Effect of Oil Price Fluctuation on the Trading Volume of the Nigerian Capital Market

This study examined the effect of oil price fluctuation on the trading volume of the Nigerian capital market using monthly frequency data that cover the period from January,1997 to August 2020. It employed the non-linear autoregressive distributed lag methodology for data analysis. The results of the empirical analysis suggest that oil price fluctuations have significant and positive effect on the market volume in the Nigerian capital market and that there is no asymmetric effect between the variables. The study recommends that Nigeria should devise strategies that can ensure stability in their capital markets. It can do this by vigorously pursuing pro-growth policies irrespective of the fluctuations in oil price and other macroeconomic variables.