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What Determines The Choice Of The Exchange Rate Regimes In Nigeria?

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  • Prof. Tokunbo Simbowale Osinubi
  • Prof. Lloyd Ahamefule
  • Amaghionyeodiwe

Abstract

This paper examined the choice of the exchange rate regime in Nigeria using a time series approach. Both multinomial logit and simultaneous limited-independent models were estimated using time series data from 1960 to 2000. The study found that when domestic inflation was relatively high with respect to world inflation, a fixed exchange rate regime was preferred. This serves as an anchor. Also, domestic monetary disturbances appreciated the real exchange rate and favoured a more flexible arrangement, while in the presence of real shocks the balance of payments acted as a shock absorber and a fixed regime was more likely.

Suggested Citation

  • Prof. Tokunbo Simbowale Osinubi & Prof. Lloyd Ahamefule & Amaghionyeodiwe, 2005. "What Determines The Choice Of The Exchange Rate Regimes In Nigeria?," The IUP Journal of Applied Economics, IUP Publications, vol. 0(3), pages 60-78, May.
    • Handle: RePEc:icf:icfjae:v:04:y:2005:i:3:p:60-78
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    Cited by:

    1. Jokosenumi Saidat Omolola & Adesete Ahmed Adefemi, 2018. "Modelling the Effect of Stock Market Volatility and Exchange Rate Volatility on Foreign Direct Investment in Nigeria: A New Framework Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 8(12), pages 1482-1505, December.

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