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Abstract
CBN typically intervenes directly in the foreign exchange market to ensure that the value of the
Naira is stable. However, direct foreign exchange purchases and sales by the monetary
authorities could be very costly and are hardly effective in reducing exchange rate volatility
when the local currency is under pressure to depreciate. Researchers have found that this kind of
interventions have little or no desired effect, and may lead to undesired volatility in the exchange
rate. In an environment of tight monetary policy, additional monetary tightening could have
effect on the exchange rate. If this is so, then reserve loss in period of speculations can be
prevented. This study sets out to examine if Additional Monetary Tightening (AMT) can be used
to achieve exchange rate stability in Nigeria, as a potential substitute or complementary tool to
the direct intervention. The study identified the period of AMT from 2007- 2015, capturing the
periods by the use of dummy variable. The variables of the study includes Monetary Policy Rate
(MPR), Cash Reserve Requirement(CRR), Liquidity Ratio(LR), Upper interest rate Corridor
(UCORR), and Lower interest rate Corridor (LCORR), were estimated using GARCH (2,2) with
lag of one period for all the variables and was found to be appropriate. The result shows that
AMT is negative and statistically significant at 10% in reducing the exchange rate volatility in
the variance equation and also negative and significant at 1% in appreciating the exchange rate in
the mean equation. Although all variables were correctly signed in the variance equation except
CRR, only AMT, and LR, were statistically significant at 10% and 1% respectively in the
variance equation. This suggests that, AMT can be adopted as an alternative/complementary tool
in attaining exchange rate stability in Nigeria. From these findings, the study recommends that
where it is feasible, CBN should consider AMT as a useful tool for exchange rate management
vi
and prevent reserve loss. This also suggests that CBN must use this tool cautiously since AMT
can hurt the economy via investment and spending.
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