Exchange Rate Volatility And Non-Oil Imports In Nigeria: A Cointegration Analysis
Journal Title: Advances in Social Sciences Research Journal - Year 2017, Vol 4, Issue 16
Abstract
This paper analyses the relationship between exchange rate volatility and non-oil imports in Nigeria using annual data covering the period of 1970 to 2015. Specifically, it seeks to: investigate the existence of a long run relationship between exchange rate volatility and non-oil imports in Nigeria; and determine the nature of the causal relationships between exchange rate volatility and non-oil imports in Nigeria. The study employed the Johansen test of Cointegration, Error Correction Model, and the Granger Causality test to achieve the objectives. The findings reveal that: there exists a long run relationship between exchange rate volatility and non-oil import,; exchange rate does not granger cause the movements in non-oil imports. The study recommends amongst others that the exchange rate should be closely monitored and effectively managed. Specifically, policies that seek to maintain the exchange rate at a very minimal level should be promoted. The government and relevant monetary authorities should seek to employ and implement policies that stabilize the exchange rate given its significant impact on non-oil imports in Nigeria.
Authors and Affiliations
Uduakobong S. Inam, Ph. D, Williams Anthony Oscar
Keywords
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- EP ID EP330163
- DOI 10.14738/assrj.416.3508.
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