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EXCHANGE RATE AND SMES DEVELOPMENT IN DELTA STATE
Abstract
The research scrutinized the effects of exchange rate on economic growth in Nigeria. The study adopted survey research design. Target population comprised 2388SMEs in the three Senatorial districts in Delta State. Purposive sampling technique was adopted in selecting the SMEs and sample size of 477 was generated through Krejcie and Morgan formula (1970). Structured questionnaire was adopted, validated and used for data collection. Cronbach’s Alpha coefficients for the constructs ranged from 0.867 to 0.936. The response rate was 73%. Data were analyzed using descriptive and inferential (Linear regression) statistics. Findings of the study revealed: exchange rate has positive significant effect on SMEs development in Delta State((F = 481.482, (R) = .763, (R2) =.582., p value = .000<0.5. The result from the study revealed that exchange rate has a significant effect on SMEs development. It is recommended that the monetary authority should ensure stability in exchange rate for accelerated SMEs development.Also, lending rates in Nigeria should be made flexible while other means should be employed towards raising the value of the naira, as this will reduce greatly the inflation rate in the country.
KEYWORDS: Exchange Rate Volatility, Developmental Growth, SMEs