ASSESSMENT OF THE RELATIONSHIP BETWEEN MONEY SUPPLY AND INFLATION IN NIGERIA (A CASE STUDY OF NIGERIA)



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ASSESSMENT OF THE RELATIONSHIP BETWEEN MONEY SUPPLY AND INFLATION IN NIGERIA (A CASE STUDY OF NIGERIA)



ABSTRACT

 

 The research work was set out to appraise the Assessment of the relationship between money supply and inflation in Nigeria, that is, price of the domestic currency in terms of another currency. The objective of this study is to examine the effect of exchange rate on inflation on the Nigerian economy and also determine the relationship between exchange rate policy and their effect on the Nigerian economy.

The study adopted the use of econometric statistical tools in estimating the relationship between inflation rate and exchange rate in Nigerian economy. Regression was employed using multiple regression analysis in obtaining the numerical estimates of the coefficients in the model formulated. Data were collected from secondary source spanning from 1990 to 2009. The source of data is Central Bank of Nigeria (CBN). The result that there is a negative relationship between inflation rate and exchange rate in Nigeria with F = 6.536. Also, it was revealed that there is a positive relationship between gross domestic product, inflation rate and exchange rate in Nigeria with F = 10.327. Finally, the research found that there is a positive relationship between gross domestic product, inflation rate, exchange rate and money supply in Nigeria with F = 6.544. Based on the empirical findings, the study suggest that The monetary authorities need to continuous monitor the exchange rate to ensure that it is within a competitive level that would ensure that simultaneous attainment of internal and external balance. Inflation rate should be manage and kept within levels at which the external sector remains competitive in the local economy.

 

 

TABLE OF CONTENT

Title Page                                                                                 i

Certification                                                                             ii

Dedication                                                                               iii

Acknowledgement                                                                    iv

Abstract                                                                                   v

Table of contents                                                                     vi

CHAPTER ONE

INTRODUCTION

1.0        Background of Study                                                     1 – 4

1.1        Problem Analysis                                                           4

1.2        Objectives of The Study                                                  5

1.3        Research Questions                                                       5

1.4        Statement of Hypothesis                                                          6

1.5        Significance of Study                                                     6

1.6        Scope of Study                                                               7

1.7        Definition of Terms / Concepts                                      7 – 8

References                                                                      9

CHAPTER TWO

LITERATURE REVIEW AND THEORETICAL FRAMEWORK

2.0        Introduction                                                                   10

2.1        Exchange Rate Concept                                                 10 – 14

2.2        Foreign Exchange Policy And Management                    14 – 17 

2.3        Determinants of Exchange Rates                                   17

2.3.1 Demand  and Supply of Foreign Exchange                     17– 18    

2.3.2 Central Bank Intervention                                              18

2.3.3 Changes in Imports and Exports                                    18 – 19  

2.3.4 Changes in Relatives Prices                                            19

2.3.5 Interest Rate                                                                   19 

2.4        Types of Exchange Rate Regimes                                   20 – 21

2.4.1 Advantages of Floating Exchange Rate                           22

2.5        Theories of Exchange Rate                                             23 – 26

2.6        Review of Nigeria’s Exchange Rate                                 27 – 31

2.7        Historical Background of The Foreign Exchange Market 32 – 33

2.7.1   Current Structure of the Nigeria’ Foreign Exchange Market    34

2.7.2   Trends in the Foreign Exchange Market                        34 – 35

2.7.3   Analysis of the Trend in Foreign exchange Inflows and Disbursement                                                                                             35  - 40

2.8        Implication of Exchange Rate Management of

an Economy                                                                   40 – 41

2.9        Major Challenges of Foreign Exchange Management

 in Nigeria                                                                      41 – 43   

2.10     The way Forward                                                           43 – 44

2.11     Exchange Rate Policy in Nigeria                                     44 – 49

2.12     The Role of Central Bank of Nigeria in Exchange Rate Management                                                                                                 49 – 51 

2.12.1 CBN Initiatives in Managing the Exchange Rate           51 – 52

2.13     Inflation                                                                         52 – 53

2.13.1 The Meaning of Inflation                                               53 – 54 

2.14     Theories of Inflation                                                       54 – 56

2.14.1 Keynesian  Theories of Inflation                                    56 – 58   

2.15     Causes of Inflation                                                         59  - 61

2.16     Types of Inflation                                                           61 – 62

2.17     Effects of Inflation                                                          63 – 64

2.17.2 Factors Affecting Supply                                               64 - 65

2.18     Control of Inflation                                                         65 – 67

2.19     Review of Exchange Rate and Inflation                          67 – 69

References                                                                      70

CHAPTER THREE

RESEARCH METHODOLOGY

3.0        Introduction                                                                   71

3.1        Research Design                                                             71 – 72

3.2        Re-statement of hypothesis                                            72

3.3        Data Analysis Method                                                    73

3.4        Model Specification                                                        73 – 76

3.5        Sources of Data                                                              76

3.6        Limitation of Data                                                          76

References                                                                      77

CHAPTER FOUR

 DATA ANALYSIS AND INTERPRETATION

4.0        Introduction                                                                   78

4.1        The Empirical Result      s                                              78 – 80  

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.0        Introduction                                                                   88 – 89

5.1        Summary of Findings                                                     89 – 90

5.2        Recommendations                                                          90- 91

5.3        Conclusion                                                                     92

Bibliography                                                                  93 – 96

Appendix

Citation - Reference

All Project Materials Inc. (2020). ASSESSMENT OF THE RELATIONSHIP BETWEEN MONEY SUPPLY AND INFLATION IN NIGERIA (A CASE STUDY OF NIGERIA). Available at: https://researchcub.info/department/paper-6983.html. [Accessed: ].

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The research work was set out to appraise the Assessment of the relationship between money supply and inflation in Nigeria, that is, price of the domestic currency in terms of another currency. The objective of this study is to examine the effect of exchange rate on inflation on the Nigerian economy and also determine the relationship between exchange rate policy and their effect on the Nigerian economy. The study adopted the use of econometric statistical tools in estimating the relationship between inflation rate and exchange rate in Nigerian economy. Regression was employed using multiple regression analysis in obtaining the numerical estimates of the coefficients in the model formulated. Data were collected from secondary source spanning from 1990 to 2009. The source of data is Central Bank of Nigeria (CBN). The result that there is a negative relationship between inflation rate and exchange rate in Nigeria with F = 6.536. Also, it was revealed that there is a positive relationship between gross domestic product, inflation rate and exchange rate in Nigeria with F = 10.327. Finally, the research found that there is a positive relationship between gross domestic product, inflation rate, exchange rate and money supply in Nigeria with F = 6.544. Based on the empirical findings, the study suggest that The monetary authorities need to continuous monitor the exchange rate to ensure that it is within a competitive level that would ensure that simultaneous attainment of internal .. Click here for more

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