This study revalidates the nexus between monetary policies and export sector performance in Nigeria from 2014 to 2023. The series is sourced from Central Bank of Nigeria (CBN) Statistical Bulletin. The stationary series of the generated residual prompts the adoption of the Error Correction Model (ECM). The variables considered in the model includes export value, real effective exchange rate, maximum lending rate, money supply, credit to core private sector, gross domestic product and consumer price index. The stationarity of the residual using Augmented Dickey Full unit root test established the existence of the relationship among the series considered in the model. The findings reveal that historical export levels are the primary predictor of current export behavior, while exchange rates positively influence export sector performance. The analysis also uncovers that monetary conditions, particularly reduced private sector credit access and negative money supply effects, create significant constraints on export growth, suggesting the need for targeted financial sector reforms to enhance export sector.
Keywords: Exchange Rate, Monetary Policies, Money Supply, export sector performance, maximum lending rate
