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Oil Price Shocks and Macroeconomic Adjustment: Evidence on Exchange Rate, Inflation, and Interest Rate Dynamics in Nigeria

This study examines the short-run and long-run impact of oil price shocks on three major macroeconomic variables of Nigeria, which are the exchange rate, the inflation rate, and the interest rate for the period of 1974 to 2022. Nigeria is an interesting case study because it is a large crude oil exporter and a net importer of refined petroleum products, resulting in complex and asymmetric macroeconomic responses to global oil price fluctuations. This study adopts the Autoregressive Distributed Lag (ARDL) bounds approach and the Error Correction Mechanism (ECM) after applying the Augmented Dick…

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    SHA-256 9103a9c4320a1a5daff20b29b7b925cde88bc7aab16d449a51c969690b0f5640
    from https://iiardjournals.org/get/IJEFM/VOL. 11 NO. 8 2026/OIL PRICE SHOCKS AND MACROECONOMIC 198-219.pdf