Abstract
The study specifically evaluates the trend and growth rate of naira depreciation and determines the effect of naira depreciation on agricultural productivity for the period under review (1972-2020). Using secondary data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin, Food and Agricultural Organization (FAO), and Nation Bureau of Statistics (NBS), the data were analyzed using Augmented Dickey-Fuller (ADF) unit root test, Johansen Co-integration test, Error Correction Model (ECM) and Ordinary Least Square (OLS) regression in time series analysis. The result showed a negative trend variable (-0.0407), a negative growth rate (-3.98 %) of the depreciation of the naira, and a decrease in the growth of naira depreciation which indicates that a decrease in the rate at which Naira loses it value positively affect Nigerian agriculture as It would increase exports while decreasing imports. The ECM result shows a positive effect of Government Expenditure and a negative effect of weather on Agricultural productivity. Naira depreciation has led to discouraging investment and increasing the price of agricultural production resources. It has also led to a decrease in export prices, making agricultural products less competitive in both domestic and global markets. The Federal Government alongside the Central Bank of Nigeria should put in place monetary policies that will aid in curtailing the rate at which the country’s currency loses its value.