MODELING ECONOMIC INDICATORS AND FORECASTING ECONOMIC TRENDS IN NIGERIA
Abstract
Nigeria's currency rate dynamics are significantly influenced by changes in oil prices because the
country heavily depends on the export of crude oil for its foreign exchange earnings. The
influence of changes in crude oil prices on Nigeria's currency rate volatility and its wider
economic ramifications are investigated in this study. This study aims to examine the connection
between changes in the crude oil price and Nigeria's exchange rate, emphasizing how these
factors affect macroeconomic stability. From 2020 to 2024, the Central Bank of Nigeria (CBN)
provided monthly secondary statistics
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