Cryptocurrency Shock and Exchange Rate Behaviour in Nigeria

This study examined the relationship between cryptocurrency shocks and exchange rate behaviour in Nigeria. Selected cryptocurrencies for are Bitcoin, Ethereum, Litecoin, Ripple Binance coin which most traded Augmented Dickey-Fuller (ADF), Johansen Cointegration Vector Autoregressive (VAR) tests were used to analyze monthly data of selected four years (45 months). The result cointegration test revealed existence a long-run among variables. ECM showed that about 6% short-run disequilibrium being corrected integrated into equilibrium relationship. In addition, Variance Decomposition has highest variations short long runs. present value adjusts slightly changes cryptocurrency. Bitcoin have on rate. Therefore, monetary authorities should give adequate attention transactions make policy decisions how reduce prevailing high Nigeria by integrating crypto their systems. Transaction is still at early stage, especially Nigeria; only five can be gotten commonly limitation terms number study. More included future studies.