Effect of Exchange Rate on Balance of Payments in Nigerian Economy (1989-2013)
Journal Title: Scholars Bulletin - Year 2016, Vol 2, Issue 2
Abstract
Abstract: This study examines the effect of exchange rate on balance of payment in Nigeria for the period of 1989-2013. The data used for this study was obtained from the publications of Central Bank of Nigeria (CBN) and also from National Bureau of Statistics (NBS). Ordinary Least Square method was implored for data analysis with time series statistical package of econometrics. Exchange rates, import, export and interest rate where the independent variables used while balance of payments stands as the dependent variable. The researcher also used those macro-economic variables to ascertain their contribution to both positive (favorable) and negative (unfavorable) balance of payments which foreign exchange movement always determines. The result shows that an increase in exchange rate will result in a decrease in BOP (unfavorable), while export and interest rate has positive effect on balance of payment unlike import that contributes negative effect on balance of payment (unfavorable) as it increases. Keywords: Central Bank of Nigeria, National Bureau of Statistics, exchange rate, BOP.
Authors and Affiliations
Ifedoro, Ndubuisi Nicholas, Kurah, Joshua T
Keywords
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