International Journal of Current Research and Review
ISSN: 2231-2196 (Print)ISSN: 0975-5241 (Online)
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IJCRR - Vol 04 Issue 23, December, 2012

Pages: 01-08

Date of Publication: 15-Dec-2012

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Author: Akabom ITA Asuquo, Arzizeh Tiesieh Tapang

Category: General Sciences

Abstract:The study investigated foreign exchange rate risk exposure and the performance of 30 ampled Nigerian companies for the period of 2002-2011. The study further investigated the difference in exposure by financial and non-financial firms. The study made use of descriptive and analytical research design and samples were drawn out of the population using random sampling method. A simple linear regression approach of measuring economic exposure as slope co-efficient of the regression of stock returns on exchange rates movements was used. The study utilized three alternative currency exchange rates, viz; the US Dollar, UK pound sterling and Euro effective record exchange rates. The study revealed that Nigerian listed companies are generally exposed to adverse exchange rate risk of the three currencies under consideration, with a higher magnitude of exposure to the US dollar. The study concluded that exchange rate instability is a significant hindrance to corporate performance. Hence, it was recommended that Nigerian companies should try and identify the kind of risk they are exposed to (translational exposure), then employ devices such as hedging, monetary balance, matching receipt and payment, Naira invoicing, currency swap among others in dealing with these risks.

Keywords: Exchange rate risk exposure, Hedging, Monetary balance, Matching receipt and payment, Naira invoicing, Currency swap

Full Text:

In Nigeria, foreign exchange management policies have traversed the extremes of fixed and flexible regimes with a view to preserve the value of the domestic currency, the naira; maintain a favourable external reserve position and ensure price stability. It shifted from a fixed regime in the 1960s to a pegged arrangement between the 1970s and the mid 1980s. The fixed exchange rate regime induced an over valuation of the naira, necessitating it being supported by exchange control regulations that engendered significant distortion in the economy that gave vent to massive importation of finished goods with adverse consequences for domestic production; balance of payment position and the nation's external reserves level. Moreover, the period was bedeviled with sharp practices perpetrated by dealers and end-users of foreign exchange. These and many other problems led to the adoption of the Structural Adjustment Programme (SAP) in 1986, aimed at revamping the ailing economy, eliminating distortion in the economy and creation of stable growth in the economy. Since 1986, exchange rate management has passed through many flexible regimes of managed float, without any strong commitment to defending any particular parity, being the predominant characteristic of the floating regime in Nigeria. The resultant of the foregoing has been unstable movements in exchange rate occasioned by incessant regime changes over the years. Variability in exchange rate is a major source of macroeconomic uncertainty affecting firms. The implication of considerable exchange rate fluctuations over the last three decades, which is of policy and research relevance in Nigeria, is its risk exposure to domestic agents. More specifically it is widely believed that changes in exchange rates have important implication for financial decision-making and for the profitability (Asuquo, 2012). Again, as explained by Asuquo (2012), exchange rate is the price of foreign currency in terms of the domestic currency. Like other prices in a market economy, it sends signals that affect consumption and investment decisions and, therefore, influences the composition and value of aggregate demand and supply, as well as the performances of those firms that are engaged in these activities. Adler and Dumas (1984) define a firm exposure to exchange rate risks when its share value is influenced by Changes in currency values. There are theoretically various channels through which the exchange rate might affect profitability of a firm. Firms that export to foreign markets may benefit from a depreciation of the local currency if its products become more affordable to foreign consumers. On the other hand, firms that rely on imported intermediate products may see their profits shrink as a consequence of increasing cost of production. The price of currency can either rise or fall, therefore leading to an appreciation or depreciation of exchange rate. These continuous changes do have either positive or negative effect on firms. The problem the study is analyzing is “the extent to which changes in exchange rate affect the performance of Nigerian companies”. This study was aimed at determining the relationship between exchange rate risk exposure and the performance of Nigerian companies. In view of the objectives of the study, this null research hypothesis was tested: There is no significant relationship between exchange rate exposure and profitability of Nigerian companies.

A brief review of exchange rate policy in Nigeria

Nigeria adopted Structural Adjustment Programme (SAP) in September, 1986 due to previous failures in macroeconomic policies on the pursuant of a realistic exchange rate. With the introduction of SAP, the second -tier Foreign Exchange Market (SFEM) was established and was expected to produce a market-determined exchange rate that would remove the overvaluation of the naira which persisted in the pre-SAP era. A fixed rate of 22/$1 was reintroduced after various policies ranging from dual exchange rate to unified exchange rate system were adopted in 1987. Due to inherent abuses and bureaucratic bottlenecks associated with regulation the system short-lived. In 1995, the Autonomous Foreign exchange Market (AFEM) was introduced following the promulgation of foreign exchange decrees 17 of 1995 (monitoring and miscellaneous provisions) and the abolition of exchange control Act of 1962. Under the Autonomous Foreign exchange market, the CBN was to intervene in the market as short notice. Failure of AFEM led to the formation of Inter-bank foreign market (IFEM) whose aim among others, was depending on interbank foreign market as well as having a stable naira exchange rate. Negative developments in IFEM led to its abandonment and the re-introduction of DAS in July 2002 to address the failure of IFEM. DAS was specifically geared towards achieving the following: determination of exchange rate of naira, conserve external reserve position, ensure stability in naira rate etc. Having operated DAS for about three and half years, CBN in 2005 introduced the wholesale Dutch auction system (WDAS) which has since being in existence (Udoayang, Akpanuko and Asuquo, 2009).

Exchange rate risk exposure: Empirical Review
Economic theory postulates that under a floating exchange rate regime, exchange rate affects the competitiveness of firms, especially those engaged in international trade. Home currency depreciation promotes the competitiveness of firms in home country by allowing them to undercut prices charged for goods manufactured abroad (Luehrman, 1991). On the other hand, exchange rate appreciation reduces the competitiveness of export markets; it has a negative effect on the domestic stock market. Conversely, if the country is denominated, exchange rate appreciation may have effect on the stock market by lowering input costs. Thus, an increase in the value of the home country firm in response to a real drop in the value of the home currency. A considerable number of studies aimed at testing the foregoing postulates have been conducted to determine the exposure of firms to exchange rate movements. Below are some reviews of the extent literature on exchange rate risk exposure undertaken. Luehrman (1991) tested the hypothesis that an exogenous real home currency depreciation enhance the competitiveness of home country manufacturers vis a vis foreign competitors. His findings did not support the hypothesis. Firms did not benefit from a depreciation of the home currency. On the contrary a significant decline in the market share of the industry was found in a depreciation of the home currency. The only study to my knowledge that explains exchange rate risk exposure of firms from African perspective is that of Zubeiru, kofi and Adjasi (2007) for the Ghanaian firms. They examined the foreign exchange exposure of listed companies on the Ghana stock exchange over a period of January 1999 to December 2004. The researchers used different exchange rate measures namely; the cedi to US dollar, the cedi to UK pounds sterling, the cedi to euro and a tradeweighted exchange rate index to determine the degree of exposure. The Jorion (1990) two-factor model which regresses the returns on a firm against changes in the exchange rate and return on the market was used to estimate the exchange rate exposure for the sample of twenty firm used in the study. About 55 percent of firms in the sample have a statistical significant exposure to the US dollar, 35 percent were statistically exposed to the UK pounds sterling and the rest euro. The sector specific exposure showed that manufacturing and retail sector were significantly exposed to the US dollar exchange rate risk. Though the financial sector did not show any effect to any of the international currencies.

Determinants of Exchange
Rate Differentials in inflation:

As a general rule, a country with a constantly lower inflation rate exhibits a rising currency value, as its purchasing power increases relation to other currencies. Countries with higher inflation typically see depreciation in their currency in relation to the currencies of their trading partners.

Differentials in interest rates:
Interest rate, exchange rate and inflation are all highly correlated. By manipulating interest rates, central banks exert influence over both inflation and exchange rate, and changing interest rates impact on inflation and currency values. High interest rates attract foreign capital and cause the exchange rate to rise while low interest rate tends to decrease exchange rate. However, the monetary theories attempt to explain changes in exchange rates in terms of changes in the demand and supply of money between two countries (Asuquo, 2012).

Current - Account Deficits:
The current account is the balance of trade between countries, reflecting all payment between countries for goods, services, interest and dividends. A deficit in the current account shows the country is spending more on foreign trade than it is earning and that it is borrowing capital from foreign sources to make up the deficit. The excess demand for foreign currency lowers the country's exchange rate.

Public Debt: Countries will engage in large scale deficit financing to pay for public sector projects and governmental funding. A large debt encourages inflation and if inflation is high change in exchange rate.

Terms of trade: A ratio comparing export price to import prices the terms of trade is related to the current account and balance of payment. A favourably term of trade shows greater demand for country's export. And, this union results in rising revenues from exports, which provides increase in value and demand of country's currency. It should be noted that the international transfer price plays important role in determining the ratio of export price to import price in Tran border trade as well as international taxation (Udoayang, Akpanuko and Asuquo, 2009).

Political stability and economic performance:
Foreign investors inevitably seek out stable countries with strong economic performance in which to invest their capital. Countries with positive attribute will draw investment funds away from others perceived to have more political and economic risk and the international transfer price would in turn affect the economic performance subsidiary firms that depend on the parent for operational requirement (Udoayang, Akpanuko and Asuquo, 2009).

In this research work, the descriptive and analytical research designs were employed. The descriptive method transformed raw data into a form that makes them easy to understand, analyzed and interpreted. The analytical method on the other hand made use of analytical tools for data processing and attempted to measure the statistical significance of the various independent variables on the dependent variable. These methods were chosen because our basic objective was to empirically determine the relationship between exchange rate risk exposure and the performance of Nigerian companies. This study employed secondary data sourced from Annual reports, Accounts of sampled companies and Nigerian Stock Exchange (NSE) Fact-books on quoted companies. The financial data on EPS of the 30 sampled companies were also extracted from secondary sources.

Model specification
The specified model for the study read thus:
Rit = ai + biExit + eit
Rit = Stock return for companies
ai = Constant term
Ext = Percentage change in exchange rate.
bi = The sensitivity of a company I's

stock returns to exchange rate movements.


The model Rit = ai + biExit + eit was estimated by ordinary least square regression method. First we regressed real effective exchange rate change of the three foreign currencies respectively on all sampled values. Then samples were divided into two groups as financial and non-financial firms and exchange rate sensitivity of each group was examined. Table 1 to table 3 above respectively present summary statistics of sampled firms’ sensitivity to movements of the Nigerian naira to the US dollar, the Naira to UK pound and the Naira to the euro. Table 1 above presents estimate of exchange rate sensitivity of Nigerian listed firms to movement in Naira/US dollar real effective exchange rate. Column 2 of the table presents results for all sampled firms, while column 3 and 4 respectively indicated results for the sub-sample divisions into financial and non-financial firm. Exchange rate risk exposure co-efficient for all firms range between -0.012 and 0.644 with mean value of 0.222 as indicated in the table a total of 27 out of 30 sampled firms indicated a statistically significant dollar exchange rate exposure representing 88% of total sampled firms. Further, 11 (40.7%) were positively exposed while 16 (59.3%) were adversely exposed to the dollar. For the financial sector firms, exposure coefficients range between -0.316 and 0.827 with mean value 0.221.41. (78.8%) of 14 financial firms were statistically sensitive to dollar exchange rate movements. 5 firms positively exposed while the remaining 7 were adversely exposed. The non-financial firms indicated a mean exchange rate exposure coefficient of 0.3332.62 (95.3%) of the 16 sampled nonfinancial firms was significantly exposed to US dollar exchange rate. Out of these 6 (38.7%) were favourably exposed while 9(61.3%) were adversely exposed to the dollar exchange rates. The summary of results presented above indicated that majority of Nigerian listed firms' returns are sensitive to dollar exchange rate with the largest proportion being adversely exposed. The result failed to indicate any significant differences in pattern of exposure between the financial and non-financial firms, thus providing no evidence to support the thesis that financial firms possess requisites to hedge exchange rates risks. However, non-financial firms have a higher value of mean exposure coefficient compared to the financial sector. Table 2 and Table 3 respectively present results of Nigeria firms’ sensitivity to changes in UK sterling and Euro real effective exchange rates. Similar to the result represented above, Nigeria’s listed firms are generally exposed to risk of exchange rates movement. 23 (75.2%) of total sampled firms were significantly exposed to risk in UK pound sterling exchange rate movement while 16(53.8%) were significantly exposed to the Euro. In general terms, large proportion of exposure incidence were adverse exposure, indicating that exchange rate instability is significant hindrance to corporate performance in Nigerian listed firms. Overall regression equations have good statistical fit with the t values significant for most variables. The adjusted R2 and R were sufficiently high indicating that the independent variables explained sufficient quantity of the variations in the dependent variables. Durbin Watson statistic (DW) also revealed the absence of serious auto correlation for all the equations. These test results showed the reliability of our estimate equations in modeling the problem under investigation.

This study concluded that exchange rate instability is significant hindrance to corporate performance in Nigerian listed companies. For policy monitoring, exchange rates management should emphasize achieving sustainable stability in exchange rate movement. The presence of risk in business is something that cannot be avoided; it only becomes a problem when it cannot be controlled. Our recommendation for companies whose rate of profitability is negatively affected by exchange rate risk exposure is that, they should try and identify the kind of risk they are exposed to (translational exposure), then employ devices such as hedging, monetary balance, matching receipt and payment, Naira invoicing, currency swap among other in controlling these risks.

Authors acknowledge the immense help received from the scholars whose articles are cited and in references of the manuscript. The authors are also grateful to authors/editors/publishers of all those articles, and books from where the literature for this article has been reviewed and discussed.


1. Adler, M. and Duma, G. (1984). Mark ups and exposure. Review of Financial Studies, 14(3), 805-835.

2. Asuquo, A. I. (2012). Impact Analysis of Interest Rate on the Net Assets of Multinational Businesses in Nigeria. IISTE: International Institute for Science, Technology and Education 3(7).

3. Asuquo, A. I (2012). Inflation accounting and control through monetary policy measures in Nigeria: Multi-regression analysis (1973- 2010). IOSR Journal of Business and Management (IOSRJBM), 1(2), 53-62.

4. Jorion, P. (1990). The pricing of Exchange Rate Risk in Stock Market. Journal and Financial and Quantitative Analysis, 363- 376.

5. Luehrman, T. A. (1991). Exchange rate changes and the distribution of industry value. Journal of International Business Studies, 2(8), 25-45.

6. Udoayang, J. O., Akpanuko, E. E. and Asuquo, A. I. (2009). Multinational transfer pricing and international taxation: What, why, how and reporting challenges. Africa Research Review: An International MultiDisciplinary Journal. 3 (5), 165-181.

7. Zubeiru, k. and Adjasi, F. (2007). International competition and exchange rate shocks: A cross-country industry analysis of stock returns. Review of Financial Studies, 14(3), 145-147.


Dr. Pramod Kumar Manjhi joined Editor-in-Chief since July 2021 onwards

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Awards, Research and Publication incentive Schemes by IJCRR

Best Article Award: 

One article from every issue is selected for the ‘Best Article Award’. Authors of selected ‘Best Article’ are rewarded with a certificate. IJCRR Editorial Board members select one ‘Best Article’ from the published issue based on originality, novelty, social usefulness of the work. The corresponding author of selected ‘Best Article Award’ is communicated and information of award is displayed on IJCRR’s website. Drop a mail to for more details.

Women Researcher Award:

This award is instituted to encourage women researchers to publish her work in IJCRR. Women researcher, who intends to publish her research work in IJCRR as the first author is eligible to apply for this award. Editorial Board members decide on the selection of women researchers based on the originality, novelty, and social contribution of the research work. The corresponding author of the selected manuscript is communicated and information is displayed on IJCRR’s website. Under this award selected women, the author is eligible for publication incentives. Drop a mail to for more details.

Emerging Researcher Award:

‘Emerging Researcher Award’ is instituted to encourage student researchers to publish their work in IJCRR. Student researchers, who intend to publish their research or review work in IJCRR as the first author are eligible to apply for this award. Editorial Board members decide on the selection of student researchers for the said award based on originality, novelty, and social applicability of the research work. Under this award selected student researcher is eligible for publication incentives. Drop a mail to for more details.

Best Article Award

A Study by Humaira Tahir et al. entitled "Comparison of First Analgesic Demand after Major Surgeries of Obstetrics and Gynecology between Pre-Emptive Versus Intra-Operative Groups by Using Intravenous Paracetamol: A Cross-Sectional Study" is awarded Best Article for Vol 14 issue 14
A Study by Monica K. entitled "Risk Predictors for Lymphoma Development in Sjogren Syndrome - A Systematic Review" is awarded Best Article for Vol 14 issue 13
A Study by Mokhtar M Sh et al. entitled "Prevalence of Hospital Mortality of Critically Ill Elderly Patients" is awarded Best Article for Vol 14 issue 12
A Study by Vidya S. Bhat et al. entitled "Effect of an Indigenous Cleanser on the Microbial Biofilm on Acrylic Denture Base - A Pilot Study" is awarded Best Article for Vol 14 issue 11
A Study by Pandya S. et al. entitled "Acute and 28-Day Repeated Dose Subacute Toxicological Evaluation of Coroprotect Tablet in Rodents" is awarded Best Article for Vol 14 issue 10
A Study by Muhammad Zaki et al. entitled "Effect of Hemoglobin Level on the Severity of Acute Bronchiolitis in Children: A Case-Control Study" is awarded Best Article for Vol 14 issue 09
A Study by Vinita S & Ayushi S entitled "Role of Colour Doppler and Transvaginal Sonography for diagnosis of endometrial pathology in women presenting with Abnormal Uterine Bleeding" is awarded Best Article for Vol 14 issue 08
A Study by Prabhu A et al. entitled "Awareness of Common Eye Conditions among the ASHA (Accredited Social Health Activist) Workers in the Rural Communities of Udupi District- A Pilot Study" is awarded Best Article for Vol 14 issue 07
A Study by Divya MP et al. entitled "Non-Echoplanar Diffusion-Weighted Imaging and 3D Fiesta Magnetic Resonance Imaging Sequences with High Resolution Computed Tomography Temporal Bone in Assessment and Predicting the Outcome of Chronic Suppurative Otitis Media with Cholesteatoma" is awarded Best Article for Vol 14 issue 06
A Study by Zahoor Illahi Soomro et al. entitled "Functional Outcomes of Fracture Distal Radius after Fixation with Two Different Plates: A Retrospective Comparative Study" is awarded Best Article for Vol 14 issue 05
A Study by Ajai KG & Athira KN entitled "Patients’ Gratification Towards Service Delivery Among Government Hospitals with Particular Orientation Towards Primary Health Centres" is awarded Best Article for Vol 14 issue 04
A Study by Mbungu Mulaila AP et al. entitled "Ovarian Pregnancy in Kindu City, D.R. Congo - A Case Report" is awarded Best Article for Vol 14 issue 03
A Study by Maryam MJ et al. entitled "Evaluation Serum Chemerin and Visfatin Levels with Rheumatoid Arthritis: Possible Diagnostic Biomarkers" is awarded Best Article for Vol 14 issue 02
A Study by Shanthan KR et al. entitled "Comparison of Ultrasound Guided Versus Nerve Stimulator Guided Technique of Supraclavicular Brachial Plexus Block in Patients Undergoing Upper Limb Surgeries" is awarded Best Article for Vol 14 issue 01
A Study by Amol Sanap et al. entitled "The Outcome of Coxofemoral Bypass Using Cemented Bipolar Hemiarthroplasty in the Treatment of Unstable Intertrochanteric Fracture of Femur in a Rural Setup" is awarded Best Article Award of Vol 13 issue 24
A Study by Manoj KP et al. entitled "A Randomized Comparative Clinical Trial to Know the Efficacy of Ultrasound-Guided Transversus Abdominis Plane Block Against Multimodal Analgesia for Postoperative Analgesia Following Caesarean Section" is awarded Best Article Award of Vol 13 issue 23
A Study by Karimova II et al. entitled "Changes in the Activity of Intestinal Carbohydrases in Alloxan-Induced Diabetic Rats and Their Correction with Prenalon" is awarded Best Article of Vol 13 issue 22
A Study by Ashish B Roge et al. entitled "Development, Validation of RP-HPLC Method and GC MS Analysis of Desloratadine HCL and It’s Degradation Products" is awarded Best Article of Vol 13 issue 21
A Study by Isha Gaurav et al. entitled "Association of ABO Blood Group with Oral Cancer and Precancer – A Case-control Study" is awarded Best Article for Vol 13 issue 20
A Study by Amr Y. Zakaria et al. entitled "Single Nucleotide Polymorphisms of ATP-Binding Cassette Gene(ABCC3 rs4793665) affect High Dose Methotrexate-Induced Nephrotoxicity in Children with Osteosarcoma" is awarded Best Article for Vol 13 issue 19
A Study by Kholis Ernawati et al. entitled "The Utilization of Mobile-Based Information Technology in the Management of Dengue Fever in the Community Year 2019-2020: Systematic Review" is awarded Best Article for Vol 13 issue 18
A Study by Bhat Asifa et al. entitled "Efficacy of Modified Carbapenem Inactivation Method for Carbapenemase Detection and Comparative Evaluation with Polymerase Chain Reaction for the Identification of Carbapenemase Producing Klebsiella pneumonia Isolates" is awarded Best Article for Vol 13 issue 17
A Study by Gupta R. et al. entitled "A Clinical Study of Paediatric Tracheostomy: Our Experience in a Tertiary Care Hospital in North India" is awarded Best Article for Vol 13 issue 16
A Study by Chandran Anand et al. entitled "A Prospective Study on Assessment of Quality of Life of Patients Receiving Sorafenib for Hepatocellular Carcinoma" is awarded Best article for Vol 13 issue 15
A Study by Rosa PS et al. entitled "Emotional State Due to the Covid – 19 Pandemic in People Residing in a Vulnerable Area in North Lima" is awarded Best Article for Vol 13 issue 14
A Study by Suvarna Sunder J et al. entitled "Endodontic Revascularization of Necrotic Permanent Anterior Tooth with Platelet Rich Fibrin, Platelet Rich Plasma, and Blood Clot - A Comparative Study" is awarded Best Article for Vol 13 issue 13
A Study by Mona Isam Eldin Osman et al. entitled "Psychological Impact and Risk Factors of Sexual Abuse on Sudanese Children in Khartoum State" is awarded Best Article for Vol 13 issue 12
A Study by Khaw Ming Sheng & Sathiapriya Ramiah entitled "Web Based Suicide Prevention Application for Patients Suffering from Depression" is awarded Best Article for Vol 13 issue 11
A Study by Purushottam S. G. et al. entitled "Development of Fenofibrate Solid Dispersions for the Plausible Aqueous Solubility Augmentation of this BCS Class-II Drug" is awarded Best article for Vol 13 issue 10
A Study by Kumar S. et al. entitled "A Study on Clinical Spectrum, Laboratory Profile, Complications and Outcome of Pediatric Scrub Typhus Patients Admitted to an Intensive Care Unit from a Tertiary Care Hospital from Eastern India" is awarded Best Article for Vol 13 issue 09
A Study by Mardhiah Kamaruddin et al. entitled "The Pattern of Creatinine Clearance in Gestational and Chronic Hypertension Women from the Third Trimester to 12 Weeks Postpartum" is awarded Best Article for Vol 13 issue 08
A Study by Sarmila G. B. et al. entitled "Study to Compare the Efficacy of Orally Administered Melatonin and Clonidine for Attenuation of Hemodynamic Response During Laryngoscopy and Endotracheal Intubation in Gastrointestinal Surgeries" is awarded Best Article for Vol 13 issue 07
A Study by M. Muthu Uma Maheswari et al. entitled "A Study on C-reactive Protein and Liver Function Tests in Laboratory RT-PCR Positive Covid-19 Patients in a Tertiary Care Centre – A Retrospective Study" is awarded Best Article of Vol 13 issue 06 Special issue Modern approaches for diagnosis of COVID-19 and current status of awareness
A Study by Gainneos PD et al. entitled "A Comparative Evaluation of the Levels of Salivary IgA in HIV Affected Children and the Children of the General Population within the Age Group of 9 – 12 Years – A Cross-Sectional Study" is awarded Best Article of Vol 13 issue 05 Special issue on Recent Advances in Dentistry for better Oral Health
A Study by Alkhansa Mahmoud et al. entitled "mRNA Expression of Somatostatin Receptors (1-5) in MCF7 and MDA-MB231 Breast Cancer Cells" is awarded Best Article of Vol 13 issue 06
A Study by Chen YY and Ghazali SRB entitled "Lifetime Trauma, posttraumatic stress disorder Symptoms and Early Adolescence Risk Factors for Poor Physical Health Outcome Among Malaysian Adolescents" is awarded Best Article of Vol 13 issue 04 Special issue on Current Updates in Plant Biology to Medicine to Healthcare Awareness in Malaysia
A Study by Kumari PM et al. entitled "Study to Evaluate the Adverse Drug Reactions in a Tertiary Care Teaching Hospital in Tamilnadu - A Cross-Sectional Study" is awarded Best Article for Vol 13 issue 05
A Study by Anu et al. entitled "Effectiveness of Cytological Scoring Systems for Evaluation of Breast Lesion Cytology with its Histopathological Correlation" is awarded Best Article of Vol 13 issue 04
A Study by Sharipov R. Kh. et al. entitled "Interaction of Correction of Lipid Peroxidation Disorders with Oxibral" is awarded Best Article of Vol 13 issue 03
A Study by Tarek Elwakil et al. entitled "Led Light Photobiomodulation Effect on Wound Healing Combined with Phenytoin in Mice Model" is awarded Best Article of Vol 13 issue 02
A Study by Mohita Ray et al. entitled "Accuracy of Intra-Operative Frozen Section Consultation of Gastrointestinal Biopsy Samples in Correlation with the Final Histopathological Diagnosis" is awarded Best Article for Vol 13 issue 01
A Study by Badritdinova MN et al. entitled "Peculiarities of a Pain in Patients with Ischemic Heart Disease in the Presence of Individual Combines of the Metabolic Syndrome" is awarded Best Article for Vol 12 issue 24
A Study by Sindhu Priya E S et al. entitled "Neuroprotective activity of Pyrazolone Derivatives Against Paraquat-induced Oxidative Stress and Locomotor Impairment in Drosophila melanogaster" is awarded Best Article for Vol 12 issue 23
A Study by Habiba Suhail et al. entitled "Effect of Majoon Murmakki in Dysmenorrhoea (Usre Tams): A Standard Controlled Clinical Study" is awarded Best Article for Vol 12 issue 22
A Study by Ghaffar UB et al. entitled "Correlation between Height and Foot Length in Saudi Population in Majmaah, Saudi Arabia" is awarded Best Article for Vol 12 issue 21
A Study by Siti Sarah Binti Maidin entitled "Sleep Well: Mobile Application to Address Sleeping Problems" is awarded Best Article for Vol 12 issue 20
A Study by Avijit Singh"Comparison of Post Operative Clinical Outcomes Between “Made in India” TTK Chitra Mechanical Heart Valve Versus St Jude Mechanical Heart Valve in Valve Replacement Surgery" is awarded Best Article for Vol 12 issue 19
A Study by Sonali Banerjee and Mary Mathews N. entitled "Exploring Quality of Life and Perceived Experiences Among Couples Undergoing Fertility Treatment in Western India: A Mixed Methodology" is awarded Best Article for Vol 12 issue 18
A Study by Jabbar Desai et al. entitled "Prevalence of Obstructive Airway Disease in Patients with Ischemic Heart Disease and Hypertension" is awarded Best Article for Vol 12 issue 17
A Study by Juna Byun et al. entitled "Study on Difference in Coronavirus-19 Related Anxiety between Face-to-face and Non-face-to-face Classes among University Students in South Korea" is awarded Best Article for Vol 12 issue 16
A Study by Sudha Ramachandra & Vinay Chavan entitled "Enhanced-Hybrid-Age Layered Population Structure (E-Hybrid-ALPS): A Genetic Algorithm with Adaptive Crossover for Molecular Docking Studies of Drug Discovery Process" is awarded Best article for Vol 12 issue 15
A Study by Varsha M. Shindhe et al. entitled "A Study on Effect of Smokeless Tobacco on Pulmonary Function Tests in Class IV Workers of USM-KLE (Universiti Sains Malaysia-Karnataka Lingayat Education Society) International Medical Programme, Belagavi" is awarded Best article of Vol 12 issue 14, July 2020
A study by Amruta Choudhary et al. entitled "Family Planning Knowledge, Attitude and Practice Among Women of Reproductive Age from Rural Area of Central India" is awarded Best Article for special issue "Modern Therapeutics Applications"
A study by Raunak Das entitled "Study of Cardiovascular Dysfunctions in Interstitial Lung Diseas epatients by Correlating the Levels of Serum NT PRO BNP and Microalbuminuria (Biomarkers of Cardiovascular Dysfunction) with Echocardiographic, Bronchoscopic and HighResolution Computed Tomography Findings of These ILD Patients" is awarded Best Article of Vol 12 issue 13 
A Study by Kannamani Ramasamy et al. entitled "COVID-19 Situation at Chennai City – Forecasting for the Better Pandemic Management" is awarded best article for  Vol 12 issue 12
A Study by Muhammet Lutfi SELCUK and Fatma entitled "Distinction of Gray and White Matter for Some Histological Staining Methods in New Zealand Rabbit's Brain" is awarded best article for  Vol 12 issue 11
A Study by Anamul Haq et al. entitled "Etiology of Abnormal Uterine Bleeding in Adolescents – Emphasis Upon Polycystic Ovarian Syndrome" is awarded best article for  Vol 12 issue 10
A Study by entitled "Estimation of Reference Interval of Serum Progesterone During Three Trimesters of Normal Pregnancy in a Tertiary Care Hospital of Kolkata" is awarded best article for  Vol 12 issue 09
A Study by Ilona Gracie De Souza & Pavan Kumar G. entitled "Effect of Releasing Myofascial Chain in Patients with Patellofemoral Pain Syndrome - A Randomized Clinical Trial" is awarded best article for  Vol 12 issue 08
A Study by Virendra Atam et. al. entitled "Clinical Profile and Short - Term Mortality Predictors in Acute Stroke with Emphasis on Stress Hyperglycemia and THRIVE Score : An Observational Study" is awarded best article for  Vol 12 issue 07
A Study by K. Krupashree et. al. entitled "Protective Effects of Picrorhizakurroa Against Fumonisin B1 Induced Hepatotoxicity in Mice" is awarded best article for issue Vol 10 issue 20
A study by Mithun K.P. et al "Larvicidal Activity of Crude Solanum Nigrum Leaf and Berries Extract Against Dengue Vector-Aedesaegypti" is awarded Best Article for Vol 10 issue 14 of IJCRR
A study by Asha Menon "Women in Child Care and Early Education: Truly Nontraditional Work" is awarded Best Article for Vol 10 issue 13
A study by Deep J. M. "Prevalence of Molar-Incisor Hypomineralization in 7-13 Years Old Children of Biratnagar, Nepal: A Cross Sectional Study" is awarded Best Article for Vol 10 issue 11 of IJCRR
A review by Chitra et al to analyse relation between Obesity and Type 2 diabetes is awarded 'Best Article' for Vol 10 issue 10 by IJCRR. 
A study by Karanpreet et al "Pregnancy Induced Hypertension: A Study on Its Multisystem Involvement" is given Best Paper Award for Vol 10 issue 09

List of Awardees

A Study by Ese Anibor et al. "Evaluation of Temporomandibular Joint Disorders Among Delta State University Students in Abraka, Nigeria" from Vol 13 issue 16 received Emerging Researcher Award

A Study by Alkhansa Mahmoud et al. entitled "mRNA Expression of Somatostatin Receptors (1-5) in MCF7 and MDA-MB231 Breast Cancer Cells" from Vol 13 issue 06 received Emerging Researcher Award

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Disclaimer: International Journal of Current Research and Review (IJCRR) provides platform for researchers to publish and discuss their original research and review work. IJCRR can not be held responsible for views, opinions and written statements of researchers published in this journal.


International Journal of Current Research and Review (IJCRR) provides platform for researchers to publish and discuss their original research and review work. IJCRR can not be held responsible for views, opinions and written statements of researchers published in this journal


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