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EXCHANGE RATE VARIATIONS AND MIGRANTS’ REMITTANCES TO NIGERIA: 1980- 2010

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TABLE OF CONTENTS
Page
TITLE PAGE…………………………………………………………. i
CERTIFICATION ……………………………………………………ii
APPROVAL..…………………………………………………………….. iii
DEDICATION……………………………………………………….. iv
ACKNOWLEDGEMENTS …………………………………………. v
ABSTRACT ……………………………………………………………… vi
TABLE OF CONTENTS ……………………………………………. vii-ix
LIST OF TABLES …………………………………………………….. x
LIST OF FIGURES…………………………………………………..xi
LIST OF APPENDICES……………………………………………… xii
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CHAPTER ONE: INTRODUCTION
1.1 Background of the Study …………………………………………… 1
1.2 Statement of the Problem ………………………………………………. 4
1.3 Research questions…………………………………………………. 6
1.4 Objectives of the Study ……………………………………….…… 6
1.5 Research Hypotheses ……………………………………………… 6
1.6 Significance of the Study …………………………………………. 7
1.7 Scope of the Study ……………………………………………….. 7
1.8 Limitations of the Study………………………………………….. 7
1.9 Organisation of the Study………………………………………… 7
CHAPTER TWO: LITERATURE REVIEW
2.1 Conceptual framework……………………………………………. 9
2.1.1 Migrants remittances …………………………………..….… 9
2.1.2 Exchange Rate Variations …………………………………… 11
2.1.3 Review of exchange rate policy in Nigeria…………………… 11
2.1.4 Overview of exchange rate management in Nigeria………….. 12
2.2 Theoretical literature …………………………………………… 12
2.2.1 Pure altruistic motivations…………………………………… 13
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2.2.2 Contractual Agreement Theory……………………………….. 13
2.3 Empirical literature……………………………………………… 14
2.4 Summary of Empirical Literature………………………………… 18
2.5 Limitations of previous studies …………………………………… 23
CHAPTER THREE: METHODOLOGY
3.1 Analytical Framework…………………………………………… 24
3.1.1 Theoretical Framework………………………………………… 24
3.2 Model Specifications…………… …………………………………… 26
3.3 Justification of the model specified……………………………….. 30
3.4 Estimation Technique and procedure……………………………… 30
3.4.1 Procedure………………………………………………………… 31
3.4.2 Co-integration tests………………………………………………. 31
3.5 Data and theirFeatures…………………………………………….. 32
CHAPTER FOUR: DATA ANALYSIS AND PRESENTATION OF THE RESULTS
4.1 Trend Analysis ………………………………………………… 33
4.2 Analysis of Empirical results ………………………………..… 35
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4.3 Co-integration Test..………………………………………………….. 36
4.4 Lag selection order test………………………………………… 37
4.5 Variance Decomposition and Impulse response Analysis……… 37
4.6 Granger Causality Test…………………………………………. 42
CHAPTER FIVE: SUMMARY, CONCLUSION AND POLICY RECOMMENDATIONS
5.1 Summary …………………………………………………….. 44
5.2 Conclusion and lessons for policy issues……………………… 45
5.3 Recommendations …………………………………………… 46
REFERENCES …….……………

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