Nigerian Journal of Banking and Financial Issues (NJBFI)

Effect Of Currency Devaluation On Survival Of Nigerian Economy

Authors

  • CRAIG Amos Oluwafemi Author
  • AYODEJI Olamide Titilayo Author
  • ABERUAGBA Oluwatoyin Temitope Author
  • DAIRO Luqman Olamide Author
  • ADEDAMOLA Mohammed Akande Author

Keywords:

Exchange Rate, Gross National Income, Generated Revenue, Survival, Nigeria Economy

Abstract

This study looked at the effect of currency devaluation on the survival of the Nigerian economy.  A non-experimental methodology was used, and data for the study were gathered from statistical bulletins and CBN reports on the Nigerian economy from 1987 to 2022. The data was analyzed using descriptive statistics and ordinary least squares (OLS) approach. The results revealed a p-value of 0.000 which shows a significant relationship between the Exchange Rate and Gross National Income (GNI), but an insignificant relationship between Exchange Rate and Generated Revenue with a p-value of 0.4844. The study concludes that currency devaluation has an impact on the country's income, which influences the survival rate. The study concluded that when developing economic policies, policymakers should carefully analyze the impact of exchange rate variations on Gross National Income (GNI).

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Published

2026-01-16

Issue

Vol. 9 No. 2 (2023): Nigerian Journal of Banking and Financial Issues (NJBFI)

Section

Articles