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ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016
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Paper Title:	Determinants of Inflation rate in Nigeria
Authors Name:	TOLUHI, Kayode David
Unique Id:	IJSDR2306076
Published In:	Volume 8 Issue 6, June-2023
Abstract:	Abstract The study undertook an assessment of the determinants of inflation rate in Nigeria. Unit root test using the Augmented Dicky Fuller (ADF) test, ARDL Bound test for cointergration, Granger Causality test and the VECM estimate to ascertain the factors responsible for the rising rate of inflation in Nigeria was used. The study adopted secondary data on inflation rate proxied by CPI, Total Federal Government Expenditure (TFGE), exchange rate and money supply represented by M2, between 1995 and 2021 sourced from the Central Bank of Nigeria Statistical Bulletin. The result of the research indicates that M2, and TFGE have no significant relationship with CPI while exchange rate shows a positive relationship with inflation rate in Nigeria. The Granger Causality test indicates that no causal relationship exist among all the variables in the model. Based on the findings, the study recommends that the Central Bank of Nigeria should review its exchange rate policy to improve the value of the Naira to foreign currencies especially the US Dollar to limit the pass through effect of foreign on inflation rate in the country especially since Nigeria imports a large percentage of goods consumed in the economy.
Keywords:	Keywords: Inflation, Exchange rate, Money Supply, Granger Causality Test.
Cite Article:	"Determinants of Inflation rate in Nigeria", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 6, page no.515 - 531, June-2023, Available :http://www.ijsdr.org/papers/IJSDR2306076.pdf
Downloads:	000337352
Publication Details:	Published Paper ID: IJSDR2306076 Registration ID:207016 Published In: Volume 8 Issue 6, June-2023 DOI (Digital Object Identifier): Page No: 515 - 531 Publisher: IJSDR \| www.ijsdr.org ISSN Number: 2455-2631

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