This study examines the impact of exchange rate fluctuations on economic growth in Nigeria using annual time series data from 1980 to 2023. The Autoregressive Distributed Lag (ARDL) method was employed to analyze the long-run and short-run relationships. The Bounds testing approach confirmed a long-run cointegration among the variables. Findings reveal that exchange rate depreciation has a significant negative effect on economic growth in the long run, while showing mixed effects in the short run. Control variables such as inflation, trade openness, foreign direct investment, and oil prices positively influence growth, whereas interest rates exert a negative impact. The study recommends implementing stable exchange rate policies, diversifying the economy away from oil dependence, and strengthening institutional frameworks to mitigate volatility and enhance sustainable growth.