Effect of Exchange Rate Fluctuation and Foreign Reserves on Macroeconomic Performance in Nigeria

This study examines the effect of Exchange Rate Fluctuation and Foreign Reserves on Macroeconomics Performance in Nigeria from 1980-2019. The variables of interest include External Debt, Reserves, Exchange Rate, External Debt Servicing and Government Expenditure were analyzed using co-integration, auto-redistribution lag model (ARDL) and Granger Causality test to understand the long and short run relationship between the variables. Result revealed that there is a unidirectional relationship between foreign reserves and the exchange rate. Exchange rate Granger causes foreign reserves in Nigeria, while foreign reserves do not granger cause exchange rate Granger. This means that as the exchange rate depreciates or appreciates, it always has an impact on Nigeria's foreign reserves. The study recommends among other thing that the government should ensure that the country's foreign reserves are used and managed efficiently. This is because it has been established that foreign reserves have a beneficial impact on macroeconomic performance and stimulate economic growth both of which help to enhance the Nigerian economy.

Determinants of Exchange Rate Volatility and Its Implication on the Nigerian Economy (1995-2020)

The study investigates the determinants of exchange rate volatility and its implication on the growth of the Nigerian economy; for the period (1995-2020). Secondary data were collected from the Central Bank of Nigeria Statistical Bulletin, 2020. The study employs Gross Domestic Product as proxy for the Nigerian economy and used as the dependent variable; whereas, exchange rate, import trade and export trade were used as explanatory variables to measure exchange rate fluctuation. Time series econometric techniques are used to test the hypotheses. Exchange rate has an insignificant impact on Gross Domestic Product in Nigeria. Import trade has a significant impact on Gross Domestic Product in Nigeria. Export trade has a significant impact on Gross Domestic Product in Nigeria. The error-correction result confirms that about 71% short-run adjustment speed from long-run disequilibrium. The coefficient of determination indicates that about 68% of the variations in the growth of the Nigerian economy can be explain by changes in exchange rate volatility variables. The study concludes that exchange rate fluctuation is positive; but, had a significant impact on the performance of the Nigerian economy. The study recommends that Government should encourage the export promotion strategies in order to maintain a surplus balance of trade and also conducive environment, adequate security, effective fiscal. The policy towards interest rate should be made such that savings would be stimulated thereby placing more funds in the hands of banks to intermediate to investors seeking funds. Government and policy makers should provide infrastructural facilities so that foreign investors will be attracted to invest in Nigeria. Government and policy makers should increase their surveillance on the commercial banks; in order to address the issue of arbitrarily increase of the exchange rate.

Difficulties in patch antenna production & prototyping in Turkey

In recent years monetary narrowing impact more on Turkey and developing countries. Therefore, the importance of industrial policy and technology management in developing countries has widely increased. Production and design strategies have to be planned carefully. Thus, evidently monetary narrowing and undesired exchange rate fluctuation affected investment and the cash flow in numerous sectors such as finances, funding, industry, service industry, agribusiness, livestock, building trade, research, and development, etc. In this context, this situation broadly hit the research, prototyping, manufacturing and testing phase of the microstrip patch antennas. Today, patch antennas have widely utilized in telecommunication systems. Hence, this growth has increased interest in studies. As it is in every project, cost and efficiency are an essential part of the project design. Therefore, the ratio of cost is more important for Turkey and developing countries due to undesired exchange rate fluctuation, tax, financial obligations, and unexpected world events (e.g. COVID-19 pandemic). Commonly, the microstrip patch antenna comprises particular parts such as a radiating patch on top of the double-sided laminate and ground plane and feeding point located below the double-sided laminate. Therefore, microstrip patch antenna components play a significant role in patch antenna radiation characteristics. Moreover, specifications of the double-sided laminate, such as relative permittivity (or dielectric constant) and real physical thickness, are essential elements on the patch antennas radiation characteristics. Generally, high-quality dielectric substrates are developed and manufactured by western originated companies. Thus, the dielectric substrate with high-grade characteristics is hard to find for Turkey and developing countries. Importing is the only option and quite costly. Choosing a domestic dielectric substrate is inevitable, however insufficient for many cases. In this study, difficulties in microstrip patch antenna production and prototyping in Turkey are analyzed.

Are global Exchange Traded Fund pretentious on exchange rate fluctuation? A study using GARCH model

Investors invest in a foreign market to reap the benefits of currency differences. The change in the value of underlying assets affects these hedged funds and, at the same time, restricts investors from higher return possible in unhedged funds. This study aims to examine the performance of most actively traded shares in Exchange Traded Fund and any influence, along with tracking the information from the index. This study also analyzes the currency fluctuation and its impact on returns and volatility of ETF and index. The equity ETF, which tracks NASDAQ (NDX 100), is chosen for the study, and the data analysis is carried out using statistical methods such as correlation, regression, and GARCH model. The study utilizes the currency rate data from 2013 to 2018 of USD, GBP, and INR and examines its effect on the NDX (NASDAQ). The study emphasizes whether the ETF as a basket of securities is insensitive to currency rate fluctuations. It is found that the response of ETF to the currency movements is likely due to its underlying index. The study concludes that Motilal Oswal shares in NASDAQ 100 ETF are highly sensitive to the NDX 100 movements; thus, there is no direct impact between ETF and index performance through exchange rate fluctuation.