Remittance and the Nigerian Economy; Implications of Exchange Rate Fluctuation

Description

– Remittance and the Nigerian Economy; Implications of Exchange Rate Fluctuation –

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Abstract

This work investigated the effects of remittances on the Nigerian economy taking into consideration the implications of exchange rate of fluctuations. The objective of the study is to know if exchange rate fluctuation had any significant effect on remittance in Nigeria economy.

Secondary data from the period 1981-2015 was used in this study gotten from World Bank. Ordinary least square method was employed in estimating the model. The result clearly shows that exchange rate fluctuation cannot significantly explain fluctuations in remittance.

From the findings, we observe that foreign direct investment has a significant effect on the Nigerian economy. The study recommended that the government of Nigeria should encourage investors so as to increase the flow of FDI in the country.

Introduction

1.1 Background of the Study

Remittance consist of goods or funds transferred by individuals living and working abroad to their home countries, IMF(1999).Carrasco and Bun (2007) showed that remittance can be used for different purposes in different countries but it is commonly  depended on for the cost of living, education and investment.

The number of Nigerians living and working abroad has been increasing as they consider emigration to other countries where labour pays well as an escape from hardship as a means of generating capital for investment. World Bank (2008) showed that Nigeria ns abroad grew the economy by $ 7 billion in the year 2008 and that Nigeria is the sixth highest destination of remittance from its citizens.

Hernandez and Bun (2006) observed that Nigeria is the largest recipient of remittances in sub –Saharan Africa. According to the Central Bank of Nigeria (CBN), Nigeria received approximately us $ 2.26 billion in remittances in 2004.

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