Success Osamede Abusomwan

This study investigated the impact of exchange rate fluctuation on economic development in Nigeria. the study adopted the expo facto research design to source aggregate data from Central Bank of Nigeria CBN statistical bulletin from 1984 to 2022. The data was analyzed using the Johansen co-integration test, serial correlation tests, Ramsey test, Unit Root Test ADF, and the Error Correction Mechanism ECM. The result showed that exchange rate reset have a positive significant impact on economic development in Nigeria. The result also showed that inflation and institutional quality has significant impact on exchange rate fluctuation in Nigeria, and that there exist bi-causality between exchange rate fluctuation and economic development in Nigeria. The study recommended that for small-scale enterprises to engage in raw materials processing for export
promotion, the government should provide incentives, such as loan subsidies and other forms of support. the government ought to support export-oriented policies in order to a positive exchange rate balance.

This study investigated the impact of exchange rate fluctuation on economic development in Nigeria. the study adopted the expo facto research design to source aggregate data from Central Bank of Nigeria CBN statistical bulletin from 1984 to 2022. The data was analysed using the Johansen co-integration test, serial correlation tests, Ramsey test, Unit Root Test ADF, and the Error Correction Mechanism ECM. The result showed that exchange rate reset have a positive significant impact on economic development in Nigeria. The result also showed that inflation and institutional quality has significant impact on exchange rate fluctuation in Nigeria, and that there exist bi-casuality between exchange rate fluctuation and economic development in Nigeria. The study recommended that for small-scale enterprises to engage in raw materials processing for export promotion, the government should provide incentives, such as loan subsidies and other forms of support. the government ought to support export-oriented policies in order to a positive exchange rate balance.