Modelling the impact of crude oil price on Nigerian exchange rate during COVID-19

Leelee N. Deekor, Amina Muhammad Sani and Onyinyechi Nweke
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Leelee N. Deekor: Department of Economics, Ignatius Ajuru University of Education Port Harcourt, Nigeria
Amina Muhammad Sani: Department of Economics, Ignatius Ajuru University of Education Port Harcourt, Nigeria
Onyinyechi Nweke: Department of Economics, Ignatius Ajuru University of Education Port Harcourt, Nigeria

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 12, 726-730

Abstract: This study examines whether the dynamics of the impact of oil prices on currency rates during a crisis are comparable throughout the many COVID-19 pandemic waves using the example of the Nigerian economy. The ARDL model was deemed the most appropriate to model the relationship between exchange rates and oil prices in the setting of this study, which is consistent with the results of our unit root testing. The study demonstrates empirically that, in the setting of exporting economies, the effect of oil prices on exchange rates is as theoretically predicted. It also shows that the average depreciation patterns of the Nigerian naira in relation to the US dollar tend to get worse when the COVID-19 pandemic outbreaks occur.

Date: 2022
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