Exchange Rate Volatility and Foreign Capital Inflows in Nigeria: Vector Error Correction Model Approach

The aim of this study is to examine the relationship between exchange rate volatility and foreign capital inflows in Nigeria. The results of the past studies were inconclusive and the uniqueness of this work also lies in the consideration of other important variables such as external debt and remittances as parts of strategic variables to capture foreign capital inflows which the bulk of the past studies have failed to recognize. Data were collected from CBN Statistical Bulletin and UNCTAD investment report from 1990 to 2016. Relevant pre-estimation tests such as unit roots and Johansen conitegration were carried out. Because all the study variables were integrated of order one i.e I(1) and have two cointegrating equations vector error correction model was estimated.. Consequently, the error correction model reveals that about 32 percent of total disequilibrium due to external shock in the previous year is corrected in the current year. Therefore, it will take about three (3) years for the system to adjust back to its long run equilibrium path. Results further showed that FDI inflows increase the level of volatility in exchange rate in the short run but the volatility dies away over time. Conversely, remittance reduces exchange rate volatility while increases in external debt increase exchange rate volatility. It is recommended that the Central Bank of Nigeria should make more efforts to stabilize the exchange rate. In addition, policies and practices which may ease receipt of remittances from citizens in diaspora should be put in place while external debt should be discouraged as much as possible in the countr

Electronic Banking and Customers` Satisfaction: Evidence from Some Selected Deposit Money Banks in Nigeria

This aim of this study is to examine the effect of electronic banking on customers’ satisfaction in deposit money banks in Nigeria between 2013 and 2018 with aid of graphical, correlation and pooled regression analysis. From the results of the study, it could be pinpointed that UBA, First bank and Access bank registered the substantial number of customers’ complaints regarding the use of electronic banking. All the banks selected for the study were able to resolve almost every complaint of their customers regarding the use of internet banking. Similarly, there is a positive relationship between electronic banking and customers resolved complaints in deposit money banks in Nigeria. This relationship is significant at 10% level of significance.  However, there is a negative relationship between electronic banking and total customers complaints which is significant at 5% level of significance. Based on these findings, this study recommended that all hands must be on deck by the policy makers in these organizations to ensure effective and efficient management of electronic banking on a sustainable basis in meeting customers’ needs. Also, the banks should make sure that the complaints of customers are resolved on time so that the customers will have a high confidence on the electronic banking system in money deposit banks in Nigeri