CURRENCY SUBSTITUTION AND THE DEMAND FOR MONEY IN NIGERIA: 1980 – 2014
ABSTRACT The persistent increase in demand for foreign currency, especially in recent years, exerts pressure on Nigeria's foreign exchange market. This trend is often accentuated by economic agents’ perceived loss of purchasing power and confidence in the domestic currency. Therefore, resort to holding currencies that have a relatively stable value such as the United States dollar (USD) which in turn increases the extent of currency substitution in the economy. This ...
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