Chapter one
1.0 Background of Study---------------------------------------------------------------------------------------1
1.1 Statement of the Problem--------------------------------------------------------------------------------3
1.2 Objectives of the Study-----------------------------------------------------------------------------------6
1.3 Significance of the Study----------------------------------------------------------------------------------6
1.4 Scope of Delimitation of the Study---------------------------------------------------------------------7

Chapter two
2.0 Exchange Rate Fluctuation in the Context of Nigeria Economy-----------------------------------8
2.1Introduction----------------------------------------------------------------------------------------------------8
2.2 Nigeria’s Foreign Exchange Regimes And its Volatility (1961-2011) ----------------------------8
2.3 Foreign Exchange Rate Volatility Export Performance and Economic Growth------------------12
2.4 Nigeria’s Export Performance--------------------------------------------------------------------------------16
2.5 Literature Review------------------------------------------------------------------------------------------------21
2.5.1 Theoretical Literature-----------------------------------------------------------------------------------------15
2.6 Alternatives---------------------------------------------------------------------------------------------------------29
2.7 Conceptual Issues In Exchange Rate Fluctuations--------------------------------------------------------32
2.8 Empirical Literature-----------------------------------------------------------------------------------------------33
2.9 Theoretical Framework-------------------------------------------------------------------------------------------40
2.9.1 Policy in the Mundell-Fleming Model----------------------------------------------------------------------40
2.10 The Real Exchange Rate and Trade Balance----------------------------------------------------------------41
2.11 Determinants of the Real Exchange Rate-------------------------------------------------------------------42
2.12 Limitations of the Previous Studies---------------------------------------------------------------------------43

Chapter Three
3.0 Research Methodology--------------------------------------------------------------------------------------------46
3.1 Analytical Framework of the Models Used--------------------------------------------------------------------46
3.2 Data Transformation------------------------------------------------------------------------------------------------48
3.3 Model Specification-------------------------------------------------------------------------------------------------50
3.4 Sources of Data and Variables Used-----------------------------------------------------------------------------56
3.5 Estimation Technique------------------------------------------------------------------------------------------------57

Chapter Four
4.0 Presentation and Interpretation of Research Findings--------------------------------------------------------58
4.1 Impulse Response Function Analysis-------------------------------------------------------------------------------61
4.2 Dynamic Responses to One S.D Innovation to Exchange Rate------------------------------------------------62
4.3 Variance Decomposition of Real Outputs Growth rates------------------------------------------------62

Chapter Five
5.0 Summary of Findings, Recommendation and Conclusion------------------------------------------------------65
5.1 Summary of Findings -----------------------------------------------------------------------------------------------------65
5.2 Recommendations --------------------------------------------------------------------------------------------------------66
5.3 Conclusion--------------------------------------------------------------------------------------------------------------------67
BIBLIOGRAPHY-------------------------------------------------------------------------------------------------------------------69
APPENDIX-------------------------------------------------------------------------------------------------------------------------74