Foreign exchange in Nigeria has become a major concern for both past and present government. It therefore means that the earlier we revisit our policy frame work the better. The work would attempt to evaluate the various foreign exchange policies of the government. These policies include trade, exchange controls, Administrative controls, foreign exchange market, export promotion, debt management and also demand management. Effort were made to unfold the problems of these policies. To achieve the above objective, data was collected from primary and secondary sources. Some staff of the CBN were interviewed. Relevant materials from both CBN and other sources were consulted. Based on these findings, it was recommended that government should intensify it efforts in diversifying the non-oil sectors especially agricultural, industrial and solid mineral sectors to generate more foreign exchange. Again denouncement of parallel market should be continued and support with the policing of the operators.