Does Exchange Rate Affect Remittances in Nigeria?
The size and rate of remittances to Nigeria are remarkable. However, theories do not unanimously pin down the effects of exchange rate on remittances. Employing a simple choice-theoretical model, it was discovered that real exchange rate impacted negatively on remittances. This implies that an expected depreciation of the real exchange rate which signals adverse economic conditions back home dwarfs remittance inflows. Thus, although altruism mostly dictates remittances to Nigeria, self-interest or returns-seeking motive is also important.
Volume (Year): 07 (2015)
Issue (Month): 1 (June)
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