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ABSTRACT
The need to further explore the correlation between industrial output and exchange rate system, in particular the variations became imperative; thus, we undertake this study to examine the relationship between industrial output and exchange rate variations in Nigeria with the interest of ascertaining if there is any significant effect of exchange rate variations on industrial output in Nigeria. Based on existing studies, the study also tends to establish through empirical analysis the relationship in some macroeconomic variables and industrial output in Nigeria. The study covered the period of 1985 to 2020 in Nigeria. The secondary data used were sourced from World Bank Development Indicators (2021), Central Bank of Nigeria (2021), and Nigeria Bureau of Statistics (2021). The AK Model was the model of specification used in the study. The analysis started with descriptive statistic, then for the unit root test results we employed the Augmented Dickey Fuller test and the co-integration test result using the Johansen approach. The unit root test results showed that the variables are integrated. The estimated cointegration test reveals joint relationship among the variables. Based on the analysed data, the result shows that industrial output responds positively to exchange rate variations in the long-run; however, insignificant in the short-run.
