are considered foreign to other countries. Individuals who are citizens of a country can at any point in time need money in foreign currency, for some reason. For example a Nigerian citizen could be involved in a certain business transaction involving the use of US dollars; he or she at this point in time will need to exchange his naira to its dollars equivalent to suit his purpose.
Likewise a European visiting Nigeria will need to carry out an exchange of currency since he cannot use euro in Nigeria for payments of transactions, hence there is need to device currency exchange system that will handle the process of exchanging a local currency for a foreign currency and vice-versa. This is the focus of this study and its primary aim is to introduce an automated system that will ease the burden of manual currency exchange in bureau de change.
- STATEMENT OF THE PROBLEM
Currency exchange services are still manually operated in most banks or bureau de change office today and this poses a lot of problem as a resultof which exchange processes fail to meet with the desired objectives. Below are some problems associated with the manual method.
- Delay in foreign exchange transaction.
- Imbalance of accounts transaction.
- Difficulties in the arrangement and retrieval’ of records.
- Inability to meet up effectively the challenges of modern business management operations.
- Excessive consumption of paper and time.
- AIM AND OBJECTIVES.
The aim of the study is to design and implement user application software
For safe bureau de change
1.4 OBJECTIVE OF THE STUDY
The primary aim of this study is to design and implement an automated (Computerized) system to help carry out currency exchange transaction which will be faster at the long run and less tedious than the manual method. The processed system is aimed at eliminating majority, if not all the problems brought about by the adoption of the manual system. I therefore, believe that the system would be good enough to achieve the following objective;
- Quicken the process involved in currency exchange transaction.
- Provide accurate and maximum security to information security and records.
- Keeping record of transactions made for future references.
- Ensures less consumption of paper document.
- Provide balance accounts of transactions.
Generally make work easier and more convenient for the staff and management of the Bureau de change or Bank.
1.4 SIGNIFICANCE OF THE STUDY
The significance of this research is to implement currency exchange system that will be able:
- To record the name of each customer, choose and record the amount currency type he/she wishes to convert.
- To produce the current exchange rate, save/delete each customer’s transaction.
- To produce the naira equivalent of the currency being converted.
- To produce and deduct the bank commission customer is obliged to pay from naira equivalent.
- To produce the net amount in naira the customers get at the end of the transaction.
Also an attempt is made to implement the currency exchange system in php programming language.
1.5 SCOPE OF THE STUDY
This study covers the conversion of currencies of eight different countries which include USA (dollars) UK (pounds) German (Deut she mark) France (French Frances) Japan (yen) Switzerland (Swiss franc) European Union (euro) and Ghana (cedi) into Nigeria equivalent which is the Nigeria currency.
1.6 LIMITATIONS OF THE STUDY
This sub topic aims at identifying the existing problems associated with manual system of currency exchange transaction in order to achieve a desired goal in the newly proposed system for efficiency in currency markets.
But it is specifically designed to work in the Central Bank of Nigeria. Hence, certain modifications have to be made if it has to work for any other bank. The issue of exchange rate fluctuation, merchandise trade balance and flow of funds between countries to pay stocks and bonds purchased and the rate of inflation are limitation to their study other limitations are to be reckoned with if this system is to be effectively implemented.
1.7 DEFINITION OF TERMS
Automation: The use of automated machine such as computers is an organization for rapid processing test.
Merchandise Trade Balance: It is the net difference between the value of merchandise trade balance being exported and imported into a particular country.
Manual System: These are systems that are put into work using bare hand or physical skill(effort).
Computer Program: A set of instructions meant to be obeyed by the computer in order to accomplish a specific purpose.
Database: A collection of stored operational data used as information of related records for easy reference.
Database Management System (DBMS): It is a collection of programs that enable users create and maintain a database.
Algorithm: This is the method of solving a problem using operation for a given set of basic operation which produces the answers in a given set of basic operation which produces in a finite step.
Flowchart: It is a diagrammatic representation of algorithm using a limited set of symbols that outlines the program before writing it.