This paper examines how the management of exchange rate in Nigeria has impacted the economy between 1980 and 2015. The study employed the Ordinary Least Square (OLS) method in its analysis. Co-integration and Error Correction Techniques were used to establish the Short-run and Long-run relationships between economic growth and other relevant economic indicators. The result revealed that exchange rate management proxy by various exchange rates regimes in Nigeria was not germane to economic growth. Rather, government expenditure, inflation rate, money supply and foreign direct investment significantly impacted on economic growth in Nigeria. It is against this backdrop that the Nigerian economy should diversify her export base to create room for more inflow of foreign exchange.