THE IMPACT OF EXCHANGE RATE FLUCTUATION ON ECONOMICGROWTH IN NIGERIA 1999-2023
Abstract
ABSTRACT
This paper examined the effect of exchange rate on the economic growth of Nigeria. It specifically looked at effect of exchange rate on gross domestic product (GDP), grass national product (GNP) and unemployment. Secondary data from the Central Bank of Nigeria Statistical Bulletin were collected for a period of years, 2009 to 2018. Expost facto research design was utilized. While some diagnostic tests were carried out to confirm the integrity of the data and their relatedness in both short and long term basis, ordinary least square technique was employed in the analysis of hypotheses. It was found that while exchange rate had significant effect on GDO and GNP. It was non-significant on the unemployment. This implies that micro economic indices of GDP and GNP could be used consciously adjust standard of living of the citizens. The study concludes that exchange rate should be handled with utmost concern by experts in the field to avoid unnecessary fluctuations that may inflict unbearable economic consequences on the Nigeria people. The study recommends, among others, the adoption of policies that will affect GDP in such a way that the welfare of the people can be upgraded.
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