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Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature

Authors: Russell Christopher, & ONAKOYA Adegbemi

Publication Type: Journal article

Journal: British Journal Of Economics, Finance And Management Sciences

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Abstract

Currency management covers currency recalibration, redenomination and restructuring and it forms part of a broad package of economic and political reforms to strengthen the monetary sector of an economy. This paper reviews the likely impact of policy of currency restructuring by the Central Bank of Nigeria (CBN) in the context of macroeconomic implication for Nigeria and in comparison with other nations. The synthesis of the literature suggests that currency management in Nigeria, when viewed from the macroeconomic perspective, is significantly low and in most of the selected countries. The findings also support the literature that the policy may not propel inflation in an open economy. The results, however, suggest that currency denomination in whatever form is only possible in a country with high level of output, of which Nigeria is yet to achieve. The paper therefore recommends that, before embarking on currency restructuring policy, government ought to put in place appropriate fiscal and monetary policies to promote production so as to enhance the economic base of the nation for sustainable monetary sector.

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Russell,O.C ONAKOYA,A. . (0000). Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature, 8 (), 12-12.

Russell,O.C ONAKOYA,A. . "Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature" 8, no (), (0000): 12-12.

Russell,O.C and ONAKOYA,A. and . (0000). Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature, 8 (), pp12-12.

RussellOC, ONAKOYAA, . Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature. 0000, 8 ():12-12.

Russell,Olukayode Christopher, and ONAKOYA,Adegbemi . "Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature", 8 . (0000) : 12-12.

R.Olukayode Christopher & O.Adegbemi , "Macroeconomic Implication of Currency Management in Nigeria: A Synthesis of the Literature" vol.8, no., pp. 12-12, 0000.

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