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Periodical article | Leiden University catalogue | WorldCat |
Title: | Exchange rate policy and Nigeria's external sector performance: implications for the future |
Author: | Komolafe, Oluranti Stella |
Year: | 1996 |
Periodical: | The Nigerian Journal of Economic and Social Studies |
Volume: | 38 |
Issue: | 1 |
Pages: | 65-88 |
Language: | English |
Geographic term: | Nigeria |
Subjects: | exchange rates economic policy |
Abstract: | The exchange rate did not become a policy instrument in Nigeria until the adoption of the SAP in 1986. Under the SAP, the importance of the role of the exchange rate as an economic policy instrument to address the economy's fundamental disequilibrium was emphasized, and the naira was floated. The author investigates the role of the exchange rate in promoting external sector adjustment with a view to determining the extent to which Nigeria's economy has liberalized imports and diversified exports during the late 1980s, and, beyond structural adjustment, the future directions of policies to address internal and external imbalances. The article reviews Nigeria's exchange rate policy with emphasis on developments in the foreign exchange market, explores the modelling issues associated with the exchange rate and external sector models, details the model specification and estimation procedure used for the study, presents the findings and discusses the policy implications. Bibliogr., notes, ref., sum. |