Exchange rate instability in Nigeria is harming economic growth. This study looked at how different exchange rate systems affect economic growth from 1981 to 2015. They used a method called FMOLS to analyze the data. The results showed that exchange rate, external reserve, money supply, and capital input all have a significant impact on Nigeria's economic growth. Labor, on the other hand, does not have a significant impact. The study suggests that using a managed floating exchange rate system would help improve domestic production and increase Nigeria's external reserves. The researchers also recommend that the Central Bank of Nigeria should avoid changing exchange rate systems frequently, and the government should focus on building up external reserves instead of sharing oil earnings between different levels of government.