Does China’s Currency Swap Agreements have Impact on U.S-dollar’s Exchange Rate in Nigeria?

Does China’s Currency Swap Agreements have Impact on U.S-dollar’s Exchange Rate in Nigeria?

Abiodun Sunday Olayiwola

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Kazeem Fasoye

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Obafemi Awolowo University

Does China’s Currency Swap Agreements have Impact on U.S-dollar’s Exchange Rate in Nigeria?

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Abstract

This study examines the impact of China’s currency swap agreements with Nigeria on U.S. dollar’s exchange rate with naira between 1999 and 2017 using Robust Least Squares (ROBUSTLS) technique. The results of the finding reveal that China’s currency swap agreement with Nigeria tends to have a reasonable impact on the exchange rate (value) of U.S. dollar. Since the existing works on bilateral currencies swap agreements between China and other countries (excluding Nigeria) reveal that the U.S. dollar dominates all other international currencies in trade settlement and with the aim of bypassing the U.S. dollar in international trades, this study therefore provides fresh empirical evidence on the impact of China’s currency swap agreements with Nigeria on the U.S. dollar’s exchange rate and concludes that China’s currency swap agreement with Nigeria will raise the exchange rate of naira and lower the value of the U.S. dollar with respect to Nigerian naira.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Abiodun Sunday Olayiwola. 2019. \u201cDoes China’s Currency Swap Agreements have Impact on U.S-dollar’s Exchange Rate in Nigeria?\u201d. Global Journal of Human-Social Science - E: Economics GJHSS-E Volume 19 (GJHSS Volume 19 Issue E3): .

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GJHSS Volume 19 Issue E3
Pg. 31- 38

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Journal Specifications

Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

Keywords

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Classification

GJHSS-E Classification: FOR Code: 910199

Submission ReceivedDecember 14, 2018
Peer Review Double Blind
Handling Editor
Accepted January 4, 2019
Published January 15, 2019

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v1.2

Issue date

April 30, 2019

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Article Matrices

Total Score: 102

Country: Nigeria

Subject: Global Journal of Human-Social Science - E: Economics

Authors: Abiodun Sunday Olayiwola, Kazeem Fasoye (PhD/Dr. count: 0)

View Count (all-time): 143

Total Views (Real + Logic): 2759

Total Downloads (simulated): 1346

Publish Date: 2019 04, Tue

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Total Views: 2759

Total Downloads: 1346

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