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Published by: Admin
Published: 2 years ago
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Pages: 31
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Abstract
The 2014-2017 forex crisis in Nigeria highlights two significant drawbacks of oil dependency in the country. The first being the challenge monetary policy in Nigeria faces in facilitating both stability and economic growth. The second drawback is the inability of the countries exchange rate regime to cope with shocks to the oil-dependent economy. The ECOWAS Monetary Union is a potential solution to the constraints and vulnerabilities of the Nigerian economy. Through a holistic assessment of both the theory, empirical studies and the use of the Eurozone as a case study, I conclude that Nigeria should benefit from the ECOWAS Monetary Union. The analysis in this paper is both timely and endogenous when considered alongside the 2014-2017 forex crisis. This paper presents a method of analyzing a monetary union that is based on an individual state's perspective. Such a method of analysis if replicated and collated across different countries and techniques will provide a more rigorous analysis of the ECOWAS Monetary Union.
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