This paper studies the macroeconomic implications of oil price shocks and the extant fuel subsidy regime for Nigeria. To do this, we develop and estimate a New-Keynesian DSGE model that accounts for pass-through effect of international oil price into the retail price of fuel. Our results show...

This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN) during the period 2004-2019. Since the policy communique released after each meeting of the CBN's monetary policy committee (MPC) represents an important tool of central bank...

This paper develops a two-agent New Keynesian model, which is suitable for identifying the drivers of business cycle fluctuations in small open, resource-rich, resource-dependent emerging economies. We confront the model with Nigerian data on eleven macro-economic variables using the Bayesian...

This paper analyses textual data mined from 37,460 reviews written by mobile banking application users in Nigeria over the period November 2012 - July 2020. On a scale of 1 to 5 (5 being the best), the average user rating for the twenty-two apps included in our sample is 3.5; with the apps...

The estimation of inflation volatility is important to Central Banks as it guides their policy initiatives for achieving and maintaining price stability. This paper employs three models from the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) family with a view to providing a...

The 2011 survey of foreign assets and liabilities (SOFAL) of enterprises in Nigeria was conducted in June/July 2012 by the Statistics Department of the Central Bank of Nigeria (CBN) in conjunction with the Nigerian Export Processing Zone Authority, Nigerian Investment Promotion Commission and...

This study investigates the long run relationship between exchange rate andexternal reserves in Nigeria during 1990Q1 - 2012Q4. We confirm theexistence of threshold cointegration between the variables in Nigeria, asagainst linear cointegration. Consequently, a two-regime threshold vector error...

This paper constructs an early warning system for currency crises in Nigeria based on selected key macroeconomic indicators. It estimates the probabilities of currency crises as a logistic function of the included variables within the framework of a logit model. Particularly, the extent to which...

The survey of foreign assets and liabilities of enterprises in Nigeria was conducted in 2014 to determine the 2013 stock of foreign assets/liabilities of Nigerian enterprises, as well as receiving sectors and origination/destination regions. The survey collected relevant information from 740...

This study examines the persistence of currency substitution in Nigeria by applying the Bounds testing approach to cointegration and including a ratchet variable in the estimated Autoregressive Distributed Lag (ARDL) model. Empirical results show that factors such as exchange rate risks,...