TABLE OF CONTENTS

DECLARATION ............................................................................................................... i

APPROVAL ..................................................................................................................... ii

DEDICATION ................................................................................................................. iii

ACKNOWLEDGEMENT .............................................................................................. iv

TABLE OF CONTENTS ................................................................................................. v

LIST OF TABLES ........................................................................................................ viii

LIST OF FIGURES ........................................................................................................ ix

ACRONYMS .................................................................................................................... x

CHAPTER ONE .............................................................................................................. 1

INTRODUCTION ............................................................................................................ 1

1. 0 Introduction .................................................................................................................. 1

1.1 Background to the study .............................................................................................. 1

1.1.1 Historical perspective .............................................................................................. 1

1.1.2 Theoretical perspective ........................................................................................... 2

1.1.3 Conceptual perspective ............................................................................................ 2

1.1.4 Contextual perspective .......................................................................... 3

1.2 Statement of Problem ................................................................................................... 3

1.3 Purpose of the study ..................................................................................................... 4

1.4 Specific Objectives ...................................................................................................... 4

1.5 Research Questions ...................................................................................................... 4

1.6 I-iypothesis .................................................................................................................... 5

1.7 Scope of the study ........................................................................................................ 5

1. 7 .1 Content scope ............................................................................................................ 5

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1.7.2 Time scope ................................................................................................................ 5

1.7.3 Geographical Scope .................................................................................................. 5

1.8 Significance of the Study ............................................................................................. 5

1.9 Definition of key terms ......................................................................................... 6

CHAPTER TWO ............................................................................................ : ................ 7

LITERATURE REVIEW ................................................................................................ 7

2.0 Introduction ............................................................................................................ 7

2.1 Conceptual of Exchange Rate ................................................................................... 7

2.2 Conceptual Review .............................................................................................. 13

2.3 Empirical Review ....................................................................................................... 14

2.3.1 Empirical Review-International perspective ........................................................... 14

2.3.2 Empirical literature-Local perspective .................................................................... 15

2.4 Research gaps ............................................................................................................. 16

CHAPTER THREE ....................................................................................................... 18

METHODOLOGY ......................................................................................................... 18

3 .1. Introduction ........................................................................................................... 18

3 .2. Research Design .................................................................................................... 18

3 .3. Focus area of study ................................................................................................ 19

3.4. Target population ................................................................................................... 19

3 .5. Research Instrument .............................................................................................. 19

3.5.1 Document review ............................................................................................... 20

3.5.2 Tabulation ............................................................................................................ 20

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3.6 Validity and Reliability ................ .. .................................................... 20

3.7 DataAnalysis ......................................................................................................... 20

3. 8 Procedure ............................................................................................................... 21

3. 9 Ethical considerations ............................................................................................ 22

3 .10 Limitations of the study ........................................................................................ 22

CHAPTER FOUR .......................................................................................................... 23

PRESENTATION, ANALYSIS, AND INTERPRETATION OF DATA ................. 23

4.1. Introduction ............. .............................................................................................. 23

4.2. Level of exchange by CERUDEB 2012-2017 ............ .......................................... 23

4.3. Changes in exchange rates (Us Dollar and British pound) from 2012-2017 ........ 26

CHAPTER FIVE ............................................................................................................ 33

SUMMARY, CONCLUSION AND RECOMMENDATIONS .................................. 33

5.1. Introduction ........................................................................................................... 33

5.2. Summary ................ .. ....... .. ......................... .. .. ........................................................ 33

5.3. Conclusion ............................................................................................................. 33

5.4. Recomn1endations ......................................... ......................................................... 34

5.5. Areas for further research ...................................................................................... 35

REFERENCES ........................................................ ................ ... .................................... 38