Monetary Policy and Stock Market Return in Nigeria


  • Abolade Francis AKINTOLA Department of Finance, Babcock University, Ilishan–Remo, Ogun State, Nigeria.
  • Bola Olatunbosun AROYEWUN Department of Economics, Babcock University, Ilishan-Remo, Ogun State, Nigeria.


Exchange rate, Interest rate, Inflation rate, Stock market return and Nigeria.


This paper examines monetary policy and stock market return in Nigeria from 2010-2019. Secondary data used for the study was obtained from Central Bank of Nigeria Statistical Bulletin of various years. Ex post facto research design was adopted in carrying out the research while multiple linear regression model was used to find the relationship between the dependent and independent variables. The study established a significant relationship between monetary policy (exchange rate, inflation rate and interest rate) and stock market return in Nigeria. The study therefore recommended that monetary authorities in Nigeria should implement favourably monetary policies in order to keep the Nigeria stock market to be attractive to investors and that there should be increase in money supply and maintain low monetary policy rate so that local and foreign investors can be attracted to stock market.




How to Cite

Abolade Francis AKINTOLA, & Bola Olatunbosun AROYEWUN. (2022). Monetary Policy and Stock Market Return in Nigeria. International Journal of Recent Innovations in Academic Research, 6(4), 23–27. Retrieved from