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ABSTRACT
This study examined the impact of exchange rate variations on economic growth in Nigeria. It empirically examined the impact of macro-economic variables such as exchange rate, interest rate, foreign direct invest on economic growth proxy by real gross domestic product (GDPR) using annual time series data between 1990-2020. Following literature, the determinants of exchange rate, theories of exchange rate, exchange rate regimes and past policies of exchange rate in Nigeria was identified, as well as the theories of economic growth and various definitions of terms. The Johansen’s co-integration technique was applied after using augmented dickey fuller (ADF) unit root test to test for stationarity and the Engle-Granger procedure for co-integration test. The results shows that the economic growth (GDPR) responds positively with foreign direct investment, with interest rates and real exchange rates, also various remedial suggest was given to improve exchange rate stability in Nigeria, curb inflation, and attract a higher percent of foreign direct investment.
