{"id":23120,"date":"2025-11-16T09:45:39","date_gmt":"2025-11-16T09:45:39","guid":{"rendered":"https:\/\/journals.amssr.org\/grjaf\/?p=23120"},"modified":"2025-11-16T09:45:48","modified_gmt":"2025-11-16T09:45:48","slug":"impact-of-capital-market-activities-on-economy-growth-in-nigeria-a-study-of-central-bank-of-nigeria","status":"publish","type":"post","link":"https:\/\/journals.amssr.org\/grjaf\/2025\/11\/16\/impact-of-capital-market-activities-on-economy-growth-in-nigeria-a-study-of-central-bank-of-nigeria\/","title":{"rendered":"IMPACT OF CAPITAL MARKET ACTIVITIES ON\u00a0ECONOMY GROWTH IN NIGERIA: A STUDY OF CENTRAL BANK OF NIGERIA"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Download PDF <\/h2>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2025\/11\/IMPACT-OF-CAPITAL-MARKET-ACTIVITIES-ON-ECONOMY-GROWTH-IN-NIGERIA_-A-STUDY-OF-CENTRAL-BANK-OF-NIGERIA-GRJAF-AMSSRN.docx.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of IMPACT OF CAPITAL MARKET ACTIVITIES ON ECONOMY GROWTH IN NIGERIA_ A STUDY OF CENTRAL BANK OF NIGERIA GRJAF AMSSRN.docx.\"><\/object><a id=\"wp-block-file--media-12b3e561-6704-449c-921e-a3a80aa6dc9e\" href=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2025\/11\/IMPACT-OF-CAPITAL-MARKET-ACTIVITIES-ON-ECONOMY-GROWTH-IN-NIGERIA_-A-STUDY-OF-CENTRAL-BANK-OF-NIGERIA-GRJAF-AMSSRN.docx.pdf\">IMPACT OF CAPITAL MARKET ACTIVITIES ON ECONOMY GROWTH IN NIGERIA_ A STUDY OF CENTRAL BANK OF NIGERIA GRJAF AMSSRN.docx<\/a><a href=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2025\/11\/IMPACT-OF-CAPITAL-MARKET-ACTIVITIES-ON-ECONOMY-GROWTH-IN-NIGERIA_-A-STUDY-OF-CENTRAL-BANK-OF-NIGERIA-GRJAF-AMSSRN.docx.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-12b3e561-6704-449c-921e-a3a80aa6dc9e\">Download<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Authors<\/h2>\n\n\n\n<p>Mgbobi, Cyriacus Ikechukwu, PhD<sup> 1<\/sup>; Prof. Chike Ernest Nwoha<sup> 2<\/sup>; Prof. Uche Ugwuanyi Boniface<sup> 3<\/sup>; Azuka, Tina Nwobodo, PhD <sup>4<\/sup>; Ogbonna, Uche Jude<sup> 5<\/sup>;&nbsp; Okafor, Obiageli Prisca, <em>PhD <\/em><em><sup>6<\/sup><\/em><\/p>\n\n\n\n<p><em><sup>&nbsp;1<\/sup><\/em><em>Department of Accounting, Gregory University Uturu, Abia State, Nigeria&nbsp;<\/em><\/p>\n\n\n\n<p><em><sup>&nbsp;2, 3, 4 <\/sup><\/em><em>Department of Accountancy, Enugu State University of Science and Technology, Agbani, Enugu State, Nigeria.&nbsp;<\/em><\/p>\n\n\n\n<p><em><sup>5 <\/sup><\/em><em>Department of Banking and Finance, Gregory University Uturu, Abia State, Nigeria<\/em><\/p>\n\n\n\n<p><em><sup>6 <\/sup><\/em><em>Department of Business Administration, Enugu State Business School, Enugu<\/em><\/p>\n\n\n\n<p><em><sup>1 <\/sup><\/em><em>i.mgbobi@gregoryuniversityuturu.edu.ng<\/em><em>, +234 8037 90 8 741<\/em><\/p>\n\n\n\n<p><em><sup>2 <\/sup><\/em><a href=\"mailto:chike.nwoha@esut.edu.ng\"><em>chike.nwoha@esut.edu.ng<\/em><\/a><em>, +234 8033 32 6 019<\/em><\/p>\n\n\n\n<p><em><sup>&nbsp;3 <\/sup><\/em><a href=\"mailto:boniface.ugwuanyi@esut.edu.ng\"><em>boniface.ugwuanyi@esut.edu.ng<\/em><\/a><em> +234 703 096 8979<\/em><\/p>\n\n\n\n<p><em><sup>4 <\/sup><\/em><a href=\"mailto:anwobodo@imt.edu.ng\"><em>anwobodo@imt.edu.ng<\/em><\/a><em>&nbsp; +234 806 906 0890&nbsp;&nbsp;&nbsp;<\/em><\/p>\n\n\n\n<p><em><sup>5<\/sup> j.ogbonna@gregoryuniversityuturu.edu.ng \u00a0 +234 8130 44 1 206<\/em><\/p>\n\n\n\n<p><em><sup>6 <\/sup><\/em><a href=\"mailto:Ladyprisca.o@gmail.com\"><em>Ladyprisca.o@gmail.com<\/em><\/a><em>\u00a0 + 234 8033 487 907<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>ABSTRACT<\/strong><\/h2>\n\n\n\n<p>The study examined the impact of capital market activities on economic growth&nbsp;in&nbsp;Nigeria with particular reference to Central Bank of Nigeria. The study specifically examined \/ appraised the effect of exchange rate policies on the gross domestic product of Nigeria, the effect of interest rate policies on the gross domestic product of Nigeria, determined the effect of inflation rate policies on the gross domestic product of Nigeria and also ascertained the effect of unemployment rate policies on the gross domestic product of Nigeria. Data for the study were sourced from CBN statistical bulletin, data collected were analysed using multiple regression analysis. Result of the study showed that exchange rate fluctuations have positive and significant effect on the economic growth of Nigeria. It was also observed that interest rate has a significant and negative effect on the economic growth of Nigeria. The study further shows that inflation rate has insignificant effect on the economic growth of Nigeria. The study equally indicates that unemployment rate has a positive and significant effect on the economic growth of Nigeria. Based on the findings, the study recommended that Given that exchange rate fluctuations positively impact Nigeria&#8217;s economic growth, policymakers should consider implementing strategies to manage and capitalize on these fluctuations. This could involve measures to enhance the competitiveness of domestic industries during periods of currency depreciation and encourage foreign investment during periods of currency appreciation.<\/p>\n\n\n\n<p><strong>Keywords<\/strong>: Capital Market, Exchange Rate Interest Rate, Inflation Rate, Unemployment Rate<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>REFERENCES<\/strong><\/h2>\n\n\n\n<p>Aliyu, S.R.U. (2011). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. <em>Research Journal of International Studies<\/em> 3(2), 99-108<\/p>\n\n\n\n<p>Amadi, S.N. Onyema, J.I. and Odubo, T.D. (2012), \u2018\u2019Macroeconomic Variables and Stock Prices. A Multivariate Analysis\u2019\u2019, Africa Journal of Development Studies, 2-1, pp. 159-164.<\/p>\n\n\n\n<p>Arize, A.C.; Osang, T. and Slottje, D.J. (2010). Exchange-rate volatility and foreign trade: evidence from thirteen LDCs. <em>Journal of Business and Economic Statistics, <\/em>18(1), 10\u201317.<\/p>\n\n\n\n<p>Arteta, C., Einchengreen, B. and Wyplosz, C. (2011), \u201cWhen Does Capital Account Liberalization Help More than Hurts\u201d, World Bank Conference on Development Economics.<\/p>\n\n\n\n<p>Asher O.J (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980 \u2013 2010). Unpublished B.sc Thesis of Caritas University, Emene, Enugu State, Nigeria.<\/p>\n\n\n\n<p>Asiedu, E. (2016) \u201cForeign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability,\u201d The World Economy, Vol. 21(1) pp. 63-77.<\/p>\n\n\n\n<p>Atje, R. and Jovanovic, B. (2013), \u2018\u2019Stock Markets and Development\u2019\u2019, European Economic Review, Vol. 37, Pp. 632-640.<\/p>\n\n\n\n<p>&nbsp;Atsanan A.N (2017). Effect of exchange rate fluctuation on inflation rate in Nigeria economy (1986-2015). Journal for Studies in Management and Planning, 3(8).<\/p>\n\n\n\n<p>Audu, N. P. and Amaegberi, M. (2013). Exchange rate fluctuation and inflation targeting in an open economy: Econometric approach. <em>European Journal of Accounting Auditing and Finance Research<\/em>, 1(3), 24-42. Retrieved from http:\/\/www.eajournals.org\/wp-<\/p>\n\n\n\n<p>Saheed, Z. S. and Ayodeji, S. (2012). Impact of capital flight on exchange rate and economic growth in Nigeria. <em>International Journal of Humanities and Social Science<\/em>, 2(13) Retrieved from www.ijhssnet.com\/journals.&nbsp;<\/p>\n\n\n\n<p>Schumpeter, J.A. (2011), \u201cThe theory of economic development\u201d, Cambridge, MA: Harvard University Press.<\/p>\n\n\n\n<p>Serv\u00e9n, L. (2013). Real-exchange-rate uncertainty and private investment in LDCs. <em>Review of Economics and Statistics, <\/em>85, 212\u201318.<\/p>\n\n\n\n<p>Singh, A (2017), \u201cFinancial Liberalization, Stock Markets, and Economic Development,\u201d The Economic Journal, Vol. 107, pp. 771-782.<\/p>\n\n\n\n<p>Abu, B. and Abu, Q. (2018), \u201cFinancial development and economic growth: The Egyptian experience\u201d, Journal of Policy Modelling, vol. 30, pp. 887-898.<\/p>\n\n\n\n<p>Adebiyi, M.A and Dauda, R.O.S (2019). Trade liberalization policy and industrialization growth performance in Nigeria: An error correction mechanism technique<em>.<\/em> <em>Being a paper presented at the 45th annual conference of the Nigerian economic Society<\/em>, 24th to 26th August, Central Bank of Nigeria new building auditorium. Abuja.<\/p>\n\n\n\n<p>Adebiyi, M.A. and Akinbohungbe, S.S. (2015), \u2018\u2019Capital Market Performance and the Nigerian Economic Growth\u2019\u2019, In: Oluwatayo, A Olasupo (Eds.): Issues in Money, Finance and Economic Management, Lagos: University of Lagos.<\/p>\n\n\n\n<p>Adeniran, J.O, Yusuf, S.A and Adeyemi, O. A (2014). The impact of exchange rate fluctuation on the Nigerian economic growth: an empirical investigation.<em> International Journal of Academic Research in Business and Social Sciences<\/em>, 4(8).<\/p>\n\n\n\n<p>Adetiloye, K. A. (2010). Exchange rates and the consumer price index in Nigeria: A causality approach. <em>Journal of Emerging Trends in Economics and Management sciences, 1(2), <\/em>114 -120&nbsp;<\/p>\n\n\n\n<p>Aghion, P., P. Bacchetta, R. Ranciere, and K. Rogoff. 2019. Exchange rate volatility and productivity growth: the role of financial development. <em>Journal of Monetary Economics <\/em>56 (4), 494\u2013513.<\/p>\n\n\n\n<p>Akinnifesi, O.E. (1987), \u2018\u2019The Role and Performance of the Capital Market\u2019\u2019, Journal of Nigeria Institute of Social and Economic Research, Ibadan.<\/p>\n\n\n\n<p>Akpan, E. O. and Atan, J. A. (2012). Effects of exchange rate movements on economic growth in Nigeria; <em>CBN Journal of Applied Statistics<\/em>, 2(21), 57-92<\/p>\n\n\n\n<p>Akpan, P.L. (2018). Foreign exchange market and economic growth in an emerging petroleum-based economy: Evidence from Nigeria (1970-2013). <em>African Economic and Business Review, <\/em>6(2), 46-58.<\/p>\n\n\n\n<p>Al-FakI, M. (2016), \u2018\u2019The Nigerian Capital Market and Socioeconomic Development\u2019\u2019, Paper presented at the 4th Distinguished Faculty of Social Science Public Lecture, University of Benin, 26 July, pp. 9-16.<\/p>\n\n\n\n<p>Aliyu, S.R.U. (2011). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. <em>Research Journal of International Studies<\/em> 3(2), 99-108<\/p>\n\n\n\n<p>Amadi, S.N. Onyema, J.I. and Odubo, T.D. (2012), \u2018\u2019Macroeconomic Variables and Stock Prices. A Multivariate Analysis\u2019\u2019, Africa Journal of Development Studies, 2-1, pp. 159-164.<\/p>\n\n\n\n<p>Arize, A.C.; Osang, T. and Slottje, D.J. (2010). Exchange-rate volatility and foreign trade: evidence from thirteen LDCs. <em>Journal of Business and Economic Statistics, <\/em>18(1), 10\u201317.<\/p>\n\n\n\n<p>Arteta, C., Einchengreen, B. and Wyplosz, C. (2011), \u201cWhen Does Capital Account Liberalization Help More than Hurts\u201d, World Bank Conference on Development Economics.<\/p>\n\n\n\n<p>Abu, B. and Abu, Q. (2018), \u201cFinancial development and economic growth: The Egyptian experience\u201d, Journal of Policy Modeling, vol. 30, pp. 887-898.<\/p>\n\n\n\n<p>Adebiyi, M.A and Dauda, R.O.S (2019). Trade liberalization policy and industrialization growth performance in Nigeria: An error correction mechanism technique<em>.<\/em> <em>Being a paper presented at the 45th annual conference of the Nigerian economic Society<\/em>, 24th to 26th August, Central Bank of Nigeria new building auditorium. Abuja.<\/p>\n\n\n\n<p>Adebiyi, M.A. and Akinbohungbe, S.S. (2015), \u2018\u2019Capital Market Performance and the Nigerian Economic Growth\u2019\u2019, In: Oluwatayo, A Olasupo (Eds.): Issues in Money, Finance and Economic Management, Lagos: University of Lagos.<\/p>\n\n\n\n<p>Adeniran, J.O, Yusuf, S.A and Adeyemi, O. A (2014). The impact of exchange rate fluctuation on the Nigerian economic growth: an empirical investigation.<em> International Journal of Academic Research in Business and Social Sciences<\/em>, 4(8).<\/p>\n\n\n\n<p>Adetiloye, K. A. (2010). Exchange rates and the consumer price index in Nigeria: A causality approach. <em>Journal of Emerging Trends in Economics and Management sciences, 1(2), <\/em>114 -120&nbsp;<\/p>\n\n\n\n<p>Aghion, P., P. Bacchetta, R. Ranciere, and K. Rogoff. 2019. Exchange rate volatility and productivity growth: the role of financial development. <em>Journal of Monetary Economics <\/em>56 (4), 494\u2013513.<\/p>\n\n\n\n<p>Akinnifesi, O.E. (1987), \u2018\u2019The Role and Performance of the Capital Market\u2019\u2019, Journal of Nigeria Institute of Social and Economic Research, Ibadan.<\/p>\n\n\n\n<p>Akpan, E. O. and Atan, J. A. (2012). Effects of exchange rate movements on economic growth in Nigeria; <em>CBN Journal of Applied Statistics<\/em>, 2(21), 57-92<\/p>\n\n\n\n<p>Akpan, P.L. (2018). Foreign exchange market and economic growth in an emerging petroleum based economy: Evidence from Nigeria (1970-2013). <em>African Economic and Business Review, <\/em>6(2), 46-58.<\/p>\n\n\n\n<p>Al-FakI, M. (2016),\u2018\u2019The Nigerian Capital Market and Socioeconomic Development\u2019\u2019, Paper presented at the 4th Distinguished Faculty of Social Science Public Lecture, University of Benin, 26 July, pp. 9-16.<\/p>\n\n\n\n<p>Aliyu, S.R.U. (2011). Impact of oil price shock and exchange rate volatility on economic growth in Nigeria: An empirical investigation. <em>Research Journal of International Studies<\/em> 3(2), 99-108<\/p>\n\n\n\n<p>Amadi, S.N. Onyema, J.I. and Odubo, T.D. (2012), \u2018\u2019Macroeconomic Variables and Stock Prices. A Multivariate Analysis\u2019\u2019, Africa Journal of Development Studies, 2-1, pp. 159-164.<\/p>\n\n\n\n<p>Arize, A.C.; Osang, T. and Slottje, D.J. (2010). Exchange-rate volatility and foreign trade: evidence from thirteen LDCs. <em>Journal of Business and Economic Statistics, <\/em>18(1), 10\u201317.<\/p>\n\n\n\n<p>Arteta, C., Einchengreen, B. and Wyplosz, C. (2011), \u201cWhen Does Capital Account Liberalization Help More than Hurts\u201d, World Bank Conference on Development Economics.<\/p>\n\n\n\n<p>Asher O.J (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980 \u2013 2010). Unpublished B.sc Thesis of Caritas University, Emene, Enugu State, Nigeria.<\/p>\n\n\n\n<p>Asiedu, E. (2016) \u201cForeign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability,\u201d The World Economy, Vol. 21(1) pp. 63-77.<\/p>\n\n\n\n<p>Atje, R. and Jovanovic, B. (2013), \u2018\u2019Stock Markets and Development\u2019\u2019, European Economic Review, Vol. 37, Pp. 632-640.<\/p>\n\n\n\n<p>&nbsp;Atsanan A.N (2017). Effect of exchange rate fluctuation on inflation rate in Nigeria economy (1986-2015). Journal for Studies in Management and Planning, 3(8).<\/p>\n\n\n\n<p>Audu, N. P. and Amaegberi, M. (2013). Exchange rate fluctuation and inflation targeting in an open economy: Econometric approach. <em>European Journal of Accounting Auditing and Finance Research<\/em>, 1(3), 24-42. Retrieved from http:\/\/www.eajournals.org\/wp-<\/p>\n\n\n\n<p>Azeez, B.A.; Kolapo, F.T and Ajayi, L.B (2012). Effect of exchange rate volatility on macroeconomic performance in Nigeria, <em>Interdisciplinary Journal of Contemporary Research in Business<\/em>. 4(1),149-155.<\/p>\n\n\n\n<p>Babalola, Oladepo, Dauladi, Akomolate and Ajiboye (2015).&nbsp; The role of real interest rates and savings in Nigeria, <em>European Journal of Business and Management,<\/em> 7(30).<\/p>\n\n\n\n<p>Barkoulas, J.T, Baum C. and Caglayan, M. (2012). Exchange rate effect on the volume and variability of trade flows, <em>Journal on International Money and Finance<\/em>, 2(1), 481-406.<\/p>\n\n\n\n<p>Barlett, B. (2010), Opinion Editorial on the Effect of Stock Market on the Economy, National Centre for Policy Analysis, February 2010.<\/p>\n\n\n\n<p>Bekaert, G., Harvey, C.R. and Lundblad, C.T. (2013), \u201cEquity Market Liberalization in Emerging Markets,\u201d<\/p>\n\n\n\n<p>Bencivenga, V.R and Smith, B.D. (2011), \u201cFinancial Intermediaries and Endogenous Growth\u201d, The Review of Economic Studies, vol.50, pp195-209.<\/p>\n\n\n\n<p>Bencivenga, V.R., Smith, D. and Starr, M. (2016), \u201cEquity Markets, Transaction Costs, and Capital Accumulations: An Illustration\u201d, The World Bank Review, Vol. 10 No. 2, pp. 241-265.<\/p>\n\n\n\n<p>Benson , U.O and Victor, E.O (2012). Real exchange rate and macroeconomic performance: testing for the Balassa-Samuelson Hypothesis in Nigeria. <em>International Journal of Economics and Finance<\/em>, 4 (2), 127-134.<\/p>\n\n\n\n<p>Binswanger, M. (2011), \u2018\u2019 Does the stock market still lead real activity? An investigation for the G-7 countries\u2019\u2019, Journal of Financial Markets and Portfolio Management 15, pp.15\u201329.<\/p>\n\n\n\n<p>Binswanger, M. (2019), \u2018\u2019Stock Markets, Speculative Bubbles and Economic Growth\u2019\u2019, Cheltenham: Edward Elgar Publishing.<\/p>\n\n\n\n<p>Bonfiglioli, A. and Mendicino, C. (2014), \u201cFinancial liberalization, Banking crises and growth: Assessing the links\u2019\u2019, SSE\/EFI Working Paper No. 567.&nbsp;<\/p>\n\n\n\n<p>Central Bank of Nigeria (2014), \u201cNigeria: Major Economic, Financial and Banking Indicators\u201d Available at: http:\/\/www.cenbank.org\/documents\/Statbulletin.asp.<\/p>\n\n\n\n<p>Wolde-Rufael, Y. (2019), \u201cRe-examining the financial development and economic growth nexus in Kenya\u201d, Economic Modelling, Vol. 26, pp. 1140-1146.<\/p>\n\n\n\n<p>Asher O.J (2012). The impact of exchange rate fluctuation on the Nigeria economic growth (1980 \u2013 2010). Unpublished B.sc Thesis of Caritas University, Emene, Enugu State, Nigeria.<\/p>\n\n\n\n<p>Asiedu, E. (2016) \u201cForeign Direct Investment in Africa: The Role of Natural Resources, Market Size, Government Policy, Institutions and Political Instability,\u201d The World Economy, Vol. 21(1) pp. 63-77.<\/p>\n\n\n\n<p>Atje, R. and Jovanovic, B. (2013), \u2018\u2019Stock Markets and Development\u2019\u2019, European Economic Review, Vol. 37, Pp. 632-640.<\/p>\n\n\n\n<p>&nbsp;Atsanan A.N (2017). Effect of exchange rate fluctuation on inflation rate in Nigeria economy (1986-2015). Journal for Studies in Management and Planning, 3(8).<\/p>\n\n\n\n<p>Audu, N. P. and Amaegberi, M. (2013). Exchange rate fluctuation and inflation targeting in an open economy: Econometric approach. <em>European Journal of Accounting Auditing and Finance Research<\/em>, 1(3), 24-42. Retrieved from http:\/\/www.eajournals.org\/wp-<\/p>\n\n\n\n<p>Azeez, B.A.; Kolapo, F.T and Ajayi, L.B (2012). Effect of exchange rate volatility on macroeconomic performance in Nigeria, <em>Interdisciplinary Journal of Contemporary Research in Business<\/em>. 4(1),149-155.<\/p>\n\n\n\n<p>Babalola, Oladepo, Dauladi, Akomolate and Ajiboye (2015).&nbsp; The role of real interest rates and savings in Nigeria, <em>European Journal of Business and Management,<\/em> 7(30).<\/p>\n\n\n\n<p>Barkoulas, J.T, Baum C. and Caglayan, M. (2012).Exchange rate effect on the volume and variability of trade flows, <em>Journal on International Money and Finance<\/em>, 2(1), 481-406.<\/p>\n\n\n\n<p>Barlett, B. (2010), Opinion Editorial on the Effect of Stock Market on the Economy, National Centre for Policy Analysis, February 2010.<\/p>\n\n\n\n<p>Bekaert, G., Harvey, C.R. and Lundblad, C.T. (2013), \u201cEquity Market Liberalization in Emerging Markets,\u201d<\/p>\n\n\n\n<p>Bencivenga, V.R and Smith, B.D. (2011), \u201cFinancial Intermediaries and Endogenous Growth\u201d, The Review of Economic Studies, vol.50, pp195-209.<\/p>\n\n\n\n<p>Bencivenga, V.R., Smith, D. and Starr, M. (2016), \u201cEquity Markets, Transaction Costs, and Capital Accumulations: An Illustration\u201d, The World Bank Review, Vol. 10 No. 2, pp. 241-265.<\/p>\n\n\n\n<p>Benson, U.O and Victor, E.O (2012). Real exchange rate and macroeconomic performance: testing for the Balassa-Samuelson Hypothesis in Nigeria. <em>International Journal of Economics and Finance<\/em>, 4 (2), 127-134.<\/p>\n\n\n\n<p>Binswanger, M. (2011), \u2018\u2019 Does the stock market still lead real activity? An investigation for the G-7 countries\u2019\u2019, Journal of Financial Markets and Portfolio Management 15, pp.15\u201329.<\/p>\n\n\n\n<p>Binswanger, M. (2019), \u2018\u2019Stock Markets, Speculative Bubbles and Economic Growth\u2019\u2019, Cheltenham: Edward Elgar Publishing.<\/p>\n\n\n\n<p>Bonfiglioli, A. and Mendicino, C. 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The effect of inflation on the growth and development of the Nigerian economy: an empirical analysis. <em>International Journal of Business and Social Science,<\/em> 3(10),187-188.<\/p>\n\n\n\n<p>Wolde-Rufael, Y. (2019), \u201cRe-examining the financial development and economic growth nexus in Kenya\u201d, Economic Modelling, Vol. 26, pp. 11 40-1146.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Download PDF Authors Mgbobi, Cyriacus Ikechukwu, PhD 1; Prof. Chike Ernest Nwoha 2; Prof. Uche Ugwuanyi Boniface 3; Azuka, Tina Nwobodo, PhD 4; Ogbonna, Uche Jude 5;&nbsp; Okafor, Obiageli Prisca, PhD 6 &nbsp;1Department of Accounting, Gregory University Uturu, Abia State, Nigeria&nbsp; &nbsp;2, 3, 4 Department of Accountancy, Enugu State University of Science and Technology, Agbani, Enugu State, Nigeria.&nbsp; 5 Department of Banking and Finance, Gregory University Uturu, Abia State, Nigeria 6 Department of Business Administration, Enugu State Business School, Enugu [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21742,"comment_status":"open","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[335,618,571],"tags":[],"class_list":["post-23120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grjaf","category-vol-5-issue-2","category-volume-5"],"_links":{"self":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/comments?post=23120"}],"version-history":[{"count":1,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23120\/revisions"}],"predecessor-version":[{"id":23122,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23120\/revisions\/23122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/media\/21742"}],"wp:attachment":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/media?parent=23120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/categories?post=23120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/tags?post=23120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}