Impact of Naira Exchange Rate on Prices of Selected Construction Materials in Ekpoma, Edo State, Nigeria
Keywords:Construction, Exchange-rate, Material, Naira, Price
This paper presents the result of the impact of naira exchange rate on prices of selected construction materials in Ekpoma of Edo state, Nigeria, by examining the trend in naira exchange rate values and selected construction material prices over a five (5) year duration and the impact of naira exchange rate on the price of selected construction materials. The study extracted information on monthly naira exchange rate values from the monetary authority’s database of the central bank of Nigeria and adopted a survey approach to gather information on the prices of selected construction material. Data obtained were analyzed using percentages, Pearson Correlation Coefficient and regression analysis. Findings revealed that there was a strong positive correlation between the naira exchange rate and construction material prices. The study recommends that the monetary authority should research and implement a naira exchange rate stabilization/reduction policy.
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