This study aims at testing the weak form of efficient market hypothesis in the Nigerian capital market. The scope of the study consist of all securities traded on the floor of the Nigerian Stock Exchange and the month end value of the All Share Index from 2001 – 2010 constitute the data analyzed. The serial correlation technique of data analysis was used to test for independence of successive price movement and the distributive pattern while runs test was used to test for randomness of share price movement. The result of the serial correlation shows that the correlation coefficients did not violate the two-standard error test. Furthermore, the Box-Ljung statistic shows that none of the serial correlation coefficients was significant and the Box pierce Q statistics shows that the overall significance of the serial correlation test was poor while the result of the distribution pattern shows that stock price movements are approximately normal. on the basis of  this findings ,we conclude that successive price changes of stocks traded on the floor of the Nigerian Capital Market are independent and random therefore, the Nigerian Capital Market is efficient in the weak-form.

This paper examines the determinants and impact of FDI in Nigeria from 1970 through 2009. As a tool for economic development and means of bridging the gaps between the rich and poor nations, emerging economies grant special incentives to attract FDI, but the empirical literature is controversial about the effect of FDI on the growth and development of emerging economies. This study utilizes the Vector Error Correction Model (VECM) to examine this issue. Granger causality methodology was used to analyze and establish the nature of relationship (if any) between FDI and its determinants on one side and economic development on the other. Our empirical analysis reveals that macroeconomic variables (exchange rate, interest rate, inflation) and openness of the economy are among the major and important factors that determine the inflow of FDI into Nigeria during these periods. The GDP and government size exhibited positive but insignificant influence on FDI. The analysis revealed the presence of a long-run equilibrium relationship between FDI and GDP, but FDI does not have any significant effect on the growth as well as the development of Nigeria economy during this period. The study therefore recommends that government should ensure stable macroeconomic policies (as motivating factor for the attraction of FDI into Nigeria) and also increase its expenditure in the area of infrastructural development as ways to accelerate the growth of Nigerian economy which will reduce the excessive dependence of Nigeria on FDI.

This study looked at the effect of the global financial meltdown on the Nigerian money market. To start with, it identified the major problems associated with the Global financial crisis and its effects on the Nigeria economy. As the crisis affect trade and investment flows, the Nigerian money market have so far triggered a rebound and allayed panic about the systemic financial collapse. The Ordinary Least Square (OLS) technique of regression analysis was adopted in analyzing the empirical data for Non-crisis period from 2000-2005 and the crisis period from 2006-2009 after necessary adjustment were carried out on the relevant data. Money supply/Gross Domestic Product (which stands as proxy for the impact of the Global financial meltdown) serves as the dependent variable while other money market indicators (TBs, CPs, Bas, CDs, BLR and INF) serve as the explanatory variables in the first and second models. The findings from the empirical analysis showed that in the non-crisis era (2000)(2001)(2002)(2003)(2004)(2005) the explanatory variables all met apriori expectation. However, in the crisis era, only the coefficient of inflation retained its apriori sign. This implies that economic activities were adversely affected by the global financial meltdown as seen in the adverse effect on financial deepening. This in turn has a corresponding effect on the Nigerian money market, thus dis-stabilizing its indicators. This can be attributed to the failure of the Nigerian money market regulator to fulfill its primary responsibilities of supplying needed funds to critical sectors where such funds are needed during the period of financial crisis. This study therefore recommends that adequate procedures for handling systemic crisis should be drawn up promptly in preparation for contingencies. Monetary authorities should identify the vulnerabilities of the money market and safeguard its effectiveness as a means of reducing the further effects of the financial meltdown on Nigerian economy at large.

This study aimed at understanding the Nigerian Stock Market with regards to volatility and prediction, to this effect the month end stock prices of four major companies from the period January 2005 to December, 2009 was used as proxy. The study made use of the Autoregressive Conditional heteroskedasticity (ARCH) to estimate and find out the presence of volatility. The study found the presence of volatility in all the four stock prices used, while stock price volatility was then regressed against stock prices to determine their predictability. The results however, revealed that out of the four companies, only two companies' stock prices were predicted by volatility in their stock prices, while past stock prices predicted current stock prices implying that the market does not follow a random walk. As a result of these, it is recommended that activities of corporate insiders should be properly checked, to reduce the predictability of stock prices, information should be known and made public to all investors. Also policy makers are advised to review their economic policies and should be careful in their use of the Nigerian bourse as a barometer to reflect performance in the general economy as our findings suggests that this could be misleading.

ABSTRACT The study empirically examines the effect of monetary policy on the performance of insurance sector in Nigeria for the period 1985 to 2021. The error correction model (ECM) and the cointegration econometric technique were employed for the estimation of the short run and long run relationship. The empirical findings revealed that in the short run, all the hypothesized monetary policy variables (monetary policy rate, cash reserve ratio, reserve requirement, minimum rediscount rate, money supply and interest rate) failed the 5 percent significance level, suggesting that they do not have significant effect on insurance sector performance in Nigeria in the short run. On the other hands, the results of the long run model indicate that monetary policy rate, cash reserve ratio and minimum rediscount rate have significant positive relationship with insurance sector performance. However, those of reserve requirement, money supply and interest rate do not have significant relationship with the performance of insurance sector in Nigeria within the period of investigation. The study recommends among others that since the result from the study has shown that Monetary policy rate significantly impact insurance performance, it therefore follows that activities of insurance firms as well as their overall performance can be adversely impacted by monetary policy decisions if not proactively prepared for and responded to. To this end, management should evolve appropriate strategy that would enable them proactively tackle unfavourable business environment resulting in macroeconomic risks in order to avoid adverse operating losses.