BACKGROUND TO THE STUDY

Research related to exchange rate management still remains of interest to economists, especially in developing countries, despite a relatively enormous body of literature in the area. This is largely because the exchange rate in whatever conceptualization, is not only an important relative price, which connects domestic and world markets for goods and assets, but it also signals the competitiveness of a country’s exchange power vis-à-vis the rest of the world in a pure market.

  Since exports plays an important role in the economic growth of many advanced and developing countries, as far as making those countries as the strongest countries, the effective factors in turn, could pave way for progress of countries since increase or decrease in exchange rate leads to the decrease or increase in export. Nigeria is endowed with various kinds of resources needed to place her amongst the top emerging economies of the world. Unfortunately, the nation has not adequately benefitted from the economic prosperity expected of a nation so richly blessed.

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