International records / OpenAlex research

Welfare Effect of External Reserves Management in A Resource Dependent Economies: Evidence from Nigeria

This study investigates the welfare effects of external reserves management in a resource dependent economy, with Nigeria as a case study, over the period 1981–2023. Recognizing that external reserves serve not only as a buffer against external shocks but also as a policy instrument for stabilizing exchange rates, sustaining imports, and supporting consumption, the study explicitly examines their impact on household welfare, proxied by real personal consumption expenditure per capita. Using annual macroeconomic data from the Central Bank of Nigeria, National Bureau of Statistics, and World Dev…