The study looked at how changes in exchange rates affect prices in Nigeria. They found that the impact of exchange rate changes on import and consumer prices is low but significant. Import prices are affected more than consumer prices. A 1% change in exchange rates leads to a 14.3% increase in import prices and a 10.5% decrease in consumer prices after four quarters. This suggests that prices in Nigeria don't change as much as expected when the exchange rate changes, which is important for policymakers to consider when making decisions about monetary policy.