Oil price and exchange rate impact Nigeria stock market dynamics.
The study looked at how oil prices and exchange rates affect the stock market in Nigeria from 1999 to 2014. They used a Vector Autoregression Model to analyze the data. The results showed that oil prices, exchange rates, and the stock market are not closely linked. They found that changes in stock prices can influence exchange rates, and vice versa. Additionally, changes in oil prices can impact exchange rates, but not the other way around.