This book is written for three purposes, 1) to ensure that candidates preparing for the examinations of The Chartered Institute of Bankers of Nigeria (CIBN) can safely cover most of the topics they are expected to cover and pass their examinations. 2) To serve as reference book for bankers, consultants, advisers and members of the academia, and 3), as a reference document to businessmen in areas of their foreign trade transactions. The book is arranged into thirteen chapters. Starting with the theoretical basis upon which international trade and finance is based in chapter one. Chapter two looks into the requirements for a contractual relationship for parties going into foreign trade contracts. It also focuses on the common platform of the international commercial terminologies, and concludes with the various documents required in international trade. Chapter three is about the various methods of payment and settlement in international trade, including the new electronic method of payment, Bank Payment Obligations, BPO that came into force in 2013. Chapter four deals with financing of international trade and all areas covering the various instruments, sources and the special instruments are covered. Chapter five looks into the credit unions that support, finance, insure and guarantee credit facilities that are promoting international trade, while chapter six deals with International Collections and the rules of its application. Chapters seven and eight are fully devoted to Documentary Credits. Chapter seven deals with the documentary credit processes. Chapter eight deals with the various ways of documentary credit settlement and its uses for financing international trade. Chapters nine looks into the foreign exchange market, its historical development, factors and risks inherent therein and the roles of the monetary authorities. Chapter ten is devoted to the calculations which form the albatross area for students. Chapter eleven is devoted solely to the rules, regulations, and laws of the 27 Exchange Control Memoranda governing foreign exchange transactions in Nigeria. Chapter twelve is devoted to Exports from Nigeria and the various incentives for the exporter. The chapter is concluded with the guiding laws for exporters. Chapter thirteen is devoted to the various international bodies that support international trade and their roles. The book is written to make international trade and finance an interesting and enjoyable reading, in simple English for easy assimilation. It has provided the update no other literature on its coverage has in a single book in Nigeria. Joseph Kolawole Okunato 2019
About the Author: OKUNATO, JOSEPH KOLAWOLE Skill Set/Expertise: Organizational Dynamics Position/Present Duty: Principal Partner, Kolawole Okunato and Company Qualifications: - Associate of the Chartered Institute of Bankers, (ACIB). London, 1981 - Associate of the Institute of Chartered Secretaries and Administrators, (ACIS). 1982; - Associate of the Institute of Chartered Accountants of Nigeria, (ACA). 1990; - Master of Science, (M.Sc.) Banking and Finance (University of Ibadan), 1989 with the following Prizes: o Best Student in Economic Theory and Policy, and o Best Class Student - Fellow of The Chartered Institute of Bankers of Nigeria, (FCIB). 2008; - Member Grade, The Chartered Institute of Arbitrators, (MCIArb) London UK. 2013 Experience: - Banking: I worked in all areas of Banking Business for a period spanning about 30 years, in Retail, Commercial, and Operations business units in Commercial and Merchant Banking. Some of the Strategic Departments I was Head include International Operations, Credit Compliance, Credit Appraisal, Commercial Treasury, Consumer Banking, Debt Recovery, Commercial & Retail Banking, Inspectorate as Chief Inspector, Regional Business Executive in charge of Federal Capital Territory and North Central, and Regional Director for Federal Capital Territory. I was the Group Head of Banking Operations overseeing E-Banking Operations, Branch Banking; Domestic and International Banking operations of Intercontinental Bank Plc. Other Banks I worked with were Union Bank of Nigeria Plc., Devcom Merchant Bank Ltd, Equitorial Trust Bank Ltd, and Gateway Bank Plc. - Media: I was the Pioneer Chief Finance Officer/Assistant General Manager of Daar Communications Plc., operators of Ray Power Radio and AIT. I had the privilege of setting up the Accounting System, Credit Control function; installed the Accounting Software (DacEasy), and managed the Loan Consortium Syndicate, among other Financial Functions, reporting to the Board of Directors - Capital Market Operations: I worked with Kinley Securities Limited (A Member of the Nigeria Stock Exchange) as the Head of the Corporate Finance Department. I had the privilege of setting up the Corporate Finance Department, developed the clientele base, and supervised the marketing and sales force of the company. - Publications: 'The Market Structure of Merchant Banks in Nigeria' The University Banker, 1990; Conquering Fear, 2000; 'Term of Trade' in International Banking', Business Examinations Guide, 2002; Sin of Unbelief, 2014; and International Finance, The Chartered Institute of Bankers of Nigeria, 2015