THE IMPACT OF FOREIGN EXCHANGE MANAGEMENT ON THE NIGERIAN ECONOMY
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ABSTRACT
This research work investigates the impact of foreign exchange management by the monetary authority of Nigeria, the Central Bank on the Nigerian economy using the ordinary least squares regression technique for time series data spanning 1981 to 2007. From the findings of this research work, it was observed that the success of foreign exchange policies critically depends on the foreign exchange rate elasticity of foreign demand for the country's export. In Nigeria's case, exports are basically primary in nature i.e. either mineral or agricultural products which at reduced external prices (due to currency devaluation) do not significantly increase export earnings. Since the end result of Nigeria's floating exchange rate regime is currency devaluation, the policy is not ideal for Nigeria's situation. Thus, the paper concludes by recommending, among others currency appreciation combined with a relatively liberalized trade policy regime.
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