The study analyses the symmetric and asymmetric impacts of exchange rate volatility and fluctuations, respectively on the capital market and financial sector in Nigeria. This analysis entails using monthly data from January 2010 to April 2018 and the autoregressive distributed lag (ARDL) bounds testing framework. The linear ARDL result shows that exchange rate volatility negatively but significantly impacts financial development and capital market in the short-run and long-run. Results of the asymmetric effect show that exchange rate depreciation negatively and insignificantly affects the capital market while exerting a significant positive impact on the financial market in both short-run and long-run at about 0.06 and 0.04% respectively for both sectors. However, currency appreciation positively influences the capital market at 1.23 and 0.66%, but negatively affects the financial sector at 0.09 and 0.02% in the short- and long-run respectively. Thus, the study calls for effective public policy management since exchange rate volatility and currency depreciation pose a bad omen to the capital market. This entails public regulation of the key macroeconomic indicators by encouraging the central bank to maintain interest rates that are favorable toward expanding the productive capacity of private investors. Such policy can also be supported by providing affordable access to investment funds.

中文翻译：

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汇率的对称和不对称效应：来自尼日利亚资本市场和金融部门的证据

该研究分别分析了汇率波动和波动对尼日利亚资本市场和金融部门的对称和非对称影响。该分析需要使用 2010 年 1 月至 2018 年 4 月的月度数据和自回归分布式滞后 (ARDL) 边界测试框架。线性 ARDL 结果表明，汇率波动在短期和长期内对金融发展和资本市场产生负面但显着的影响。非对称效应的结果表明，汇率贬值对资本市场产生负面和不显着的影响，而对两个部门的短期和长期金融市场产生显着的正面影响，分别约为 0.06% 和 0.04%。然而，货币升值对资本市场产生积极影响，分别为 1.23 和 0.66%，但短期和长期分别对金融业产生 0.09% 和 0.02% 的负面影响。因此，该研究呼吁有效的公共政策管理，因为汇率波动和货币贬值对资本市场构成了不祥之兆。这需要通过鼓励中央银行维持有利于扩大私人投资者生产能力的利率来对关键宏观经济指标进行公共监管。还可以通过提供负担得起的投资资金渠道来支持此类政策。这需要通过鼓励中央银行维持有利于扩大私人投资者生产能力的利率来对关键宏观经济指标进行公共监管。还可以通过提供负担得起的投资资金渠道来支持此类政策。这需要通过鼓励中央银行维持有利于扩大私人投资者生产能力的利率来对关键宏观经济指标进行公共监管。还可以通过提供负担得起的投资资金渠道来支持此类政策。