Research Article

Effect of Covid-19 Pandemic on the Performance of the Nigerian Stock Exchange

Wali Sallau Abba1*
1 Department of Finance, Bayero University Kano
* Corresponding author: wsabba.fin@buk.edu.ng
Published: Jun, 2025
DOI: 10.67894/bjf.2025.dp8hbbxu
Pages: 121-141
Views: 14
Downloads: 2

Abstract

This study explored the effects of cumulative reported cases of COVID–19 on the performance of the Nigerian Stock Exchange(NGX). Using time series data analysis and employing Ordinary Least Squares Model (OLS), the research covered a period from March 2020 to February 2022, beginning from March 01, 2020, and ending 10 February, 2022. The study used market turnover, volume of transaction and number of deals as proxies of stock market performance in Nigeria, interest rate, exchange rate and inflation rate are used as control variables. The findings showed that the is evidence of causality between corona virus pandemic and stock prices in Nigeria. Furthermore, the COVID-19 cumulative reported cases have positive effects on market turnover and volume of transaction in stock market in Nigeria while the effect of cumulative reported cases on Number of deals is negative, the study’s findings also found that interest rate, exchange rate and inflation rate also affect stock market performance negatively during the period of the study. It can therefore be concluded that coronavirus pandemic has significantly affect the performance of stock market in Nigeria during the period of the study. The study recommends that the Nigerian Exchange Group should improve online transactions in the stock market so that normal transaction could continue to take place during and after the COVID-19 pandemic to improve the performance of the market. 

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How to Cite

Abba, W. S. (2025). Effect of Covid-19 Pandemic on the Performance of the Nigerian Stock Exchange. Bayero University Journal of Finance, 2(1), 121-141. https://doi.org/10.67894/bjf.2025.dp8hbbxu

W. S. Abba, "Effect of Covid-19 Pandemic on the Performance of the Nigerian Stock Exchange," Bayero University Journal of Finance, vol. 2, no. 1, pp. 121-141, June 2025. doi: 10.67894/bjf.2025.dp8hbbxu

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