IMPACT OF CAPITAL MARKET ACTIVITIES ON ECONOMY GROWTH IN NIGERIA: A STUDY OF CENTRAL BANK OF NIGERIA

Download PDF

Authors

Mgbobi, Cyriacus Ikechukwu, PhD ¹; Prof. Chike Ernest Nwoha ²; Prof. Uche Ugwuanyi Boniface ³; Azuka, Tina Nwobodo, PhD ⁴; Ogbonna, Uche Jude ⁵;  Okafor, Obiageli Prisca, PhD ⁶

 ¹Department of Accounting, Gregory University Uturu, Abia State, Nigeria 

 ^{2, 3, 4} Department of Accountancy, Enugu State University of Science and Technology, Agbani, Enugu State, Nigeria. 

⁵ Department of Banking and Finance, Gregory University Uturu, Abia State, Nigeria

⁶ Department of Business Administration, Enugu State Business School, Enugu

¹ [email protected], +234 8037 90 8 741

² [email protected], +234 8033 32 6 019

 ³ [email protected] +234 703 096 8979

⁴ [email protected]  +234 806 906 0890   

⁵ [email protected]   +234 8130 44 1 206

⁶ [email protected]  + 234 8033 487 907

ABSTRACT

The study examined the impact of capital market activities on economic growth in Nigeria with particular reference to Central Bank of Nigeria. The study specifically examined / appraised the effect of exchange rate policies on the gross domestic product of Nigeria, the effect of interest rate policies on the gross domestic product of Nigeria, determined the effect of inflation rate policies on the gross domestic product of Nigeria and also ascertained the effect of unemployment rate policies on the gross domestic product of Nigeria. Data for the study were sourced from CBN statistical bulletin, data collected were analysed using multiple regression analysis. Result of the study showed that exchange rate fluctuations have positive and significant effect on the economic growth of Nigeria. It was also observed that interest rate has a significant and negative effect on the economic growth of Nigeria. The study further shows that inflation rate has insignificant effect on the economic growth of Nigeria. The study equally indicates that unemployment rate has a positive and significant effect on the economic growth of Nigeria. Based on the findings, the study recommended that Given that exchange rate fluctuations positively impact Nigeria’s economic growth, policymakers should consider implementing strategies to manage and capitalize on these fluctuations. This could involve measures to enhance the competitiveness of domestic industries during periods of currency depreciation and encourage foreign investment during periods of currency appreciation.

Keywords: Capital Market, Exchange Rate Interest Rate, Inflation Rate, Unemployment Rate

REFERENCES

Aliyu, S.R.U. (2011). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. Research Journal of International Studies 3(2), 99-108

Amadi, S.N. Onyema, J.I. and Odubo, T.D. (2012), ‘’Macroeconomic Variables and Stock Prices. A Multivariate Analysis’’, Africa Journal of Development Studies, 2-1, pp. 159-164.

Arize, A.C.; Osang, T. and Slottje, D.J. (2010). Exchange-rate volatility and foreign trade: evidence from thirteen LDCs. Journal of Business and Economic Statistics, 18(1), 10–17.

Arteta, C., Einchengreen, B. and Wyplosz, C. (2011), “When Does Capital Account Liberalization Help More than Hurts”, World Bank Conference on Development Economics.

Asher O.J (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980 – 2010). Unpublished B.sc Thesis of Caritas University, Emene, Enugu State, Nigeria.

Asiedu, E. (2016) “Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability,” The World Economy, Vol. 21(1) pp. 63-77.

Atje, R. and Jovanovic, B. (2013), ‘’Stock Markets and Development’’, European Economic Review, Vol. 37, Pp. 632-640.

 Atsanan A.N (2017). Effect of exchange rate fluctuation on inflation rate in Nigeria economy (1986-2015). Journal for Studies in Management and Planning, 3(8).

Audu, N. P. and Amaegberi, M. (2013). Exchange rate fluctuation and inflation targeting in an open economy: Econometric approach. European Journal of Accounting Auditing and Finance Research, 1(3), 24-42. Retrieved from http://www.eajournals.org/wp-

Saheed, Z. S. and Ayodeji, S. (2012). Impact of capital flight on exchange rate and economic growth in Nigeria. International Journal of Humanities and Social Science, 2(13) Retrieved from www.ijhssnet.com/journals. 

Schumpeter, J.A. (2011), “The theory of economic development”, Cambridge, MA: Harvard University Press.

Servén, L. (2013). Real-exchange-rate uncertainty and private investment in LDCs. Review of Economics and Statistics, 85, 212–18.

Singh, A (2017), “Financial Liberalization, Stock Markets, and Economic Development,” The Economic Journal, Vol. 107, pp. 771-782.

Abu, B. and Abu, Q. (2018), “Financial development and economic growth: The Egyptian experience”, Journal of Policy Modelling, vol. 30, pp. 887-898.

Adebiyi, M.A and Dauda, R.O.S (2019). Trade liberalization policy and industrialization growth performance in Nigeria: An error correction mechanism technique. Being a paper presented at the 45th annual conference of the Nigerian economic Society, 24th to 26th August, Central Bank of Nigeria new building auditorium. Abuja.

Adebiyi, M.A. and Akinbohungbe, S.S. (2015), ‘’Capital Market Performance and the Nigerian Economic Growth’’, In: Oluwatayo, A Olasupo (Eds.): Issues in Money, Finance and Economic Management, Lagos: University of Lagos.

Adeniran, J.O, Yusuf, S.A and Adeyemi, O. A (2014). The impact of exchange rate fluctuation on the Nigerian economic growth: an empirical investigation. International Journal of Academic Research in Business and Social Sciences, 4(8).

Adetiloye, K. A. (2010). Exchange rates and the consumer price index in Nigeria: A causality approach. Journal of Emerging Trends in Economics and Management sciences, 1(2), 114 -120 

Aghion, P., P. Bacchetta, R. Ranciere, and K. Rogoff. 2019. Exchange rate volatility and productivity growth: the role of financial development. Journal of Monetary Economics 56 (4), 494–513.

Akinnifesi, O.E. (1987), ‘’The Role and Performance of the Capital Market’’, Journal of Nigeria Institute of Social and Economic Research, Ibadan.

Akpan, E. O. and Atan, J. A. (2012). Effects of exchange rate movements on economic growth in Nigeria; CBN Journal of Applied Statistics, 2(21), 57-92

Akpan, P.L. (2018). Foreign exchange market and economic growth in an emerging petroleum-based economy: Evidence from Nigeria (1970-2013). African Economic and Business Review, 6(2), 46-58.

Al-FakI, M. (2016), ‘’The Nigerian Capital Market and Socioeconomic Development’’, Paper presented at the 4th Distinguished Faculty of Social Science Public Lecture, University of Benin, 26 July, pp. 9-16.

Aliyu, S.R.U. (2011). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. Research Journal of International Studies 3(2), 99-108

Amadi, S.N. Onyema, J.I. and Odubo, T.D. (2012), ‘’Macroeconomic Variables and Stock Prices. A Multivariate Analysis’’, Africa Journal of Development Studies, 2-1, pp. 159-164.

Arize, A.C.; Osang, T. and Slottje, D.J. (2010). Exchange-rate volatility and foreign trade: evidence from thirteen LDCs. Journal of Business and Economic Statistics, 18(1), 10–17.

Arteta, C., Einchengreen, B. and Wyplosz, C. (2011), “When Does Capital Account Liberalization Help More than Hurts”, World Bank Conference on Development Economics.

Abu, B. and Abu, Q. (2018), “Financial development and economic growth: The Egyptian experience”, Journal of Policy Modeling, vol. 30, pp. 887-898.

Adebiyi, M.A and Dauda, R.O.S (2019). Trade liberalization policy and industrialization growth performance in Nigeria: An error correction mechanism technique. Being a paper presented at the 45th annual conference of the Nigerian economic Society, 24th to 26th August, Central Bank of Nigeria new building auditorium. Abuja.

Adebiyi, M.A. and Akinbohungbe, S.S. (2015), ‘’Capital Market Performance and the Nigerian Economic Growth’’, In: Oluwatayo, A Olasupo (Eds.): Issues in Money, Finance and Economic Management, Lagos: University of Lagos.

Adeniran, J.O, Yusuf, S.A and Adeyemi, O. A (2014). The impact of exchange rate fluctuation on the Nigerian economic growth: an empirical investigation. International Journal of Academic Research in Business and Social Sciences, 4(8).

Adetiloye, K. A. (2010). Exchange rates and the consumer price index in Nigeria: A causality approach. Journal of Emerging Trends in Economics and Management sciences, 1(2), 114 -120 

Aghion, P., P. Bacchetta, R. Ranciere, and K. Rogoff. 2019. Exchange rate volatility and productivity growth: the role of financial development. Journal of Monetary Economics 56 (4), 494–513.

Akinnifesi, O.E. (1987), ‘’The Role and Performance of the Capital Market’’, Journal of Nigeria Institute of Social and Economic Research, Ibadan.

Akpan, E. O. and Atan, J. A. (2012). Effects of exchange rate movements on economic growth in Nigeria; CBN Journal of Applied Statistics, 2(21), 57-92

Akpan, P.L. (2018). Foreign exchange market and economic growth in an emerging petroleum based economy: Evidence from Nigeria (1970-2013). African Economic and Business Review, 6(2), 46-58.

Al-FakI, M. (2016),‘’The Nigerian Capital Market and Socioeconomic Development’’, Paper presented at the 4th Distinguished Faculty of Social Science Public Lecture, University of Benin, 26 July, pp. 9-16.

Aliyu, S.R.U. (2011). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. Research Journal of International Studies 3(2), 99-108

Amadi, S.N. Onyema, J.I. and Odubo, T.D. (2012), ‘’Macroeconomic Variables and Stock Prices. A Multivariate Analysis’’, Africa Journal of Development Studies, 2-1, pp. 159-164.

Arize, A.C.; Osang, T. and Slottje, D.J. (2010). Exchange-rate volatility and foreign trade: evidence from thirteen LDCs. Journal of Business and Economic Statistics, 18(1), 10–17.

Arteta, C., Einchengreen, B. and Wyplosz, C. (2011), “When Does Capital Account Liberalization Help More than Hurts”, World Bank Conference on Development Economics.

Asher O.J (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980 – 2010). Unpublished B.sc Thesis of Caritas University, Emene, Enugu State, Nigeria.

Asiedu, E. (2016) “Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability,” The World Economy, Vol. 21(1) pp. 63-77.

Atje, R. and Jovanovic, B. (2013), ‘’Stock Markets and Development’’, European Economic Review, Vol. 37, Pp. 632-640.

 Atsanan A.N (2017). Effect of exchange rate fluctuation on inflation rate in Nigeria economy (1986-2015). Journal for Studies in Management and Planning, 3(8).

Audu, N. P. and Amaegberi, M. (2013). Exchange rate fluctuation and inflation targeting in an open economy: Econometric approach. European Journal of Accounting Auditing and Finance Research, 1(3), 24-42. Retrieved from http://www.eajournals.org/wp-

Azeez, B.A.; Kolapo, F.T and Ajayi, L.B (2012). Effect of exchange rate volatility on macroeconomic performance in Nigeria, Interdisciplinary Journal of Contemporary Research in Business. 4(1),149-155.

Babalola, Oladepo, Dauladi, Akomolate and Ajiboye (2015).  The role of real interest rates and savings in Nigeria, European Journal of Business and Management, 7(30).

Barkoulas, J.T, Baum C. and Caglayan, M. (2012). Exchange rate effect on the volume and variability of trade flows, Journal on International Money and Finance, 2(1), 481-406.

Barlett, B. (2010), Opinion Editorial on the Effect of Stock Market on the Economy, National Centre for Policy Analysis, February 2010.

Bekaert, G., Harvey, C.R. and Lundblad, C.T. (2013), “Equity Market Liberalization in Emerging Markets,”

Bencivenga, V.R and Smith, B.D. (2011), “Financial Intermediaries and Endogenous Growth”, The Review of Economic Studies, vol.50, pp195-209.

Bencivenga, V.R., Smith, D. and Starr, M. (2016), “Equity Markets, Transaction Costs, and Capital Accumulations: An Illustration”, The World Bank Review, Vol. 10 No. 2, pp. 241-265.

Benson , U.O and Victor, E.O (2012). Real exchange rate and macroeconomic performance: testing for the Balassa-Samuelson Hypothesis in Nigeria. International Journal of Economics and Finance, 4 (2), 127-134.

Binswanger, M. (2011), ‘’ Does the stock market still lead real activity? An investigation for the G-7 countries’’, Journal of Financial Markets and Portfolio Management 15, pp.15–29.

Binswanger, M. (2019), ‘’Stock Markets, Speculative Bubbles and Economic Growth’’, Cheltenham: Edward Elgar Publishing.

Bonfiglioli, A. and Mendicino, C. (2014), “Financial liberalization, Banking crises and growth: Assessing the links’’, SSE/EFI Working Paper No. 567. 

Central Bank of Nigeria (2014), “Nigeria: Major Economic, Financial and Banking Indicators” Available at: http://www.cenbank.org/documents/Statbulletin.asp.

Wolde-Rufael, Y. (2019), “Re-examining the financial development and economic growth nexus in Kenya”, Economic Modelling, Vol. 26, pp. 1140-1146.

Asher O.J (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980 – 2010). Unpublished B.sc Thesis of Caritas University, Emene, Enugu State, Nigeria.

Asiedu, E. (2016) “Foreign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability,” The World Economy, Vol. 21(1) pp. 63-77.

Atje, R. and Jovanovic, B. (2013), ‘’Stock Markets and Development’’, European Economic Review, Vol. 37, Pp. 632-640.

 Atsanan A.N (2017). Effect of exchange rate fluctuation on inflation rate in Nigeria economy (1986-2015). Journal for Studies in Management and Planning, 3(8).

Audu, N. P. and Amaegberi, M. (2013). Exchange rate fluctuation and inflation targeting in an open economy: Econometric approach. European Journal of Accounting Auditing and Finance Research, 1(3), 24-42. Retrieved from http://www.eajournals.org/wp-

Azeez, B.A.; Kolapo, F.T and Ajayi, L.B (2012). Effect of exchange rate volatility on macroeconomic performance in Nigeria, Interdisciplinary Journal of Contemporary Research in Business. 4(1),149-155.

Babalola, Oladepo, Dauladi, Akomolate and Ajiboye (2015).  The role of real interest rates and savings in Nigeria, European Journal of Business and Management, 7(30).

Barkoulas, J.T, Baum C. and Caglayan, M. (2012).Exchange rate effect on the volume and variability of trade flows, Journal on International Money and Finance, 2(1), 481-406.

Barlett, B. (2010), Opinion Editorial on the Effect of Stock Market on the Economy, National Centre for Policy Analysis, February 2010.

Bekaert, G., Harvey, C.R. and Lundblad, C.T. (2013), “Equity Market Liberalization in Emerging Markets,”

Bencivenga, V.R and Smith, B.D. (2011), “Financial Intermediaries and Endogenous Growth”, The Review of Economic Studies, vol.50, pp195-209.

Bencivenga, V.R., Smith, D. and Starr, M. (2016), “Equity Markets, Transaction Costs, and Capital Accumulations: An Illustration”, The World Bank Review, Vol. 10 No. 2, pp. 241-265.

Benson, U.O and Victor, E.O (2012). Real exchange rate and macroeconomic performance: testing for the Balassa-Samuelson Hypothesis in Nigeria. International Journal of Economics and Finance, 4 (2), 127-134.

Binswanger, M. (2011), ‘’ Does the stock market still lead real activity? An investigation for the G-7 countries’’, Journal of Financial Markets and Portfolio Management 15, pp.15–29.

Binswanger, M. (2019), ‘’Stock Markets, Speculative Bubbles and Economic Growth’’, Cheltenham: Edward Elgar Publishing.

Bonfiglioli, A. and Mendicino, C. (2014), “Financial liberalization, Banking crises and growth: Assessing the links’’, SSE/EFI Working Paper No. 567. 

Central Bank of Nigeria (2014), “Nigeria: Major Economic, Financial and Banking Indicators” Available at: http://www.cenbank.org/documents/Statbulletin.asp.

Central Bank of Nigeria (CBN), Statistical Bulletins of 2015, 2016 and 2018. Abuja: Central Bank of Nigeria Publication.

Central Bank of Nigeria Briefs (2014), “Bank consolidation in Nigeria: Rationale, Processes and prospects”, Series No. 2014-05/02.

Chete L.N. (2016). The determinants of Interest rate in Nigeria. A monograph publication of Nigerian Institute of social and economic research (NISER), Ibadan, Nigeria.

Dailami, M. and Atkin, M. (2010), ”Stock Markets in Developing Countries: Key issues and a research agenda” Policy Research and External Affairs working Papers, the World Bank.

Databank (2014), “African Stock Markets Consolidate Gains”, Databank Research, Accra: Databank.

David, U., Umeh and Ameh, A. (2010). The Effect of exchange rate fluctuations on Nigeria manufacturing sector. African Journal of Business Management 4(14), 2994-2998.

Demirguc-Kunt, A. and Maksimovic, V. (2016), “Stock Market Development and Financing Choices of Firms,”

Demirgue Kunt, A. and Asli, V. (2016), Stock Market, Corporate Finance and Economic Growth: An Overview.

Demirgue Kunt, A. and Levine, R. (2016), ‘’Stock Market Development and Financial Intermediaries: Stylized Facts’’, The World bank Economic Review, Vol. 10 No. 2, pp. 241-265.

Edo, S.E. (2015), ‘’An Estimation of a Model of Long-term Securities Investment in Nigeria’’, Nigeria Economic and Financial Review, Vol. 12, pp. 45-53.

Edwards, S. (2011), “Capital Mobility and Economic Performance: Are Emerging Economies Different?” NBER wp 8076.

Eichengreen, B. and Leblang, D. (2013). Exchange rates and cohesion: historical perspectives and political-economy considerations. Journal of Common Market Studies, 41, 797–822.

EICHENGREEN, B. and LEBLANG, D.(2013), Capital account liberalization and growth: was Mr. Mahathir right?, NBER Working Paper Series, n. 9427, Jan. 2013.

Eme, O.A and Johnson, A.A (2012). Effect of exchange rate movements on economic growth in Nigeria. CBN Journal of Applied Statistics, 2(2), 1-28.

Ewan, S.O., Esang, A.E. and Bassey, J.U. (2019), ‘’Appraisal of Capital Market Efficiency on Economic Growth in Nigeria’’, International Journal of Business and Management, Firm, Cambridge: Cambridge University Press, December, pp. 219-225.

Filler, R.K., Hanousek, J. and Campos, F. (2019), “Do Stock Market Promote Economic Growth?”, The William Davidson Institute (University of Michigan Business School) Working Paper, Series No. 267 September.

Greenwood, J. and Jovanovic, B. (2010), “Financial Development, Growth, and the Distribution of Income”, The Journal of Political Economy, Vol. 98, pp. 1076-1107.

 Grilli, V. and Milesi-Ferretti, M. (2015), “Economic Effect and Structural Determinants of Capital Controls”, IMF Staff Papers, Vol. 42, No.3.

Harris, R.D. (2017), ‘’Stock Markets and Development: A Re-assessment. European Economic Review, Vol. 1, pp. 136- 139.

Harris, R.G. (2012). New economy and the exchange rate regime. Center for International Economics Studies, Discussion paper, No 111.

International Monetary Fund (2013), “International Financial Statistics”, CD-ROM Version,

Irving, J. (2015), “Regional Integration of Stock Exchanges in Eastern and Southern Africa: Progress and Prospects,” IMF Working Paper WP/05/122, Washington: International Monetary Fund.

Ndako,. B.U. (2010), ‘’Financial development, economic growth and stock market volatility: Evidence from Nigeria and South Africa’’, Thesis submitted for the degree of Doctor of Philosophy at the University of Leicester.

Ndanusa, S.A. (2014), ‘’Country experience with capital market development: the Nigerian experience’’, Being a paper presented at the fifty annual financial markets and development conference: the future of domestic capital markets in developing countries organized by the World Bank. Washington, D.C.

Nell, K. (2010). Is low inflation a precondition for faster growth, the case of South Africa, department of economics, University of Kent, United Kingdom.

Ngerebo-a., T.A and Ibe., R. C (2013). Exchange rate and macroeconomic performance in Nigeria: a causal post structural adjustment programme investigation. Global Journal of Management and Business Research Finance, 13(7).

Nigerian Stock Exchange (2019), Available at: http://www.nigreianstockexchange.com [Accessed 13 September 2011].

Nigerian Stock Exchange (NSE, 2014) Fact Book for 2014 – 2019. Lagos: The Nigerian Stock Exchange. Nwankwo, G.O. (2011), Money and Capital Markets in Nigeria Today’’, Lagos:University of Lagos Press, pp. 31.

Nwokoma, N.I. (2012), ‘’Stock Market Performance and Macroeconomic Indicators Nexus in Nigeria: An empirical investigation’’, Nigerian Journal of Economic and Social Studies, pp. 44 2.

Nyong, M.O. (2017), ‘’Capital Market Development and Long run Economic Growth: Theory, Evidence and Analysis’’, First Bank Review, December pp. 13-38.

Nzue, F. (2016), “Stock Market Development and Economic Growth: Evidence from Cote D’Ivore”, Africa Development Review, Vol. 18 No. 1, pp. 123-145.

Obadan, M.I. (2018), Presidential Address presented on the “Capital Market and Nigeria’s Economic Development” at one day seminar organized by Nigeria Economic Society at the Institute of International Affairs, Lagos.

Obansa, S.A.J.; Okoroafor, O.K.D.; Aluko, O.O. and Millicent, E. (2013). Perceived relationship between exchange rate, interest rate and economic growth in Nigeria: 1970-2010. American Journal of Humanities and Social Sciences: 1(3), 116-124.

Benson , U.O and Victor, E.O (2012). Real exchange rate and macroeconomic performance: testing for the Balassa-Samuelson Hypothesis in Nigeria. International Journal of Economics and Finance, 4 (2), 127-134.

Binswanger, M. (2011), ‘’ Does the stock market still lead real activity? An investigation for the G-7 countries’’, Journal of Financial Markets and Portfolio Management 15, pp.15–29.

Binswanger, M. (2019), ‘’Stock Markets, Speculative Bubbles and Economic Growth’’, Cheltenham: Edward Elgar Publishing.

Bonfiglioli, A. and Mendicino, C. (2014), “Financial liberalization, Banking crises and growth: Assessing the links’’, SSE/EFI Working Paper No. 567. 

Central Bank of Nigeria (2014), “Nigeria: Major Economic, Financial and Banking Indicators” Available at: http://www.cenbank.org/documents/Statbulletin.asp.

Wolde-Rufael, Y. (2019), “Re-examining the financial development and economic growth nexus in Kenya”, Economic Modelling, Vol. 26, pp. 1140-1146..

Rodrik, D. (2018). The real exchange rate and economic growth. Brookings papers on economic activity, 2, 365–412.

Rousseau, P.L. and Wachtel, P. (2010), “Equity Market and Growth; Cross Country Evidence on timing and outcomes, 1980-2015”, Journal of Banking and Finance, Vol. 24, pp. 1933-1957.

Schumpeter, J.A.  (2011), “The theory of economic development”, Cambridge, MA: Harvard University Press.

Servén, L. (2013). Real-exchange-rate uncertainty and private investment in LDCs. Review of Economics and Statistics, 85, 212–18.

Singh, A (2017), “Financial Liberalization, Stock Markets, and Economic Development,” The Economic Journal, Vol. 107, pp. 771-782.

Soludo, C.C. (2016), ‘’Can Nigeria be the China of Africa?’’, Lecture Delivered at the University of Benin Founders’ Day, November 2016. P. 14.

Soyode, A. (2010), ‘’The role of capital market in economic development’’, Security Market Journal in Nigeria, Vol. 6.

Stiglitz, J.E. (1985), “Credit Markets and the Control of Capital”, Journal of Money, Credit and Banking, Vol. 71, pp. 324-376.

 Sule, O.K. and Momoh, O.C. (2019), ‘’The Impact of Stock Market Earnings on Nigeria per Capita Income’’, African Journal of Accounting, Economics, Finance and Banking Research, Vol. 5 No. 5, pp. 77-89.

Takaendesa, P (2016). The Behaviour and Fundamental Determinants of the Real Exchange Rate in South Africa. Unpublished Master’s Thesis. Rhodes University.

The World Bank Economic Review, Vol. 10 No. 2, pp. 341-69.

The World Bank Review, Vol. 10 No. 2, pp. 223-239.

Udoka and Roland (2012). The effect of interest rate variability on the economic growth of Nigeria International Business Management, 4(2), 41-46.

Umaru, A.and Zubairu, J. (2012). The effect of inflation on the growth and development of the Nigerian economy: an empirical analysis. International Journal of Business and Social Science, 3(10),187-188.

Wolde-Rufael, Y. (2019), “Re-examining the financial development and economic growth nexus in Kenya”, Economic Modelling, Vol. 26, pp. 11 40-1146.