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All Journal JDE (Journal of Developing Economies) Journal of Economics and Business Letters Economics, Business, Accounting & Society Review
Nzeh, Innocent Chile
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Bank Lending Rate Behaviour in Nigeria: Exploring the Influence of Migrant Remittances Nzeh, Innocent Chile; Ogwuru, Hycenth Richard Oguejiofoalu; Onwuemeka, Irene Olanma; Obiukwu, Ifeoma Sandralyn
Economics, Business, Accounting & Society Review Vol. 4 No. 2 (2025): Economics, Business, Accounting & Society Review
Publisher : International Ecsis Association

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Abstract

The relevance of remittances as important source of inflows has led to an avalanche of studies directed at finding how the economy is impacted by such aspect of inflows. Despite having examined the impact of remittances on many macroeconomic variables, one particular area which has not been duly given attention in literature is the influence of remittances on the lending rate. In this paper, the focus is to evaluate the contribution of migrant remittances to the lending rate movement in Nigeria. The study employed the frameworks of auto regressive distributed lag (ARDL) bounds, Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) with annual dataset that covered the period from 1982 to 2022. The study finds that under the FMOLS and the DOLS, remittances impacted negatively on the lending rate but the outcome is not significant. However, under the ARDL the impact was negative and significant in the long-run while in the short-run it was positive and significant. The outcome of the control variables also shows that while exchange rate had a positive impact on the lending rate in all the models but none of the results is significant, the impact of both inflation rate and real interest rate is positive and significant in all the models. Interest rate spread is also found to be positive under the FMOLS and under the short-run ARDL.
FDI inflows and domestic interest rate nexus in Nigeria: A new look at the mundell-flemming hypothesis Ogwuru, Hycenth Richard Oguejiofoalu; Nzeh, Innocent Chile; Emele, Austine Chijioke; Onyenze, Justice Ndubueze; Ekainsai, Zion Stephen
Journal of Economics and Business Letters Vol. 5 No. 5 (2025): October 2025
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/jebl.v5i5.519

Abstract

The relevance of FDI to an economy has led to an avalanche of studies investigating its link with other macroeconomic variables. One such variable that has been discussed extensively in the literature is the domestic interest rate. The link between FDI inflows and interest has been emphasized by the Mundell-Flemming framework, and in recent times, some scholars have contended that FDI inflows exert a downward influence on domestic interest rates. This study seeks to provide empirical evidence for the latter claim by examining the impact of FDI inflows on interest rates in Nigeria. The study used an annual series ranging from 1981-2022 to and under the ARDL framework. The findings reveal that in both the short and long runs, FDI inflows have a negative and significant impact on the real interest rate. This outcome has implications for the implementation of monetary policy in Nigeria. Although a fall in the interest rate is necessary, it could adversely impact the inflation-targeting objective of the monetary authorities. Therefore, the choice of allowing much inflow of FDI into the country should be weighed against the inflationary impact they portend.
Rising Food Inflation in Nigeria: Do Monetary Policy Interventions Matter? Nzeh, Innocent Chile
Journal of Developing Economies Vol. 10 No. 2 (2025)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v10i2.75884

Abstract

Objective: The rising cost of food in Nigeria, especially in recent times, has increased the level of hunger and frustration among Nigerians. Consequently, several policies have been put in place to increase food productivity on the one hand and reduce the high level of food inflation on the other. This study examined the response of food inflation to the CBN’s manipulation of monetary policy tools. The novelty introduced in this study is the use of the vector autoregressive (VAR) model in the analysis of the response of food inflation to the manipulation of monetary policy tools in Nigeria. Methods: The study used monthly data that spanned the period from 2007M12-2024M5, while the VAR framework was adopted for analysisFindings: The study found that food inflation responded positively to shocks in the broad money supply (M2) across all periods, except period one. It was also found that, while food inflation responded negatively to the monetary policy rate (MPR), the Treasury bill rate (TBR), and bank reserves in the majority of periods, its response to the exchange rate was positive in all periods. In another respect, the findings indicate that the monetary authorities responded positively to shocks in food inflation by manipulating the MPR, TBR, and the exchange rate. In particular, the MPR, TBR, and exchange rate responded positively to shocks in food inflation during the study period.Originality/Value: This study contributes to extant literature through methodology. It applies the vector autoregressive (VAR) model in the analysis to take care of the possible feedback arising from the implementation of monetary policy. This approach departs from previous studies in Nigeria which adopted frameworks such as the autoregressive distributed lag (ARDL) model and the non-linear ARDL. Practical/Policy implication: Address food inflation using monetary policy tools and complementing them with fiscal policies. In addition, the exchange rate policy should be adjusted to favour food imports in the short run, while the long-run target should be to increase domestic food production through various measures.
Co-Authors Ekainsai, Zion Stephen Emele, Austine Chijioke Obiukwu, Ifeoma Sandralyn Ogwuru, Hycenth Richard Oguejiofoalu Onwuemeka, Irene Olanma Onyenze, Justice Ndubueze