IMPACT OF CRYPTOCURRENCY ON THE STOCK MARKET IN NIGERIA

NNAJI, CHIDERA JOSEPH (2026) IMPACT OF CRYPTOCURRENCY ON THE STOCK MARKET IN NIGERIA. Other thesis, Godfrey Okoye University, Enugu.

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Abstract

This research investigated the effect of Cryptocurrency on Nigerian Stock Market performance as represented by All-Share Index (ASI). This is done using an ex-post-facto research design. Secondary data was obtained from January 2014 till 10th May 2026 on a monthly basis. Autoregressive Distributed Lag (ARDL) Bounds testing approach was used to analyse both the short run and the long run impact of the selected variables on Nigerian Stock Market. Result shows that on the long run, volume of cryptocurrency trading significantly influence Nigeria Stock Market negatively and to a less significant degree negatively affect prices on the stock exchange with negative relationship being a highly positive statistically significant negative. On the contrary, prices volatility of cryptocurrency has no significant long run impact on the Nigeria Stock Market. Crypto market cap has no significant long run effect on stock market; nevertheless, it exerts positive and significant influence in short run. In addition, a statistically significant ECM implies that market shocks in the short-term correct toward the stable equilibrium at a rate of approximately 5.3% per month. The Nigeria stock market seems to resist global crypto-volatility but it is losing domestic liquidity to the crypto-market, therefore, Nigeria Security Exchange Commission and Nigeria Central Bank of Nigeria are advised to embrace the concept of regulatory integration rather than prohibitive ban. And Nigeria Exchange Group (NGX) must move fast to invest in a more effective means of launching of crypto-based securities and sophisticated trading environment so as to retain the wealth of the present day Nigerian investor.

Item Type: Thesis (Other)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Management and Social Sciences
Depositing User: MICHAEL MADUBUKO
Date Deposited: 10 Aug 2026 12:05
Last Modified: 10 Aug 2026 12:05
URI: http://eprints.gouni.edu.ng/id/eprint/6230

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