{"id":23238,"date":"2026-06-22T15:53:16","date_gmt":"2026-06-22T15:53:16","guid":{"rendered":"https:\/\/journals.amssr.org\/grjaf\/?p=23238"},"modified":"2026-06-22T15:53:22","modified_gmt":"2026-06-22T15:53:22","slug":"modeling-the-effect-of-foreign-exchange-rate-volatility-on-nigerian-economy-an-evidence-from-autoregressive-distributed-lag-ardl-framework","status":"publish","type":"post","link":"https:\/\/journals.amssr.org\/grjaf\/2026\/06\/22\/modeling-the-effect-of-foreign-exchange-rate-volatility-on-nigerian-economy-an-evidence-from-autoregressive-distributed-lag-ardl-framework\/","title":{"rendered":"MODELING THE EFFECT OF FOREIGN EXCHANGE RATE VOLATILITY ON NIGERIAN ECONOMY: AN EVIDENCE FROM AUTOREGRESSIVE DISTRIBUTED LAG (ARDL) FRAMEWORK"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Download PDF<\/h2>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2026\/06\/MODELING-THE-EFFECT-OF-FOREIGN-EXCHANGE-RATE-VOLATILITY-ON-NIGERIAN-ECONOMY_-AN-EVIDENCE-FROM-AUTOREGRESSIVE-DISTRIBUTED-LAG-ARDL-FRAMEWORK.docx.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of MODELING THE EFFECT OF FOREIGN EXCHANGE RATE VOLATILITY ON NIGERIAN ECONOMY_ AN EVIDENCE FROM AUTOREGRESSIVE DISTRIBUTED LAG (ARDL) FRAMEWORK.docx.\"><\/object><a id=\"wp-block-file--media-fba6d62c-5e1a-4ef5-a011-5b2347720a11\" href=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2026\/06\/MODELING-THE-EFFECT-OF-FOREIGN-EXCHANGE-RATE-VOLATILITY-ON-NIGERIAN-ECONOMY_-AN-EVIDENCE-FROM-AUTOREGRESSIVE-DISTRIBUTED-LAG-ARDL-FRAMEWORK.docx.pdf\">MODELING THE EFFECT OF FOREIGN EXCHANGE RATE VOLATILITY ON NIGERIAN ECONOMY_ AN EVIDENCE FROM AUTOREGRESSIVE DISTRIBUTED LAG (ARDL) FRAMEWORK.docx<\/a><a href=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2026\/06\/MODELING-THE-EFFECT-OF-FOREIGN-EXCHANGE-RATE-VOLATILITY-ON-NIGERIAN-ECONOMY_-AN-EVIDENCE-FROM-AUTOREGRESSIVE-DISTRIBUTED-LAG-ARDL-FRAMEWORK.docx.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-fba6d62c-5e1a-4ef5-a011-5b2347720a11\">Download<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Authors<\/h2>\n\n\n\n<p><strong>MADUKWE<\/strong>, Chimezie James, Ph.D<sup>1<\/sup>., <strong>OGBONNA <\/strong>Mary,B.Sc<sup>2<\/sup><strong>, ENYA, <\/strong>Vera, B.Sc<sup>3<\/sup>,.<\/p>\n\n\n\n<p><sup>1,2 &amp; 3<\/sup>Department of Accountancy and Office Technology and Management<\/p>\n\n\n\n<p>Akanu Ibiam Federal Polytechnic P.M.B. 1007, Unwana Afikpo<\/p>\n\n\n\n<p>Corresponding Author\u2019s Email: chimeziejames9@gmail.com<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Abstract<\/strong><\/h2>\n\n\n\n<p>This study examined the effects of persistent exchange rate volatility on Nigerian economic performance. It was motivated by the quest to ascertain why concerted efforts of the monetary authorities in Nigeria to pursue internal and external balances yielded little or no positive results in recent periods. The study employed the autoregressive distribution lag (ARDL) technique to test the short-run and long-run effects of exchange rate fluctuations on economic growth using annual time series data from 1992 to 2025. The empirical result revealed that the exchange rate, net direct foreign direct investments, and inflation rate had a significant adverse impact on Nigeria\u2019s economic growth in the long run. By implication, the net effect of this study established that excessive exchange rate fluctuations are detrimental to Nigeria\u2019s economic growth. On the premise of the empirical findings, this study recommends export diversification in agriculture and agro-investment in Nigeria. The state should influence the foreign exchange system through credible reforms that would reduce the adverse effects of an unstable foreign exchange system on the Nigerian economy.&nbsp;<\/p>\n\n\n\n<p><strong>Keywords:<\/strong> Exchange rate fluctuations, monetary policy, economic growth, Nigeria, Autoregressive Distribution Lag (ARDL)&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Download PDF Authors MADUKWE, Chimezie James, Ph.D1., OGBONNA Mary,B.Sc2, ENYA, Vera, B.Sc3,. 1,2 &amp; 3Department of Accountancy and Office Technology and Management Akanu Ibiam Federal Polytechnic P.M.B. 1007, Unwana Afikpo Corresponding Author\u2019s Email: chimeziejames9@gmail.com Abstract This study examined the effects of persistent exchange rate volatility on Nigerian economic performance. It was motivated by the quest to ascertain why concerted efforts of the monetary authorities in Nigeria to pursue internal and external balances yielded little or no positive results in recent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21742,"comment_status":"open","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[335,622,623],"tags":[],"class_list":["post-23238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grjaf","category-volume-7","category-volume-7-issue-1"],"_links":{"self":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/comments?post=23238"}],"version-history":[{"count":1,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23238\/revisions"}],"predecessor-version":[{"id":23240,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23238\/revisions\/23240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/media\/21742"}],"wp:attachment":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/media?parent=23238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/categories?post=23238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/tags?post=23238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}