Published Paper Details:

This study aims to investigate the impact of exchange rate and crude oil prices on Nigeria's inflation, while also examining the role of money supply and deposit interest rate as control variables. Using an ARDL model and data spanning from 2010 to 2023, the results indicate a significant positive relationship between lagged inflation and current inflation, suggesting the presence of inflation persistence. Moreover, the study finds a significant positive impact of exchange rate and a significant negative impact of crude oil prices on inflation. The inclusion of money supply and deposit interest rate as control variables further highlights the significant negative impact of deposit interest rate on inflation, while money supply shows a negative but insignificant impact. These findings have important policy implications, including the need for increased efforts to stabilize the exchange rate and the importance of diversifying the economy away from crude oil. Additionally, the findings suggest the importance of monetary policy measures, such as adjusting interest rates, in managing inflation in Nigeria.