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The study examined the relationship between capital market performance andthe macroeconomic dynamics in Nigeria, and it utilized secondary data spanning1993 to 2020. The data was analyzed using vector error correction model (VECM)technology. The result revealed a significant long run relationship betweencapital market performance and macroeconomic dynamics in Nigeria. We observedlong run causality running from the exchange rate, inflation, money supply, andunemployment rate to capital market performance indicator in Nigeria. Theresult supports the Arbitrage Pricing Theory (APT) proposition in the Nigeriancontext. The theory stipulates that the linear relationship between an assetexpected returns and the macroeconomic factors whose dynamics affect the assetrisk can forecast an asset's returns. In other words, the result of this studysupports the proposition that the dynamics in the exchange rate, inflation,money supply, and unemployment rate influence the capital market performance.The study validates the recommendations of Arbitrage Pricing Theory (APT) inNigeria.

Capital Market Performance and Macroeconomic Dynamics in Nigeria