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- Title
ANALYSIS OF EXCHANGE RATE REGIME CHANGE AND NON-OIL EXPORT IN NIGERIA: A MARKOV-REGIME SWITCHING APPROACH.
- Authors
ORJI, ANTHONY; ABUBAKAR, MOHAMMED; OGBUABOR, JONATHAN E.; ANTHONY-ORJI, ONYINYE I.; NEVO, CHINEZE HILDA; OGBODO, JOEL C.
- Abstract
This study investigates the Impact of Exchange Rate Regime Change on Non-oil Export in Nigeria from 1985Q1 - 2018Q4. The paper employs Markov Regime-Switching Approach to capture the exchange rate regime change. Results of the study reveal that exchange rate regimes have a positive and statistically significant impact on the non-oil export in Nigeria. The results also show that the degree of the impact in the two regimes are not the same, it is higher in regime 2. This is as a result of the fact that prior to the 1980s; Nigeria adopted the fixed exchange rate regime which does not allow for domestic currency devaluation hence, the relatively low non-oil export. However, in the 1980s, especially at the introduction of the structural adjustment programme of the 1986 which saw most economies of the world switch over to the floating exchange rates regime, the Naira is often time devalued and hence the higher increase in the non-oil exports. Therefore, the study recommends that there is need to achieve a stable exchange rate that when combined with the export-oriented policy will promote non-oil exports in Nigeria.
- Subjects
NIGERIA; DEVALUATION of currency; FOREIGN exchange rates
- Publication
Journal of Academic Research in Economics, 2024, Vol 16, Issue 1, p108
- ISSN
2066-0855
- Publication type
Article