Oil price, exchange rate and stock market performance during the COVID-19 pandemic: implications for TNCs and FDI inflow in Nigeria

This study evaluates the impact of COVID-19 pandemic on oil price, exchange rate and stock market performance, and the implications for Transnational Corporations (TNCs) and Foreign Direct Investment (FDI) inflow in Nigeria. The study used daily data over the period 1 Decebber 2019 to 31 May 2020. The study employed descriptive and causality techniques. The study observed that COVID-19 had adverse effects on oil price, exchange rate and stock market performance in Nigeria. Also, the study observed that COVID-19 had more impact on oil price, exchange rate and stock market performance than the 2009 and 2016 global recessions. The causality estimate showed that oil price had significant influence on exchange rate and stock market performance while exchange rate significantly influenced stock market performance. The study concluded that impact of COVID-19 pandemic on oil price, exchange rate and stock market performance had implications for TNCs and FDI inflow in Nigeria.