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Exchange Rate Depreciation and Government Policy in Nigeria: An Empirical Evidence (1980-2008)

This paper examines the Nigeria’s exchange rate depreciation and government policy in Nigeria. From the government policies point of view, we observed that, the understudied variables contributed significantly to exchange rate depreciation, and the timely control of these variables as recommended will to a great extent produce the desired appreciation of the naira exchange rate. However, this is only a microscopic aspect of whole lots of disturbances to the exchange rate. This paper adopts multiple regression analysis with Ordinary Least Squares method of estimation. The outcome of the results was enticing, indicating that, the expansionary monetary and fiscal policies pursued by the government and the constant interference of government in the market-driven economy resulted to dislocation and/or depreciation in the exchange rate. The ugly situation can only be corrected, when we look into the recommendations proffered in this paper.