Browsing by Author "Sakariyau, O. R."

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    Exchange rate management in Nigeria: A study of the Dutch auction system
    (Department of Accounting, Banking &Finance, Osun State University, Okuku, 2015) Jimoh, A. T.; Bamigbade, D.; Sakariyau, O. R.; Abogun, Segun
    A quest for a stable and realistic rate for the naira with a view to achieving the over all macro-economic stability has lead to series of reforms in the Nigerian foreign exchange market. this paper examines the contribution of one of such reforms, the adoption of the dutch auction system (DAS) toward the achievement of the stated macro economic objectives. this was achieved by comparing the stability of the exchange rates in the Nigeria foreign exchange market over a period of 24 years split into two equal halves; one half representing the period prior to the adoption of DAS and the other half post the adoption of the DAS. Wilcoxon-signed ranked test was employed as the statistical tool for testing the null hypothesis at 5% level of significance. The result of the test shows that there is a significant difference in the pre&post DAS exchange rate stability. The study concludes that the adoption DAS has significant influence on the stability of exchange rate in Nigeria.