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Effect of Oil Price, Inflation Rate on Exchange Rate in Ngeria
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Effect of Oil Price, Inflation Rate on Exchange Rate in Ngeria
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Journal Article
Effect of Oil Price, Inflation Rate on Exchange Rate in Ngeria
2023
Overview
The study investigates the effect of oil price on inflation and exchange rate. The study spanned 1980- 2019 in Nigeria. The paper first revealed the descriptive statistics of the dependent and independent variable. Among the pair of variables examined the exchange rate has the highest mean value of 115.0664 which implies that Nigeria exchange rate relative to dollar depreciated sharply during the study period. The study further conducted a stationary test by using Augmented Dickey Fuller test so as to avoid spurious regression result. It was observed that all the variables were stationary at level. this further propel the study to run abound co-integration test to ascertain, the existence of long run equilibrium relationship between oil price, exchange rate and inflation rate. The result observed that crude oil price is a determinant of exchange rate. The result of the bound co-integration test showed the existence of long run equilibrium relationship between oil price, inflation and exchange rate. The study therefore recommends that since the oil price is a strong determinant variation in inflation and exchange rate, the government should concentrate on diversifying our economy.
Publisher
جامعة البصرة - كلية الإدارة والاقتصاد
Subject
