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Examines banking stability from oil price shocks in Nigeria, revealing significant implications.
This paper employs a New Keynesian framework to examine the impact of oil price shocks on Nigeria’s banking system through the aggregate demand channel. The findings indicate that a negative oil price shock poses a threat to banking system stability, whereas an expansionary monetary policy response from the central bank enhances stability after two quarters. The paper’s identification of asymmetric behaviour represents a significant contribution to the literature.
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Oscar et al. (2026) studied this question.
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