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Nigeria is a country whose revenue base is woven around the oil sector. Consequently, any shock to the international price of oil definitely affects the reserve position of the country. Our major motivation for this study is therefore anchored on the volatile nature of the country's reserves and how domestic monetary variables respond to shocks in the external reserves as well as possible reverse responses of external reserves to changes in monetary variables. Using monthly series over a perioddoi:10.20448/journal.511.2021.81.1.11 fatcat:4qyulofxdnc43bmtfsjn2sgyg4