TITLE PAGE STATISTICAL ANALYSIS OF THE IMPACT OF MACRO ECONOMIC VARIABLES ON CAPITAL MARKET PERFORMANCE IN NIGERIA (1990 – 2023)
Abstract
The study aimed at carrying out a statistical analysis of the impact of macro-economic variables on capital market performance in Nigeria for the period 1990 to 2023. The documentary method of data collection was used where the data were obtained from Central Bank of Nigeria 2023 Statistical Bulletin. The data collected were analyzed using multiple linear regression analysis. The findings of the study revealed that exchange rate has a positive and significant impact on capital market performance (market capitalization and all share index). However, real GDP growth rate, broad money supply growth rate, and inflation growth rate had insignificant impacts on capital market performance indicators. Based on these findings, it was recommended among others that monetary authorities should closely monitor exchange rate fluctuations and implement policies to stabilize the exchange rate, thereby promoting a favorable environment for capital market growth. The study also recommended that The Central Bank of Nigeria (CBN) should regularly review and refine its monetary policies to ensure they are aligned with the changing dynamics of the capital market. This would help to promote a more stable and favorable environment for capital market growth, and ensure that the monetary policies are effective in achieving their intended objectives.
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