EFFECTS OF EXCHANGE RATE ON JOB CREATION IN NIGERIA
Job Creation has been the source of social and human engineering towards economic development. Creation of Jobs remains crucial in eradicating social menace, thereby bringing strong connection between macro and micro economic space. The study used annual observation time frame of 2000 to 2018, to reveal effects of exchange rates on job creation. A developing country (Nigeria) was selected as a case study due to its high level of jobless growth, inspite of currency depreciation of Naira against Dollar. The study employed the unit root test, co-integration test, error correction model and the granger causality test. The study found out that exchange rate has positive influence on job creation, though insignificant in the short run, but with 80% error correction model, the variables have the capacity of being significant at the long run. It was further seen that a unidirectional causality exists among exchange rate and job creation. In light of the findings, the study recommended for concerted efforts by stakeholders as regards policies and programmes that provide enabling environment for stable exchange rate and sustainable foreign investment inflow into Nigeria that will lead to increased trend of Job Creation.
Keywords: Exchange Rate, Job Creation, Employment, Foreign Direct Investment and Foreign Portfolio Investment.
Copyright (c) 2023 Jude Onyinye Okonkwo, Thaddeus Oforegbunam Ebiringa, Baldwin Chukwunanu Asiegbu, Jisike Jude Okonkwo, Okechukwu Nma Okoronji , Nonso John Okoye
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