DESIGN OF AN AUTOMATED COMPUTER BASED CURRENCY EXCHANGER SYSTEM

INTRODUCTION

1.1        BACKGROUND OF THE STUDY

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 new system to the foreign exchange market will help reduce errors and problernsre1ated to currency exchange which the old system has been unable to solve. This is a brief idea of the old and new 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 an European visiting Nigerian will need to carry out an exchange of currency since he cannot use euro in Nigerian 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 the Central Bank of Nigeria (CBN).

 

1.2   STATEMENT OF THE PROBLEM

Currency exchange services are still manually operated in most banks today and this poses a lot of problem as a resultwhich 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.

 

1.3 AIM  AND OBJECTIVES .

 

The primary aim of this study is to device 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 bank.

 

1.4   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.

 

1.4   OBJECTIVE OF THE STUDY

 

The objectives of this research, is to implement currency exchange system that will be able:

1.To record the name of each customer, choose and record the amount currency type he/she  wishes to convert.

2.To produce the current exchange rate, save/delete each customer’s transaction.

3.To produce the naira equivalent of the currency being converted.

4.To produce and deduct the bank commission customer is obliged to  pay from naira equivalent.

5.To produce the net amount in naira the customer get at the end of the transaction.

Also an attempt is made to implement the currency exchange system in php programming language.

 

1.5 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 bounds purchased and the rate of inflation other limitations to be reckoned with if this system is to be effectively implemented.

 

1.6 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 thevalue 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.
• Pseudo code: It is a distribution of an algorithm using English expression, mathematical notation and a limited set of special command to represent the actual program.

 

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CHAPTER ONE/INTRODUCTION

Background to the Study

The purpose of this project is to provide a platform for users and rental product(s) owners in an effective and efficient manner. Online Renting System is a one stop rental portal. It provides services such as accommodation. It provides the facility to make online orders and get everything done before you reach the destination. This web application would be implementable irrespective of the location. Instead of providing accommodation from only one rental show room the application is acting as interface between different users (borrowers and lenders). There is no restriction of rental showrooms for our website. Means any rental showroom owners want to display their accommodation on our site then they simply register in our site by providing personal information and product description(s).

 

This web application is providing some additional features for vendors to edit or delete their accommodation. Customers need to register with our site as they search and place orders in our site. We are responsible for communication between customer and the vendor and maintain the database. It also providing an extra module that it accepts feedback from the customers. The application provides an extra feature that is “Relocation Services”.

 

There are many rental systems are available in online. But, they are not providing all accommodation at one place. Also many of them restricted to only one city. That means rental accommodation listing website system in online deals only with accommodation. Also many of them are not providing effective communication between customer and the vendor. Also present rental systems restricted to only one vendor means accommodation are listed only from one rental show room.

Statement of the Problem

The manual accommodation rental system provides services only during office hours. So, customers have limited time to make any transactions or reservation of the accommodations. The problem with some of the current system is that some small companies already have a accommodation rental system which is not a web based application. This is a limitation that gives them capability to store customer’s details, but at the same time they cannot make their services more available to the public through the internet, they rather make use of posters to advertise their services to the public. They also make use of phone call reservations which is also limited to few features as compare to a web base system. For example, a customer might make a phone call reservation for a particular accommodation, but when he/she comes to see the accommodation, he/she might turn not to like the accommodation, this could be because the customer could not see a sample picture of the accommodation he/she wants to rent at initial stage.

Purpose Of The Study

The main objective of this study is on Design and implementation of rental accommodation listing website.

The study has the following specific objectives;

1. We aim at developing responsive website that users can use to list their accommodations on rent and also check the availability
2. It reduces the cost of visiting the places to check the availability and renting.
3. The system will also allow users to book the accommodationin advance.
4. It also helps users to get the track of accommodation’s that are on rent
5. We also aim at developing analytic for users to make better availability of accommodation’s an to keep track of the accommodation’s as well which could help in providing better support for users

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Adoption of Internet of Things (IoT) to reduce traffic congestion in Lagos state, Nigeria

The steady increase in vehicle numbers has worsened traffic congestion in most major cities across the world. Many communities are taking steps to address this issue by widening their highways. This phase, however, comes with its own set of difficulties. Due to a lack of room to expand the road and a lack of funds to continue building new roads in every city, the country must consider other options to address this problem. Rather than simply extending roadways, a system that can help minimize traffic congestion should be implemented.

The biggest traffic issue in the current scenario is traffic congestion, which is rapidly increasing, as is the case of road rash. People in Kathmandu, Nepal’s capital, have to deal with traffic congestion on a daily basis. Every day, there are occurrences of road rash, some of which are not even identified due to the lack of cameras in the city. These traffic issues are becoming more prevalent on a daily basis. And no actual action has been made to solve the problem.

 

To address this issue, a proper mechanism should be implemented. This problem is directly related to the country’s economy. If the majority of working people must spend hours upon hours stuck in traffic, they will be unable to work efficiently during working hours. As a result, this problem must be remedied. The relevant authorities should make plans to change this situation.

 

1.2 The Study’s Background

The intelligent traffic system is made up of several components, including systems for communicating, controlling, analyzing, and managing traffic. The intelligent traffic system is employed in order to improve traffic performance. Traffic congestion has been a big concern in recent years, and most cities are experiencing problems as a result of it. (2017, Gautam Hoshing)

 

In the current setting, intelligent traffic management systems are required for smart cities. The intelligent traffic management system aids in the control of traffic flow as well as the reduction of traffic congestion. When comparing regular traffic lights to smart traffic lights, smart traffic lights activate the lights as needed based on what is happening on the roads. Singapore and India are two cities that have already adopted the sophisticated traffic management system. Furthermore, the implementation of a smart traffic control system reduces driver irritability and reduces incidents of road rash. (2015, Sabhijiit Singh Sandhu)

 

The use of the Smart traffic management system is to collect data about traffic in real time in order to monitor the system and resolve traffic-related concerns. The STMS assists in reducing the amount of time spent idling in traffic as well as lowering fuel and budget costs. (2017, Dr. Meenakshi Sundaram)

 

With the current situation of people experiencing traffic congestion every day, wasting time and fuel, a proper system that may help in minimizing traffic difficulties and also lowering traffic congestion is required. As a result, implementing a smart traffic management system can assist in resolving traffic issues. (2016, Antonio J. Fernández-Ares)

 

The population and urbanization are both increasing on a daily basis, resulting in an increase in traffic congestion. Traffic congestion has become a serious concern in the context of traffic as the number of vehicles has increased. People are forced to spend hours upon hours stuck in traffic. Furthermore, due of the lack of accuracy in the design, the current traffic signal is unable to address the congestion. As a result, because the smart traffic system is accurate and dependable, it can assist in the resolution of traffic problems. The smart light system aids in traffic congestion control. 2016 (Lakshya Chaudhary)

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