This article examines the economic integration caused by globalization and effect of capital market in Nigeria context. It establishes the type of relationship and level of significance of globalization and capital market on the economic development. Globalization concept is framed as import plus export divided by growth ratio. The capital market was determined in terms of proxy (by GDP) by price index. The growth ratio assessed the level of development using econometric model. The results suggest that sound economic reform and financial policies are necessary to achieve sustainable development in Nigeria. However, there is need to increase exports, reduce imports and control exchange rate for Nigeria to achieve sustainable economic development.

This study considered the influence of monetary policy on the financial performance of deposit money banks in Nigeria. The study engaged the use of a time series data for 35 years, from the period 1984 to 2018; all deposit money banks as captured by the Central Bank of Nigeria Statistical Bulletin (2015) were considered. The effect of liquidity ratio, lending rate, loan to deposit ratio and cash reserve ratio were examined on the financial performance of deposit money banks measured by their net worth and total credits. The data was analyzed using descriptive and inferential statistics. Based on the result of stationarity test, the ordinary least square method and the Autoregressive Distributed Lag method were employed. A short run model of net worth and long run model for both the log of net worth and the log of total credits were estimated. The results revealed that the mean of net worth and total credits are 5455.27 and 79608.63 respectively. In the long run, monetary policy variables including liquidity ratio, lending rate, loans to deposit ratio and cash reserve ratio had no significant effect on the log of net worth. However in the short run, variations in the liquidity ratio, loans to deposit ratio and the cash reserve ratio for previous years had significant effect on the log of net worth in the current year. When financial performance is measured as total credits, the liquidity ratio and loans to deposit ratio had positive significant effect in the long run. The cash reserve ratio had a negative significant effect in the long run. The log of lending rate was insignificant in both the long and short run. The study concluded that monetary policy significantly explains the financial performance of deposit money banks both in the short and long run.

This paper examines the impact of central bank financial intervention funds on Nigeria's agricultural exports from 1990 to 2020 with the specific objective of determining the extent to which the funds are financed by the Agricultural Credit Guarantee Fund (ACGSF) in the agricultural sector concerned. Agricultural exports both short-term and long-term during the period were under review. The study uses annual time data obtained from the CBN and WDI database. The Auto-Regressive Distributed Lag (ARDL) technique and the ARDL Bound test were used to determine the short-term and long-term relationships of the variables. The results show that ACGSF shows a positive and significant relationship of agricultural export growth in the short run with coefficients of 0.23, 0.33 and 0.19, but a negative and insignificant relationship of agricultural export in the long run. The analysis also shows a positive and insignificance of employment in agriculture in relation to agricultural production in the short term, while negative and significant in the long term. The 68.3% of the change in the dependent variable, as revealed by the adjusted R2, is due to the combined effect of the independent variables. The study therefore seeks for greater and appropriate funding of the government scheme or monetary authority to have a positive impact on long-term agricultural exports in Nigeria and should ensure immediate repayment of loan(s) to the qualified farmer to avoid diversion, political influence and delay in poor implementation process due to bank deposits of money in the country.

The purpose of this paper was to examine the intricate relationship between interest rate and exchange rate, exploring their interdependencies, mechanisms, and implications for policy management and economic stability in Nigeria, and to also shed light on the complex dynamics that govern these two fundamental pillars of financial markets, as well as the appropriateness of the continuous use of interest rates to manage the Nigeria’s currency exchange rate. This is because, since the mid-2000s, the Central Bank of Nigeria (CBN) has consistently used interest rate adjustment as a policy tool to manage exchange rate volatility, with mixed outcomes. The study utilised a dataset consisting of 68 quarters of time series data, spanning from 2006Q1 to 2022Q4, and adopted the Autoregressive Distributed Lag (ARDL) model to evaluate the influence of interest rates, money supply growth, and institutional quality on exchange rate stability in Nigeria, employing an ex-post facto research approach. Using the ARDL to test the hypothesis, the study found that monetary policy rate and money supply have long-run insignificant cointegrating relationships with exchange rate in Nigeria (Adj R2=0.642; F-stat (4, 63) = 53.813, p<0.05). The study concluded that interest rates have a significant impact on exchange rates in Nigeria. The study found that the independence of the CBN and adoption of capital mobility, and a fixed exchange rate mechanism in Nigeria are a violation of the principle of “impossible trinity” of fixed exchange rates and recommended a review of the exchange rates management policy.

Stock price performance of Deposit Money Banks (DMBs) in Nigeria represent the quality of investment financial decisions made by directors and management. However, stock price of Nigerian banks has remained volatile despite huge investments in Environmental (ENV), Social (SOC), Governance (COG) (ESG) factors. Extant literature has shown how ESG initiative affect stock price of companies. Stock price volatility of Nigerian banks could be attributed to lack of understanding of importance of ESG initiatives by investors. This study therefore investigated the effect of ESG factors on stock price performance of DMBs in Nigeria. This study adopted ex post fact research design. The population for this study consists of all 737 deposit money banks (commercial and microfinance banks) purposively selected based on inclusive criteria. Time series and cross-sectional data were obtained from published audited financial statements. The validity and reliability of data is based on audited financial statements. Descriptive and inferential (panel data and granger causality) statistics at 5 per cent level of significance. Panel data regression result showed that ESG factors exerted joint significant effect on stock performance (adj. R2 = 0.36, F (4,38) = 18.34, P = .00). Specifically, ENV had significant negative effect on stock performance (β= -0.23, t= -3, p = .00); SOC exerted insignificant negative effect on stock performance (β= -0.17, t= -1.67, p = .09); COG had significant negative effect on stock performance ((β= -0.87, t= -3.34, p = .00). The study concludes that ESG factors significantly affect the stock price performance of deposit money banks in Nigeria. The study recommended that Nigerian banks should improve their ESG disclosure practices by adopting global sustainability reporting standards. Banks should develop strategies to mitigate the financial burden of ESG compliance by adopting cost-effective and revenue-generating environmental and governance policies.