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ABSTRACT
The choice of an exchange rate regime to manage volatility is a critical aspect of economic management to safeguard competitiveness, macroeconomic stability and economic growth. This makes it veritably pivotal for Nigeria to maintain a realistic exchange rate for the naira, given the structure of the frugality and the need to maximize deformations in production and consumption, increase the flux on non-oil export receipts and attract foreign direct investments. Hence, this study examined the relationship between exchange rate volatility and economic growth from 1986-2020 using the Ordinary Least Squares (OLS) method Findings further show that in the short run and long run, economic growth is negatively responsive to exchange rate volatility in Nigeria. The result also indicates that foreign direct investment is a key factor that amplifies economic growth in Nigeria. The study recommends austere measures in enforcing policies and investments in fast-paced fintech companies and also take advantage of the creator economy.
