IMPACT OF EXCHANGE RATE FLUCTUATIONS ON THE ECONOMIC GROWTH OF NIGERIA (1990-2023)
Abstract
ABSTRACT
The value of a country’s currency, which otherwise is known as the exchange rate. It is seen as strong catalyst of economic growth as well as the overall health of the economy. This study examines the effect of exchange rate on the economic growth of Nigeria. The data collected from the CBN. Covering 1990-2023 were analyzed with the aid of various econometric tools. From the regression model results, both Exchange Rate (EXR) and Foreign Direct Investment (FDI) positively and significantly impact the GDP for the period under study. With the f-statistics of 4673928, there impact of both independent variables on the GDP. We therefore recommend, among others, that government at all levels should implement programmes such as infrastructural development and import-substitution strategies that will reduce imports and spur more exportation of Nigerian made goods so as to improve on the value of the naira.
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