Impact of Coronavirus (Covid-19) Pandemic on Some Selected Macroeconomic Variable Performances in Nigeria

Abstract

Since COVID-19 first made its appearance, the economy of the whole world has been facing unprecedented challenges. As a result of this, researchers investigated the effects of COVID-19 on a variety of important macroeconomic factors pertaining to the Nigerian economy between March 2020 and July 2022. The Nigeria Centre for Disease Control (NCDC) and the World Health Organization (WHO) were the sources of information regarding the number of cases of Covid-19. The Central Bank of Nigeria was the source of information regarding the value of the country's currency, the interest rate, and the inflation rate (CBN). After subjecting the data to a battery of econometric tests. The number of deaths caused by COVID-19 had a significant impact on interest rates, in contrast to the very little impact that confirmed cases of the virus had. There was a statistically and clinically significant association between COVID-19 validated cases and the inflation rate in Nigeria. This correlation was seen in the country. Additionally, the COVID-19 pandemic Granger was the cause of macroeconomic indices such as Nigeria's currency rate and interest rate respectively. According to the findings of this study, it is thus feasible to draw the conclusion that the COVID-19 outbreak had an effect on the naira as well as interest rates and inflation in Nigeria. According to the results of the investigation, the authors of the paper came to the conclusion that in order to keep prices stable despite the continuing pandemic, the government of Nigeria should adopt more stringent fiscal and monetary policies.