The study examined the effect of currency devaluation and inflation on Nigeria's economic growth. The research design adopted was ex post facto which involved data obtained from government agencies (1994 through 2023 - 30 years). Various economic statistics and regression analyses were carried out through the E-views 9.0 version. The findings showed that the null hypothesis could not be rejected because the p-value was greater than the 0.05 significance level (F-statistics = 2.797; p-value = 0.0788; Adjusted R2 = 0.1102). The result also revealed a negative and significant effect of inflation on the economic growth of Nigeria (coefficient = -0.1132; p-values = 0.0256); exchange rate fluctuation had a negative and insignificant effect on the economic growth of Nigeria (-1.26653, p-value = 0.4501). It was recommended that the government review its fiscal and monetary policies to stem the effects of inflation and exchange devaluation on the citizens.
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Fijabi et al. (2025) studied this question.