Foreign exchange market disequilibrium, bitcoin price volatility, and macroeconomic performance: Comparative analysis of selected African and ASEAN countries

David Umoru; Sunny O. Idode; Beauty Igbinovia

doi:10.31893/humanitj.2024017

Keywords:

exchnage rate

macroeconomic performance

quantile regression

markov regime switching modeling

ASEAN countries

Nigeria

Abstract

This study has empirically examined the impact of foreign exchange market disequilibirum and Bitcoin price volatility on macroeconomic performance in African (Nigeria and Ghana) and ASEAN (Singapore and Malaysia) nations. The quantile regression method was executed. The research findings are as follows: A 1 percent increase in exchange rate disequilibrium contributed to GDP of Singapore by 0.001319 percnt while improves the GDP of Malaysia by 0.0086 percent respectively. The significance of such forex market has tended towards stability. Comparatively, the disequilibrium in the exchange rate signficantly reduces GDP of Nigeria. Nevertheless, the magnitude of the impact from the 10th quantile was seemingly in decreasing order. A similar declining size effect was found for Ghana from the 10th to the 40th quantile, and from the 50th to the 90th quantile, the size effect on Ghana’s GDP increased in magnitude. The economic significance of these findings is a reirnforncement of the instability of the foreign exchnaeg market in Nigeria and Ghana. The first and seventh quantiles in Singapore and Malaysia were mostly affected by the fluctuations in bitcoin prices. Bitcoin's price volatility had a considerable impact on the GDPs of Ghana, Malaysia, and Nigeria in every quantile (10th to 90th). GDP was positively impacted by significant inflation from the 10th to the 40th percentile. In the 90th quantile, there was just an inverse relationship between inflation and real GDP. All quantiles of Nigeria's GDP were inveresely impacted by the inflation rate, while it had negligible effects on Ghana's GDP . By quantitatively identifying the effects that foreign currency market disequilibrium and Bitcoin price volatility have on the real GDP growth rate in the countries covered by the study, the research findings additionally supplement the scant available evidence. The government should ensure that they always have a buffer stock of foreign currency such as the United States Dollar (USD) so as to be able to manage any shock that may create unfavourable volatility in the local foreign exchange market in Nigeria.
References
1. Abdullahi, I. B., Abubakar, M. A., Fakunmoju, S. K., & Giwa, K. O. (2016). Evaluating the granger causality effect of exchange rate on Nigerian balance of payment: A granger causality analysis. Account and Financial Management Journal, 1(3), 162-174.
2. Agbola F.W. and M.Y. Damoense (2005). Time-series estimation of import demand functions for pulses in India. Journal of Economic Studies, 32(2), 146-157.
3. Agu, C., Obodoechi, D. N. & Nebo, I. K. (2022). Addressing balance of payment disequilibrium through non-oil export and exchange rate stability in Nigeria: An Empirical Investigation. Journal of Research in Economics and International Finance (JREIF) 3 (1): 1-11.
4. Agundu, P. U. C.; Akani, W. H. & Kpakol, F. C. (2013). Exchange rate dynamics and balance of payments repositioning in Nigeria. European Journal of Business and Management, 5(29), pp. 84-91.
5. Ahiabor, G., & Amoah, A. (2020). Examining the effect of real effective exchange rate volatility on economic growth: Evidence from Ghana. Journal of Economics and Economic Education Research, 20(1): 1-14.
6. Ahmad, G. N., Kuncoro, H., Tazril, H., & Iranto, D. (2021). Volatility exchange rate and economic growth: insight from ASEAN Member Countries. Scientific Annals of Economics and Business, 68(4), 495-507.
7. Akani, H. W. (2024). Exchange rate fluctuations and the performance of small and medium scale enterprises in rivers state, Nigeria. British International Journal of Applied Economics, Finance and Accounting, 8(1), 1-25.
8. Akani, H. W. (2024). Exchange rate fluctuations and the performance of small and medium scale enterprises in Rivers State, Nigeria. British International Journal of Applied Economics, Finance and Accounting, 8(1), 1-25.
9. Akinlo, A. E. & Odusola, A. (2003). Assessing the Impact of Nigeria's Naira Depreciation on Output and Inflation. UNDP Africa Economists Working Papers 307333, United Nations Development Programme (UNDP). DOI: 10.22004/ag.econ.307333
10. Akinlo, A. E., & Onatunji, O. G. (2020). Exchange rate volatility and domestic investment: Evidence from twelve ECOWAS countries. African Journal of Economic Review, 8(2):176-189.
11. Akpan, P. L. (2008). Foreign exchange market and economic growth in an emerging petroleum based economy: Evidence from Nigeria (1970¬2003). African Economic and Business Review 6(2), 46¬58.
12. Akpan, P. L. (2020). Unemployment and exchange rate uncertainty in an emerging Sub-Saharan economy: A case for Nigeria (1970-2005). Global Journal of Social Sciences, 7(2): 226-241.
13. Alagidede, P., & Ibrahim, M. (2021). On the causes and effects of exchange rate volatility on economic growth: Evidence from Ghana. Journal of African Business, 18(2): 169-193.
14. Aliyu, S. U. R. (2009). Stock prices and exchange rate interactions in Nigeria: a maiden intra-global financial crisis investigation. The IUP Journal of Financial Economics, VII. 3 & 4, p. 7-23.
15. Aliyu, S. U. R. (2011). Impact of oil price shock and exchange rate volatility on economic growth in nigeria: an empirical investigation. University Library of Munich, Germany, MPRA Paper. 11.
16. Anusha, S., & Vasundhara, D. N. (2024). Prediction of Bitcoin price for decision making using artificial intelligence. In 2024 2nd International Conference on Computer, Communication and Control (IC4) (1-6). IEEE.
17. Asante, K., & Mensah, J. (2023). Effects of foreign exchange market disequilibrium on economic growth in Ghana. Ghanaian Journal of Economics, 31(1), 88-106.
18. Asteriou, D., Masatci, K., & Pılbeam, K. (2019). Exchange rate volatility and international trade: International evidence from the MINT countries. Economic Modelling, 58 (3):133-140.
19. Avdjiev, S., Bruno, V., Koch, C., & Shin, H. S. (2019). The dollar exchange rate as a global risk factor: evidence from investment. IMF Economic Review, 67(1): 151-173.
20. Ayele G. M. (2022). Real exchange rate misalignment and economic growth in East African least developed countries. Heliyon, 8(11), e11840.
21. Azeez, B. A., Kolapo, F. T., & 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.
22. Bangura, M., Boima, T., Pessima, S., & Kargbo, I. (2021). Modeling returns and volatility transmission from crude oil prices to Leone-US dollar exchange rate in Sierra Leone: A GARCH Approach with Structural Breaks. Modern Economy, 12(3), 555-575.
23. Boukraine, W. (2021). Asymmetric behavior of exchange rate in Tunisia: A nonlinear approach. Focus on Research in Contemporary Economics, 2(1), 41-52.
24. Buthelezi, E.M. (2023). Exploring the relationship between exchange rate misalignment uncertainty and economic growth in South Africa. Cogent Economics & Finance, 11.
25. Chen, Y. (2021). Empirical analysis of Bitcoin price. Journal of Economics and Finance, 45(4), 692-715.
26. Chilufya, T., & Mulenga, H. (2021). Effects of foreign exchange market disequilibrium on economic growth in Zambia. Zambian Journal of Economic Policies, 39(3), 200-223.
27. Ciaian, P., Rajcaniova, M., & Kancs, D. A. (2016). The economics of Bitcoin price formation.Applied economics, 48(19), 1799-1815.
28. Conlon, T., & McGee, R. J. (2020). Betting on Bitcoin: Does gambling volume on the blockchain explain Bitcoin price changes? Economics Letters, 191, 108727.
29. Chikere, U., & Afolabi, T. (2022). Foreign direct investment and the volatility of the Nigerian Naira. Journal of Nigerian Monetary Economics, 40(4), 55-75.
30. Da Silva, C. A. G. (2023). The regime changing behavior of exchange rates and stock market prices of selected emerging countries: An application of the Markov Switching Vector Autoregressive model (MS-VAR). American Journal of Economics and Business Innovation (AJEBI.
31. Damoense M. Y. & Agbola, F. (2005). Estimating the long-run effects of exchange rate devaluation on the trade balance of South Africa.
32. Eregha, P., Ndoricimpa, A., Olakojo, S., Nchake, M., Nyang'oro, O., & Togba, E. (2020). Nigeria: Should the government float or devalue the Naira? African Development Review, 28(3): 247-263.
33. Ewubare, D. B., & Ushie, U. A. (2022). Exchange rate fluctuations and economic growth in Nigeria (1981-2020). International Journal of Development and Economic Sustainability, 10(1), 41-55.
34. Fang, Y. (2020). Research on the impact of RMB exchange rate fluctuation on employment in my country. Academic Journal of Business & Management, 2(6): 87-99.
35. Godfrey, O. U., & Agwu, E. C. (2020). Exchange rate management and regime: Quo vadis Nigeria? International Journal of Economics and Financial Research, 5(12): 282-291.
36. Gupta, A., Pandey, G., Gupta, R., Das, S., Prakash, A., Garg, K., & Sarkar, S. (2024). Machine learning-based approach for predicting the altcoins price direction change from a high-frequency data of seven years based on socio-economic factors, bitcoin prices, twitter and news sentiments. Computational Economics, 1-46.
37. Haruna, A. I., & Abdullahi, M. (2023). Verification of the determinants of exchange rate volatility in Nigeria: Empirical approach. Kebbi journal of economics and social sciences a publication of the faculty of social and management sciences, federal university, birnin kebbi, 51.
38. https://www.researchgate.net/publication/348393455
39. Ikwuagwu, H. C., & Yagboyaju, K. A. (2023). Exchange rate volatility and trade flows: the Nigerian experience. Scientific Research Journal of Economics and Business Management, 3(1), 27-35
40. Imoisi, A. I. (2012). Trends in Nigeria balance of payments: An empirical analysis from 1970–2010. European Journal of Business and Management, 4, 210–217.
41. Irmiya, I. S. R., Agbo, P., & Odumu, V. A. (2023). The effect of exchange rate fluctuations on balance of payments in Nigeria. African Journal of Management and Business Research, 10(1), 34-46.
42. Irmiya, S. R. I (2023). The effect of exchange rate fluctuations on balance of payments in Nigeria. African Journal of Management and Business Research 10(1), 34 – 46
43. Isola, L. A., Oluwafunke, A. I., Victor, A., & Asaleye, A. (2019). Exchange rate fluctuation and the Nigeria economic growth. Euro Economica, 35(2):127-142.
44. Iyoboyi, M. & Muftau, O. (2014). Impact of exchange rate depreciation on the balance of payments: Empirical evidence from Nigeria. Cogent Economics & Finance, Taylor & Francis Journals, 2(1), 1-23. DOI: 10.1080/23322039.2014.923323
45. Jehan, Z., & Irshad, I. (2020). Exchange rate misalignment and economic growth in Pakistan: the role of financial development. The Pakistan Development Review, 59, 81-99.
46. Kandil, M. (2004). Exchange rate fluctuation and economic activities in developing countries: theory and evidence. Journal of Economic Development, 29, 85-155.
47. Magubane, Z., & Theron, P. (2022). Impact of foreign exchange market disequilibrium on economic growth in South Africa. Southern African Journal of Fiscal Studies, 28(1), 98-116.
48. Martins I. & Olarinde M. (2014). Impact of exchange rate depreciation on the balance of payments: Empirical evidence from Nigeria. Cogent Economics & Finance, Taylor & Francis Journals, 2(1), 1-23, December. DOI: 10.1080/23322039.2014.923323
49. Mohammed A. M. U. & Nuhu A. B. (2021). Impact of exchange rate on balance of payment in Nigerian economy: evidence from Quantile Regression.
50. Morina, F., Hysa, E., Ergün, U., Panait, M.C., & Voica, M.C. (2020). The effect of exchange rate volatility on economic growth: case of the CEE Countries. Journal of Risk and Financial Management.
51. Musa, N., Izuchukwu, O. O., & Saint Akadiri, S. (2024). Assessment of exchange rate determination in a mono-resource economy: A case of Nigeria. Journal of Economic Analysis, 3(2), 101-120.
52. Musa, U., Olorunfemi, O. O., Ndagwakwa, D. W., Eze, A. O., Mimiko, D. O., Musa, Y., ... & Ita, U. E. (2023). Impact of exchange rate volatility on export in Nigeria. Economics, 12(1), 1-14.
53. Nawaz, A., Rizwan R. A., Imamuddin K., Rana I. P. & Unaib R. (2014). Impact of exchange
54. Nnamdi, N. (2022). Impact of exchange rate on balance of payments in Nigeria. Development, 4(2), 104-118.
55. Nuraddeen, U.S., Ibrahim, S.F. & Mukhtar, T.I. (2021). Asymmetric effect of exchange rate volatility on trade balance in Nigeria. National Accounting Review, 3(3), 342-359.
56. Nwani, V. (2006). Determinants of balance of payment fluctuation in Nigeria. Global Deposit Net, Paper series, 1-17.
57. Nwaolisa, E. & Ananwude, A. (2016). The effect of financial structure on the performance of Nigeria consumer goods firms. Journal of Scientific Research and Reports. 10. 1-15. 10.9734/JSRR/2016/24569.
58. Obansa, S. A. J., Okoroafor, O. K. D., Aluko, O. O., and Millicent E. (2013). Percieved relationship between exchange rate, interest rate and economic growth in Nigeria: 1970¬ 2010. American Journal of Humanities and Social Sciences, 1( 3), 116¬124
59. Odey, O. P., & Agunobi, C. C. (2024). Effect of exchange rate on the performance of the manufacturing sector in Nigeria. AFIT Journal of Marketing Research, 3(1).56-79.
60. Ogbonna, O. E., & Ichoku, H. E. (2023). Symmetric or asymmetric: how is Nigeria's bilateral trade balance responding to oil price and exchange rate changes? Journal of Economic Studies, 50(3), 464-479.
61. Ogundipe, A., Ojeaga, P., & Ogundipe, O. (2013). Estimating the long run effects of exchange rate devaluation on the trade balance of Nigeria. European Scientific Journal, 9(25), https://ssrn.com/abstract=2559012
62. Ogunleye, E. R. (2019). Exchange rate volatility and foreign direct investment in subsaharan africa: evidence from Nigeria and South Africa In. Adeola Adenikinju, Dipo Busari and Sam Olofin (ed.) Applied Econometrics and Macroeconomic Modeling in Nigeria. Ibadan University Press
63. Okechukwu, O. (2014). Exchange rate and balance of payment: an autoregressive distributed lag (ARDL) Econometric Investigation on Nigeria. Journal of Economics and Finance. 4(6), 21-30
64. Okeke, I., & Ibiam, F. (2024). Relationship between foreign exchange market disequilibrium and economic growth in Nigeria. Nigerian Journal of Economic Studies, 42(2), 134-150.
65. Oladeji, B., & Musa, M. (2022). Effect of exchange rate volatility on foreign direct investment in Nigeria. ScienceOpen Preprints.
66. Ominyi, S., Akighir, D.T., & Abayol-Ikwue, R. (2020). Foreign exchange market demand pressure and economic growth in Nigeria. Journal of Economics and Sustainable Development.
67. Oriavwote, V. E. (2022). Competitiveness and the balance of payments: The role of the real effective exchange rate in Nigeria. International Journal of Intellectual Discourse, 5(1), 211-225.
68. Orji, G. O. (2022). The effect of exchange rate on the Nigerian balance of payments. An unpublished thesis submitted to Caritas University
69. Özata, E. (2020). The effect of exchange rate volatility on economic growth in Turkey. Pressacademia.
70. Petti, D., & Sergio, I. (2024). Bank crisis boosts bitcoin price. Journal of Risk and Financial Management, 17(4), 134.
71. Philippe, A., Philippe B., Romania, R. and R. Kenneth (2020): Exchange rate volatility and productivity growth: the role of financial development. NBER Working Paper (10.1.1.153.3468)
72. Ramoni-Perazzi, J., & Romero, H. (2022). Exchange rate volatility, corruption, and economic growth. Heliyon, 8(12), e12328.
73. Ramos-Herrera, M. D. C. (2022). How equilibrium exchange rate misalignments influence on economic growth? Evidence for European countries. Economics, 16(1), 199-211.
74. Ramos-Herrera, M. D. C., & Sosvilla-Rivero, S. (2023). Economic growth and deviations from the equilibrium exchange rate. International Review of Economics & Finance, 86.
75. rate on Balance of Payment: An Investigation from Pakistan. Research Journal of Finance and Accounting, 5 (13), 32-42.
76. Salisu, A. A., Rufai, A. A., & Nsonwu, M. C. (2024). Exchange rate and housing affordability in OECD countries. International Journal of Housing Markets and Analysis. 15(2). 42-57.
77. Seraj, M., & Coskuner, C. (2021). Real exchange rate effect on economic growth: comparison of fundamental equilibrium exchange rate and Balassa-Samuelson based Rodrik approach. Journal of Applied Economics, 24(1), 541-554.
78. Seraj, M., Coşkuner, Ç., Akadiri, S.S., & Bahadori, N. (2020). The impact of real exchange rate undervaluation on economic growth: evidence from Panel Co-integration Approach.
79. Ukangwa, J. U., Onyenze, N. J., & Uke-ejibe, K. (2023). Analysis of the impact of exchange rate on balance of payments in Nigeria. IOSR Journal of Humanities and Social Science (IOSR-JHSS), 27(7), 46 - 55) 46-55
80. Urgessa, O. (2024). Effects of real effective exchange rate volatility on export earnings in Ethiopia: Symmetric and asymmetric effect analysis. Heliyon, 10(1). 34-54
81. Yensu, J., Nkrumah, S.K., Amankwah, S., & Ledi, K.K. (2022). The effect of exchange rate volatility on economic growth. Risk Governance and Control: Financial Markets and Institutions.
82. Yusufu, S. O., Yusufu, A. I., & Abdullahi, M. H. (2022). Privatization and the efficiency of selected enterprises in Nigeria. Journal of Social Sciences Advancement, 3(1), 20-25.

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to cite

Umoru, D., Idode, S. O., & Igbinovia, B. (2024). Foreign exchange market disequilibrium, bitcoin price volatility, and macroeconomic performance: Comparative analysis of selected African and ASEAN countries. Humanities Journal, 1(4), 2024017. https://doi.org/10.31893/humanitj.2024017

[1] Abdullahi, I. B., Abubakar, M. A., Fakunmoju, S. K., & Giwa, K. O. (2016). Evaluating the granger causality effect of exchange rate on Nigerian balance of payment: A granger causality analysis. Account and Financial Management Journal, 1(3), 162-174.

[2] Agbola F.W. and M.Y. Damoense (2005). Time-series estimation of import demand functions for pulses in India. Journal of Economic Studies, 32(2), 146-157.

[3] Agu, C., Obodoechi, D. N. & Nebo, I. K. (2022). Addressing balance of payment disequilibrium through non-oil export and exchange rate stability in Nigeria: An Empirical Investigation. Journal of Research in Economics and International Finance (JREIF) 3 (1): 1-11.

[4] Agundu, P. U. C.; Akani, W. H. & Kpakol, F. C. (2013). Exchange rate dynamics and balance of payments repositioning in Nigeria. European Journal of Business and Management, 5(29), pp. 84-91.

[5] Ahiabor, G., & Amoah, A. (2020). Examining the effect of real effective exchange rate volatility on economic growth: Evidence from Ghana. Journal of Economics and Economic Education Research, 20(1): 1-14.

[6] Ahmad, G. N., Kuncoro, H., Tazril, H., & Iranto, D. (2021). Volatility exchange rate and economic growth: insight from ASEAN Member Countries. Scientific Annals of Economics and Business, 68(4), 495-507.

[7] Akani, H. W. (2024). Exchange rate fluctuations and the performance of small and medium scale enterprises in rivers state, Nigeria. British International Journal of Applied Economics, Finance and Accounting, 8(1), 1-25.

[8] Akani, H. W. (2024). Exchange rate fluctuations and the performance of small and medium scale enterprises in Rivers State, Nigeria. British International Journal of Applied Economics, Finance and Accounting, 8(1), 1-25.

[9] Akinlo, A. E. & Odusola, A. (2003). Assessing the Impact of Nigeria's Naira Depreciation on Output and Inflation. UNDP Africa Economists Working Papers 307333, United Nations Development Programme (UNDP). DOI: 10.22004/ag.econ.307333

[10] Akinlo, A. E., & Onatunji, O. G. (2020). Exchange rate volatility and domestic investment: Evidence from twelve ECOWAS countries. African Journal of Economic Review, 8(2):176-189.

[11] Akpan, P. L. (2008). Foreign exchange market and economic growth in an emerging petroleum based economy: Evidence from Nigeria (1970¬2003). African Economic and Business Review 6(2), 46¬58.

[12] Akpan, P. L. (2020). Unemployment and exchange rate uncertainty in an emerging Sub-Saharan economy: A case for Nigeria (1970-2005). Global Journal of Social Sciences, 7(2): 226-241.

[13] Alagidede, P., & Ibrahim, M. (2021). On the causes and effects of exchange rate volatility on economic growth: Evidence from Ghana. Journal of African Business, 18(2): 169-193.

[14] Aliyu, S. U. R. (2009). Stock prices and exchange rate interactions in Nigeria: a maiden intra-global financial crisis investigation. The IUP Journal of Financial Economics, VII. 3 & 4, p. 7-23.

[15] Aliyu, S. U. R. (2011). Impact of oil price shock and exchange rate volatility on economic growth in nigeria: an empirical investigation. University Library of Munich, Germany, MPRA Paper. 11.

[16] Anusha, S., & Vasundhara, D. N. (2024). Prediction of Bitcoin price for decision making using artificial intelligence. In 2024 2nd International Conference on Computer, Communication and Control (IC4) (1-6). IEEE.

[17] Asante, K., & Mensah, J. (2023). Effects of foreign exchange market disequilibrium on economic growth in Ghana. Ghanaian Journal of Economics, 31(1), 88-106.

[18] Asteriou, D., Masatci, K., & Pılbeam, K. (2019). Exchange rate volatility and international trade: International evidence from the MINT countries. Economic Modelling, 58 (3):133-140.

[19] Avdjiev, S., Bruno, V., Koch, C., & Shin, H. S. (2019). The dollar exchange rate as a global risk factor: evidence from investment. IMF Economic Review, 67(1): 151-173.

[20] Ayele G. M. (2022). Real exchange rate misalignment and economic growth in East African least developed countries. Heliyon, 8(11), e11840.

[21] Azeez, B. A., Kolapo, F. T., & 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.

[22] Bangura, M., Boima, T., Pessima, S., & Kargbo, I. (2021). Modeling returns and volatility transmission from crude oil prices to Leone-US dollar exchange rate in Sierra Leone: A GARCH Approach with Structural Breaks. Modern Economy, 12(3), 555-575.

[23] Boukraine, W. (2021). Asymmetric behavior of exchange rate in Tunisia: A nonlinear approach. Focus on Research in Contemporary Economics, 2(1), 41-52.

[24] Buthelezi, E.M. (2023). Exploring the relationship between exchange rate misalignment uncertainty and economic growth in South Africa. Cogent Economics & Finance, 11.

[25] Chen, Y. (2021). Empirical analysis of Bitcoin price. Journal of Economics and Finance, 45(4), 692-715.

[26] Chilufya, T., & Mulenga, H. (2021). Effects of foreign exchange market disequilibrium on economic growth in Zambia. Zambian Journal of Economic Policies, 39(3), 200-223.

[27] Ciaian, P., Rajcaniova, M., & Kancs, D. A. (2016). The economics of Bitcoin price formation.Applied economics, 48(19), 1799-1815.

[28] Conlon, T., & McGee, R. J. (2020). Betting on Bitcoin: Does gambling volume on the blockchain explain Bitcoin price changes? Economics Letters, 191, 108727.

[29] Chikere, U., & Afolabi, T. (2022). Foreign direct investment and the volatility of the Nigerian Naira. Journal of Nigerian Monetary Economics, 40(4), 55-75.

[30] Da Silva, C. A. G. (2023). The regime changing behavior of exchange rates and stock market prices of selected emerging countries: An application of the Markov Switching Vector Autoregressive model (MS-VAR). American Journal of Economics and Business Innovation (AJEBI.

[31] Damoense M. Y. & Agbola, F. (2005). Estimating the long-run effects of exchange rate devaluation on the trade balance of South Africa.

[32] Eregha, P., Ndoricimpa, A., Olakojo, S., Nchake, M., Nyang'oro, O., & Togba, E. (2020). Nigeria: Should the government float or devalue the Naira? African Development Review, 28(3): 247-263.

[33] Ewubare, D. B., & Ushie, U. A. (2022). Exchange rate fluctuations and economic growth in Nigeria (1981-2020). International Journal of Development and Economic Sustainability, 10(1), 41-55.

[34] Fang, Y. (2020). Research on the impact of RMB exchange rate fluctuation on employment in my country. Academic Journal of Business & Management, 2(6): 87-99.

[35] Godfrey, O. U., & Agwu, E. C. (2020). Exchange rate management and regime: Quo vadis Nigeria? International Journal of Economics and Financial Research, 5(12): 282-291.

[36] Gupta, A., Pandey, G., Gupta, R., Das, S., Prakash, A., Garg, K., & Sarkar, S. (2024). Machine learning-based approach for predicting the altcoins price direction change from a high-frequency data of seven years based on socio-economic factors, bitcoin prices, twitter and news sentiments. Computational Economics, 1-46.

[37] Haruna, A. I., & Abdullahi, M. (2023). Verification of the determinants of exchange rate volatility in Nigeria: Empirical approach. Kebbi journal of economics and social sciences a publication of the faculty of social and management sciences, federal university, birnin kebbi, 51.

[38] https://www.researchgate.net/publication/348393455

[39] Ikwuagwu, H. C., & Yagboyaju, K. A. (2023). Exchange rate volatility and trade flows: the Nigerian experience. Scientific Research Journal of Economics and Business Management, 3(1), 27-35

[40] Imoisi, A. I. (2012). Trends in Nigeria balance of payments: An empirical analysis from 1970–2010. European Journal of Business and Management, 4, 210–217.

[41] Irmiya, I. S. R., Agbo, P., & Odumu, V. A. (2023). The effect of exchange rate fluctuations on balance of payments in Nigeria. African Journal of Management and Business Research, 10(1), 34-46.

[42] Irmiya, S. R. I (2023). The effect of exchange rate fluctuations on balance of payments in Nigeria. African Journal of Management and Business Research 10(1), 34 – 46

[43] Isola, L. A., Oluwafunke, A. I., Victor, A., & Asaleye, A. (2019). Exchange rate fluctuation and the Nigeria economic growth. Euro Economica, 35(2):127-142.

[44] Iyoboyi, M. & Muftau, O. (2014). Impact of exchange rate depreciation on the balance of payments: Empirical evidence from Nigeria. Cogent Economics & Finance, Taylor & Francis Journals, 2(1), 1-23. DOI: 10.1080/23322039.2014.923323

[45] Jehan, Z., & Irshad, I. (2020). Exchange rate misalignment and economic growth in Pakistan: the role of financial development. The Pakistan Development Review, 59, 81-99.

[46] Kandil, M. (2004). Exchange rate fluctuation and economic activities in developing countries: theory and evidence. Journal of Economic Development, 29, 85-155.

[47] Magubane, Z., & Theron, P. (2022). Impact of foreign exchange market disequilibrium on economic growth in South Africa. Southern African Journal of Fiscal Studies, 28(1), 98-116.

[48] Martins I. & Olarinde M. (2014). Impact of exchange rate depreciation on the balance of payments: Empirical evidence from Nigeria. Cogent Economics & Finance, Taylor & Francis Journals, 2(1), 1-23, December. DOI: 10.1080/23322039.2014.923323

[49] Mohammed A. M. U. & Nuhu A. B. (2021). Impact of exchange rate on balance of payment in Nigerian economy: evidence from Quantile Regression.

[50] Morina, F., Hysa, E., Ergün, U., Panait, M.C., & Voica, M.C. (2020). The effect of exchange rate volatility on economic growth: case of the CEE Countries. Journal of Risk and Financial Management.

[51] Musa, N., Izuchukwu, O. O., & Saint Akadiri, S. (2024). Assessment of exchange rate determination in a mono-resource economy: A case of Nigeria. Journal of Economic Analysis, 3(2), 101-120.

[52] Musa, U., Olorunfemi, O. O., Ndagwakwa, D. W., Eze, A. O., Mimiko, D. O., Musa, Y., ... & Ita, U. E. (2023). Impact of exchange rate volatility on export in Nigeria. Economics, 12(1), 1-14.

[53] Nawaz, A., Rizwan R. A., Imamuddin K., Rana I. P. & Unaib R. (2014). Impact of exchange

[54] Nnamdi, N. (2022). Impact of exchange rate on balance of payments in Nigeria. Development, 4(2), 104-118.

[55] Nuraddeen, U.S., Ibrahim, S.F. & Mukhtar, T.I. (2021). Asymmetric effect of exchange rate volatility on trade balance in Nigeria. National Accounting Review, 3(3), 342-359.

[56] Nwani, V. (2006). Determinants of balance of payment fluctuation in Nigeria. Global Deposit Net, Paper series, 1-17.

[57] Nwaolisa, E. & Ananwude, A. (2016). The effect of financial structure on the performance of Nigeria consumer goods firms. Journal of Scientific Research and Reports. 10. 1-15. 10.9734/JSRR/2016/24569.

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

[59] Odey, O. P., & Agunobi, C. C. (2024). Effect of exchange rate on the performance of the manufacturing sector in Nigeria. AFIT Journal of Marketing Research, 3(1).56-79.

[60] Ogbonna, O. E., & Ichoku, H. E. (2023). Symmetric or asymmetric: how is Nigeria's bilateral trade balance responding to oil price and exchange rate changes? Journal of Economic Studies, 50(3), 464-479.

[61] Ogundipe, A., Ojeaga, P., & Ogundipe, O. (2013). Estimating the long run effects of exchange rate devaluation on the trade balance of Nigeria. European Scientific Journal, 9(25), https://ssrn.com/abstract=2559012

[62] Ogunleye, E. R. (2019). Exchange rate volatility and foreign direct investment in subsaharan africa: evidence from Nigeria and South Africa In. Adeola Adenikinju, Dipo Busari and Sam Olofin (ed.) Applied Econometrics and Macroeconomic Modeling in Nigeria. Ibadan University Press

[63] Okechukwu, O. (2014). Exchange rate and balance of payment: an autoregressive distributed lag (ARDL) Econometric Investigation on Nigeria. Journal of Economics and Finance. 4(6), 21-30

[64] Okeke, I., & Ibiam, F. (2024). Relationship between foreign exchange market disequilibrium and economic growth in Nigeria. Nigerian Journal of Economic Studies, 42(2), 134-150.

[65] Oladeji, B., & Musa, M. (2022). Effect of exchange rate volatility on foreign direct investment in Nigeria. ScienceOpen Preprints.

[66] Ominyi, S., Akighir, D.T., & Abayol-Ikwue, R. (2020). Foreign exchange market demand pressure and economic growth in Nigeria. Journal of Economics and Sustainable Development.

[67] Oriavwote, V. E. (2022). Competitiveness and the balance of payments: The role of the real effective exchange rate in Nigeria. International Journal of Intellectual Discourse, 5(1), 211-225.

[68] Orji, G. O. (2022). The effect of exchange rate on the Nigerian balance of payments. An unpublished thesis submitted to Caritas University

[69] Özata, E. (2020). The effect of exchange rate volatility on economic growth in Turkey. Pressacademia.

[70] Petti, D., & Sergio, I. (2024). Bank crisis boosts bitcoin price. Journal of Risk and Financial Management, 17(4), 134.

[71] Philippe, A., Philippe B., Romania, R. and R. Kenneth (2020): Exchange rate volatility and productivity growth: the role of financial development. NBER Working Paper (10.1.1.153.3468)

[72] Ramoni-Perazzi, J., & Romero, H. (2022). Exchange rate volatility, corruption, and economic growth. Heliyon, 8(12), e12328.

[73] Ramos-Herrera, M. D. C. (2022). How equilibrium exchange rate misalignments influence on economic growth? Evidence for European countries. Economics, 16(1), 199-211.

[74] Ramos-Herrera, M. D. C., & Sosvilla-Rivero, S. (2023). Economic growth and deviations from the equilibrium exchange rate. International Review of Economics & Finance, 86.

[75] rate on Balance of Payment: An Investigation from Pakistan. Research Journal of Finance and Accounting, 5 (13), 32-42.

[76] Salisu, A. A., Rufai, A. A., & Nsonwu, M. C. (2024). Exchange rate and housing affordability in OECD countries. International Journal of Housing Markets and Analysis. 15(2). 42-57.

[77] Seraj, M., & Coskuner, C. (2021). Real exchange rate effect on economic growth: comparison of fundamental equilibrium exchange rate and Balassa-Samuelson based Rodrik approach. Journal of Applied Economics, 24(1), 541-554.

[78] Seraj, M., Coşkuner, Ç., Akadiri, S.S., & Bahadori, N. (2020). The impact of real exchange rate undervaluation on economic growth: evidence from Panel Co-integration Approach.

[79] Ukangwa, J. U., Onyenze, N. J., & Uke-ejibe, K. (2023). Analysis of the impact of exchange rate on balance of payments in Nigeria. IOSR Journal of Humanities and Social Science (IOSR-JHSS), 27(7), 46 - 55) 46-55

[80] Urgessa, O. (2024). Effects of real effective exchange rate volatility on export earnings in Ethiopia: Symmetric and asymmetric effect analysis. Heliyon, 10(1). 34-54

[81] Yensu, J., Nkrumah, S.K., Amankwah, S., & Ledi, K.K. (2022). The effect of exchange rate volatility on economic growth. Risk Governance and Control: Financial Markets and Institutions.

[82] Yusufu, S. O., Yusufu, A. I., & Abdullahi, M. H. (2022). Privatization and the efficiency of selected enterprises in Nigeria. Journal of Social Sciences Advancement, 3(1), 20-25.

Abstract

References

How to cite