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A Theoretical Framework For Analysis
Implications for Monetary Policy
adaptive expectation allocation analysis authorized dealers bank liquidity banking system bidding sessions Bureaux de Change cash cent current excess liquidity demand for foreign distributed lag version domestic money economy ERP since SAP excess liquidity position excess liquidity ratio exchange rate deregulation exchange rate determination exchange rate function exchange rate level exchange rate movements exchange rate policy exchange rate regime exchange rate variations expected exchange rate FEM rates fixed exchange rate floating exchange rate floating regime foreign exchange earnings foreign exchange market foreign exchange supplied foreign money higher increase interest rate level of exchange liquidity of banks macroeconomic monetary aggregates monetary approach monetary authorities monetary policy money supply Naira exchange rate Ndekwu NISER OLS Regression Estimates policy in Nigeria policy instruments propositions R-square ratio of banks rational expectation regression coefficient relationship between bank result sector SFEM specified liquid assets supply of foreign targeting three variants variants of excess