This paper is the effect of dividend payment on the market prices of shares in Nigeria: A study of 17 quoted firms using time series on dividend per share, dividend yield and dividend payout ratio that ranges between 2000 and 2011. The model specification for the analysis of data is ordinary least squares techniques applied as panel estimation. The researchers empirical results arising from the panel least squares suggests a positive effect between market price per share and dividend per share confirming that a rise in dividend per share brings about an increase in the market price per share of quoted firms; that dividend yield does not have a significant positive effect on the market prices of shares of quoted firms in Nigeria; that there exists a direct relationship between market prices per share and dividend payout ratio of selected firms on the NSE. Further, the study revealed that significant variations exist in the movement of the share prices of the selected firms which in theory could be attributed to the forces of demand and supply while in practice could be attributed to some other exogenous and endogenous variables such as economic policies, corporate managerial decisions, psycho-social variables, political situations and institutional parameters. Thus it was concluded and recommended that, earnings remain the most significant determinant of dividend payment averagely, hence it has significant influences on the market value of public owned firms in Nigeria and the world all over.The dividend payment, dividend per share, dividend yield, dividend payout ratio and earning per share are significant in explaining the observed differences in share market prices of quoted firms in Nigeria. The government must contribute by relaxing laws that spell threat to the objectives of firms i.e. maximization of shareholders' wealth.

The study evaluated the effect of leverage financing on performance of quoted cement manufacturing firms in Nigeria for the period 2006-2017. There are four (4) cement manufacturing firms in Nigeria studied out of eight (8) manufacturing cement firms. Purposive sampling technique were used in selecting the four (4) cement manufacturing firms in Nigeria out of the eight (8) cement manufacturing firms quoted in the Nigerian Stock Exchange (NSE). The main objective of the study is to investigate the effect of financial leverage on corporate performance of cement firms in Nigeria. The analytical tool adopted was ordinary least square (OLS) simple and multiple regressions. Findings of the study showed that Debt Ratio and Debt to Equity Ratio has negative insignificant effect on Return on Assets (ROA) of quoted cement manufacturing firms in Nigeria. On the other hand Interest Coverage Ratio (ICR) has positive and insignificant effect on return on assets of quoted cement firms in Nigeria. This implies that increase in Debt Ratio and Debt to Equity Ratio decreases ROA, while increase in ICR increases ROA of cement manufacturing firms in Nigeria. The study therefore recommended that the corporate managers in Nigeria should be encouraged to use more long term debt in their financing than relying more on short term credits, since increase in ICR increases ROA of cement manufacturing firms in Nigeria.

It is a known fact that the financial sector reform is an essential ingredient in the economic growth and developmental process of every nation. This is clearly underscored in the literature linking the growth in financial sector with national economic growth. Hence the financial sector is regarded as the pivot of every economy. In recognition of this fact, managers of the Nigerian economy have targeted the banking sector as a channel for implementing economic policy reforms and policy shift to enhance its developmental process. Consequently, in January 2012, such economic reform in the Nigerian financial sector was exercised with the formal introduction of the cashless economic policy. The interest which the policy generated is hardly surprising considering the enormous implications its application will have on the lives of the ordinary Nigerians and the business environment. What are the benefits and challenges of this policy vis-à-vis the cash based policy and how has the banking industry performed under the policy? Against this backdrop, this paper appraises the performance of Nigerian banking industry given the adoption of the cashless economic policy in Nigeria vis-àvis the cash based period with a view to x-raying the possible challenges and benefits which it poses to the Nigerian economy. Data utilized were sourced from the published annual reports of sampled banks and analytically, the study employs thet-test analytical technique to test whether there is a significant difference in the performance of bank in Nigeria before and after the adoption of the cashless policy.. The study found out that though the cashless policy is not a policy designed to enhance bank profitability but it has a lot of benefits associated with it which include; increased convenience; reduced risk of cash related crimes; reduced cash handling cost, reduced revenue leakages among others. However, the policy is beset with challenges which include; infrastructural deficits, erratic power supply, prevalence of e-fraud, high illiteracy level among others. It is recommended that the Federal Government of Nigeria and the Central Bank of Nigeria should synchronize their efforts in ensuring cyber-safety which is a major threat to the e-payment system in order to fully harness the smiles of cashless policy in Nigeria. Therefore, Nigerian banks should utilize the benefits of the cashless policy and engage in efficient financial intermediation for enhanced bank profitability. Further, appropriate infrastructures such as improvement on the power sector should be made to enhance the smooth operation of the policy.

This study sought to examine the effects of Exchange Rate on the International Trade in a Mono-Product Economy: Nigeria’s experience 1986–2018 Nigeria has a large population and as a nation, she imports virtually everything including toilet tissues and toothpicks. In fact, in some quarters, the consumption of imported goods has become a status symbol. With few functional manufacturing firms, her major foreign Exchange earner being Crude Oil accounting for over 70% of her foreign exchange earnings has suffered consistent price decreases and even showing no signs of recovery. Holding to her inability to process sufficient quantities of the Crude for local consumption, a large chunk of the foreign Exchange earned is spent in importing processed Petroleum Products from other Countries. Furthermore, the Citizens’ uncontrollable and insatiable appetite for imported goods(ranging from food to fodder, to electronics, Ceramics and all sorts of building materials including raw materials, to automobiles and worst of it all Medical Tourism) including so many ostentatious items has put further strain on her foreign exchange and by implication the Exchange Rate of the Naira. Ex post facto method was adopted In order to test the hypothesis, the researcher adopted Augmented Dickey Fuller, Vector Error Correction Model and co-integration tests. Adopting a VECM and Co-integration framework with particular focus on the Nigerian economy, the following findings were made: Nigerian Economy shared a long run co-integrating relationship with the studied international trade related variables, Nigerian economy adjusts at 81% to the shocks and dynamics of the exchange rate and its correlates and a causal relationship exists between export and exchange rate and all the studied variables in the block exogeneity form. It was recommended that: CBN should continue with the reduced Exchange Rate on Agriculture and other Manufacturing activities as this is capable of increasing Investment which will result in increased Foreign Exchange earnings through export of Agricultural products and even other made –in-Nigeria products, Firms should be licensed to build refineries for processing of Our Crude Oil, this will make refined petroleum Products available, and affordable thereby eliminating the endemic fraud embedded in subsidy payments. Provision of adequate infrastructure in the Country especially in the areas of Power and Medicare; this will go a long way in assisting manufacturing firms as well as reduce the cost of Medical Tourism.

The study investigated the implication of monetary policy rate on the exchange rate and interest rate in Nigeria, 1981-2017. Because of the above-stated problems, the specific objectives are to: Investigate the effect of monetary policy rate on the exchange rate in Nigeria, determine the effect of the monetary policy rate on interest rate in Nigeria. The analysis of error correction and autoregressive lags fully covers both long-run and short-run relationships of the variable under study. The statistical tool of analysis employed in the study is Autoregressive Distributed Lags (ARDL) and Philips Peron method of stationary testing and structural breakpoint unit root test., these methods were employed to check the stationarity and breakpoint analysis of the time series data employed in this study. The study observed that monetary policy rate has a positive and significant effect on the exchange rate in Nigeria. It was also observed that the monetary policy rate has a positive and significant effect on the interest rate in Nigeria. Overall, our results indicated that the impact of monetary policy on the exchange rate was significant. There was a positive and significant relationship between monetary policy variables and exchange rate. The conclusion that is drawn from our results is that monetary policy remains an effective and potent tool for ensuring a stable exchange rate in Nigeria. The study recommended that monetary policy should be used to create a favourable investment environment by facilitating the emergence of market-based interest rate and exchange rate regimes which could attract domestic and foreign investments. Second; the Central bank of Nigeria (CBN) need to avoid ordination and balance between monetary and fiscal policies to ensure the smooth realization of monetary policy goals. Policy inconsistency or summersault to determine its policy impact before contemplating a change. Finally, there should be a coo.