Remittances, Exchange Rate, and Monetary Policy in Nigeria

Remittances, Exchange Rate, and Monetary Policy in Nigeria

Augustine C. Osigwe

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Chekwube V. Madichie

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Remittances, Exchange Rate, and Monetary Policy in Nigeria

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Abstract

This study examined the relationship and causality that exist between remittance inflows and monetary aggregates, interest rate, exchange rate, and the domestic price level in Nigeria. The Johansen co-integration and the Granger causality techniques were employed. The Johansen co-integration test indicated that long run relationship among the variables. The Granger causality test results revealeda unidirectional causality running from money supply (LM2) to remittances (LREM) only at lag one and not in the reverse. In other lags, there was no evidence of causality between the duos. The results also showed that, consistently from lag one to lag five, causality run from exchange rate (LEXR) to LREM and not in reverse direction. Unidirectional causality run from interest rate (INT) to LREM, occurring from lag one to lag four. There was no evidence of causality in any direction between inflation rate (INF) and LREM within these lags. We also found that causality run from exchange rate (LEXR) to money supply (LM2) only at lags one and four and not in the reverse order.

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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

Augustine C. Osigwe. 2015. \u201cRemittances, Exchange Rate, and Monetary Policy in Nigeria\u201d. Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 15 (GJMBR Volume 15 Issue B6).

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GJMBR Volume 15 Issue B6

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

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GJMBR-B Classification JEL Code: B22

C22

E4.

Submission ReceivedFebruary 4, 2015
Peer Review Double Blind
Handling Editor
Accepted March 3, 2015
Published March 15, 2015

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Issue date

September 4, 2015

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Article Matrices

Total Score: 102

Country: Nigeria

Subject: Global Journal of Management and Business Research - B: Economic & Commerce

Authors: Augustine C. Osigwe, Chekwube V. Madichie (PhD/Dr. count: 0)

View Count (all-time): 171

Total Views (Real + Logic): 4268

Total Downloads (simulated): 2062

Publish Date: 2015 09, Fri

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Total Views: 4268

Total Downloads: 2062

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