<p> </p><div><div><p><strong>Title Page</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>i</strong></p><p><strong>Certification</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>ii</strong></p><p><strong>Dedication</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>iii</strong></p><p><strong>Acknowledgment</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>iv</strong></p><p><strong>Abstract</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>v</strong></p><p><strong>Table of Contents</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>vi</strong></p><p><strong>

Chapter ONE

</strong></p><p>1.0</p><p>Background of Study—————————————————————————————</p><p>1</p><p>1.1 Statement of the Problem——————————————————————————–</p><p>3</p><p>1.2 Objectives of the Study———————————————————————————–</p><p>6</p><p>1.3</p><p>Significance of the Study———————————————————————————-</p><p>6</p><p>1.4</p><p>Scope of Delimitation of the Study———————————————————————</p><p>7</p><p><strong>

Chapter TWO

</strong></p><p>2.0</p><p>Exchange Rate Fluctuation in the Context of Nigeria Economy———————————–</p><p>8</p><p>2.1Introduction—————————————————————————————————-</p><p>8</p><p>6</p></div><div><p>2.2 Nigeria’s &nbsp;ForeignRegimesAnd itsExchangeVolatility(1961-2011) —————————-8</p><p>2.3 &nbsp; Foreign Exchange Rate Volatility Export Performance and Economic Growth</p><p>12</p><p>2.4 &nbsp; Nigeria’s &nbsp;Export——————————————————————————–Performance</p><p>16</p><p>2.5 Literature Review———————————————————————————————–</p><p>-21</p><p>2.5.1 Theoretical Literature—————————————————————————————-</p><p>-15</p><p>2.6 &nbsp; Alternatives——————————————————————————————————-</p><p>–29</p><p>2.7 &nbsp; Conceptual Issues In Exchange Rate Fluctuations——————————————————-</p><p>-32</p><p>2.8 &nbsp; Empirical Literature———————————————————————————————</p><p>–33</p><p>2.9 Theoretical Framework—————————————————————————————-</p><p>—40</p><p>2.9.1 Policy in the Mundell-Fleming Model——————————————————————–</p><p>–40</p><p>7</p></div><div><p>2.10 &nbsp;The Real Exchange Rate and Trade Balance</p><p>—41</p><p>2.11 &nbsp;Determinants of the Real Exchange Rate—————————————————————-</p><p>—42</p><p>2.12 &nbsp; &nbsp; &nbsp;Limitations of the Previous Studies————————————————————————————————————————————</p><p>—-43</p><p><strong>

Chapter THREE

</strong></p><p>3.0 &nbsp; Research Methodology—————————————————————————————-</p><p>—-46</p><p>3.1 &nbsp; Analytical Framework of the Models Used—————————————————————</p><p>—–46</p><p>3.2 &nbsp;Data Transformation——————————————————————————————-</p><p>—–48</p><p>3.3 &nbsp;Model Specification———————————————————————————————</p><p>—-50</p><p>3.4 &nbsp; Sources of Data and Variables Used————————————————————————</p><p>—–56</p><p>3.5 &nbsp; Estimation Technique——————————————————————————————</p><p>——57</p><p><strong>

Chapter FOUR

</strong></p><p>8</p></div><div><p>4.0 &nbsp;Presentation and Interpretation of Research Findings</p><p>——-58</p><p>4.1 &nbsp; &nbsp; Impulse Response Function Analysis————————————————————————————————————————</p><p>——–61</p><p>4.2 &nbsp;Dynamic Responses to One S.D Innovation to Exchange Rate</p><p>———62</p><p>4.3 &nbsp;Variance Decomposition of Real Outputs Growth rates—————————————-</p><p>——–62 —————————————</p><p><strong>

Chapter FIVE

</strong></p><p>5.0 &nbsp; Summary of Findings, Recommendation and Conclusion</p><p>———65</p><p>5.1 &nbsp; &nbsp; Summary of Findings —————————————————————————————————————————————</p><p>———–65</p><p>5.2 &nbsp; Recommendations</p><p>———–66</p><p>5.3 &nbsp; &nbsp; &nbsp;Conclusion—————————————————————————————————————————————————————————————————–</p><p>————67</p><p>BIBLIOGRAPHY——————————————————————————————————–</p><p>———–69</p><p>9</p></div><div><p>APPENDIX————————————————————————————————————–</p><p>———–74</p></div></div><h3></h3><br> <br><p></p>