cointegration vector that is consistent with the triangular arbitrage condition. In a first step, it is theoretically derived under … yield that periods of strong comovements of the US dollar and Pound sterling based upon the Euro prevail during the 1990s … and periods of comovements of Euro and Pound sterling denominated in US dollar prevail since the introduction of the Euro …

models confirm the absence of asymmetric cointegration, hence leading to the conclusion that in the case of Nigeria, there …