Economic and Financial Review


Central Bank of Nigeria


Devaluation, Balance of Payments, ECOWAS, Nigeria, Exchange Rate, Exchange Rate Policy


The purpose of this paper is to review Nigeria's exchange rate policy as outlined above, and in doing so, one finds it compelling, and hopefully rewarding, to take a general look at the exchange rate policies in selected African countries, focusing particularly on the effects of devaluation on balance of payments. Accordingly, the paper first presents an analytical framework in which a monetary approach is considered most useful. The next section introduces a simplified monetary model. Following that, there is a discussion of statistical testing and results. The final section considers the implications for policy in Nigeria, appraising in some detail the case for exchange rate depreciation.

Author Bio

The author is a staff of the Research Department, Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Ozumba, C. C. (1978). Devaluation and Balance of Payments in ECOWAS Countries: A Study of Nigeria's Exchange Rate Policy. CBN Economic and Financial Review. 16(1), 5-17.

Included in

Economics Commons



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