Effect of Currency Devaluation on Macro - Economic Variables: The Nigerian Experience

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dc.contributor.authorAmah, P.N
dc.date.accessioned2019-03-18T09:27:12Z
dc.date.available2019-03-18T09:27:12Z
dc.date.issued2016
dc.descriptionJournal Articlesen_US
dc.description.abstractThis paper investigates past exchange rate management regimes adopted by the Central Bank of Nigeria since 1959, and attempts to find out whether devaluation can be used to restore equilibrium and significantly achieve national economic growth and development. The Multiple Least Squares method was used to estimate coefficients of the identified relationships following one period lag and autoregressive models formulated to correct errors detected in the data of macroeconomic variables. Significantly, a negative and statistically significant relationship was found between exchange rate and non-oil exports. Devaluation had a negative cause-effect relationship with inflation. It was also negative and significant with national output in the one-year lag specification. Accordingly the paper recommends that devaluation should not be relied upon as a primary tool for restoration of macroeconomic balance. Instead, a system of managed float supported with strong trade and exchange controls should be used. Complementary fiscal policy measures should also be adopted.en_US
dc.description.sponsorshipTertiary Education Trust Funden_US
dc.identifier.citationAmah, P.N (2016). Effect of Currency Devaluation on Macro - Economic Variables: The Nigerian Experience.Unilag Journal of Humanities, Vol.4(1), 96-112p.en_US
dc.identifier.issn2408-5030
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/3989
dc.language.isoenen_US
dc.publisherUniversity of Lagos Press, Akokaen_US
dc.relation.ispartofseriesUniversity of lagos Journal;Vol.4(1)
dc.subjectBalance of payment equilibriumen_US
dc.subjectNon-oil exportsen_US
dc.subjectGross domestic producten_US
dc.subjectExchange rateen_US
dc.subjectDevaluationen_US
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economicsen_US
dc.titleEffect of Currency Devaluation on Macro - Economic Variables: The Nigerian Experienceen_US
dc.typeArticleen_US
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Volume 4, Issue 1, 2016