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The impact of exchange rate movements on the export sector in Nigeria is
examined in this study through the use of time series data and the classical
linear regression model (CLRM) estimation technique. The variables employed
in this study are exchange rate, agric. output, manufacturing output, total export
earnings, government capital expenditure, foreign direct investment and broad
money supply (M2). From the result, it becomes apparent that exchange rate
movements play a significant role in the performance of the export sector in
Nigeria. More specifically, the findings show that exchange rate, manufacturing
output, agric. output, government capital expenditure and foreign direct investment
are positively related to export earnings while the broad money supply (M2) is
negatively related. It is therefore recommended that the apex bank should keep
a close watch on exchange rate developments in order to enhance exchange
rate stability, which will in turn contribute to the development of the export sector
in Nigeria.
