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Accumulation of External Reserves and Effects on Exchange Rates and Inflation in Nigeria.doc

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Accumulation of External Reserves and Effects on Exchange Rates and Inflation in Nigeria.doc

Accumulation of External Reserves and Effects on Exchange Rates and Inflation in Nigeria 　　[a] B.Sc Economics， M.B.A （Banking and Finance）， A.C.I.S （London）， PhD Candidate， Senior Lecturer in Banking and Finance Department， Anambra State University， Igbariam Campus， Nigeria. 　　*Corresponding author. 　　Received 10 February 2013； accepted 23 April 2013. 　　Abstract 　　The study is to find out the effects of holding Foreign Exchange reserves on Exchange Rates in Nigeria. It is also to find out the effect of such reserves on inflation in Nigeria. Two hypotheses are proposed for the study. Hypothesis I has Null （H0） Hypothesis that foreign exchange reserves do not have significant effect on foreign exchange rate. There is the Hypothesis II where Null （H0） hypothesis is that foreign exchange reserves do not have significant effects on inflation in Nigeria. Secondary time series data are collated from CBN Statistical Bulletin. Simple linear regression was run for two models with Minitab 14 for windows. The regression equation shows that there is a negative relationship between Foreign Exchange rate leading to the rejection of first null hypothesis and accepting H1. The Second regression equation shows that inflation has positive relationship with foreign reserves. This means also rejecting second null hypothesis and accepting the second alternative hypothesis. Government is advised to ensure optimal management of the nations external reserves. Other causes such as Money Supply （M2） are suspected to be responsible for causing inflation in Nigeria. 　　Key words： Foreign reserves； Foreign exchange； Balance of payments； Volatility； Guidotti?Greenspan rule； External shocks 　　INTRODUCTION/BACKGROUND OF STUDY 　　External Reserves， going by other names such as foreign exchange reserves， foreign reserves， are foreign currencies， foreign deposits and bonds held by Central Banks and monetary authorities of a nation. The term includes gold and silver， special Drawing Rights （S