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TONYE Ogiriki (PhD), OGWU Festus Emeke
Department of Accounting, Faculty of Management Sciences, Niger Delta University, Bayelsa State, Nigeria
Abstract
This paper investigated the impact of currency devaluation on economic growth in Nigeria from 2003 to 2022, employing an ex-post facto research design. Data on exchange rates, inflation rates, and gross domestic product (GDP) were sourced from reputable institutions such as the Central Bank of Nigeria Statistical Bulletin and the World Bank Indicator. Utilizing multiple regression analysis with Eviews 9.0, the study found significant impacts of both the exchange rate and inflation rate on GDP, contradicting the null hypotheses. Specifically, an increase in the exchange rate was associated with increased GDP, echoing previous empirical findings. Similarly, a rise in inflation rates corresponded to a decrease in GDP, affirming the importance of price stability for sustained economic growth. These findings suggest that currency devaluation significantly impacts economic growth in Nigeria. The study underscores the necessity for policymakers to implement measures to stabilize the exchange rate, such as implementing prudent monetary policies and fiscal measures. Additionally, efforts to control inflation through effective monetary and fiscal policies are essential to fostering a conducive environment for sustainable economic growth.
Keywords: Currency devaluation, Economic growth, Exchange rate, Inflation rate
Journal Name :
EPRA International Journal of Economic Growth and Environmental Issues (EGEI)

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Published on : 2024-03-18

Vol : 12
Issue : 3
Month : March
Year : 2024
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