Financial Openness, Exchange Rate And Stock Market Returns In Nigeria

ABSTRACTThis study attempts to examine the impact of exchange rate and financial openness on stock market returns in Nigeria. The study employed annual time series data spanning the years 1985 to 2015. The methodology adopted for this study is the ordinary least square method (OLS). In the model specification we regressed changes in stock market returns on changes in the independent variables of the model such as financial openness (FOPEN), exchange rate (EXRT) and real GDP (RGDP). The results revealed a positive relationship between real GDP and financial openness on stock market returns and …