EFFECT OF EXCHANGE RATE DEPRECIATION AND INFLATION ON ECONOMIC GROWTH OF NIGERIA
Abstract
ABSTRACT
This study examined the effect of exchange rate depreciation and inflation on the economic growth of Nigeria, it aims at investigating the effect of currency (Naira) devaluation on foreign currencies (Dollar) and the persistent rise in price level of goods and service on the economic growth of Nigeria. Data were generated through Central Bank of Nigeria (CBN) statistical bulletin for a period of thirty one years. It was regressed to test for significance. The result revealed that the effect of the overall variables are statistically significant to economic growth of Nigeria. We therefore recommend that government should diversify its sources of revenue to include non-oil sector rather than relying solely on oil as the prime mover of the economy.
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