Test of Capital Market Efficiency Theory in the Nigerian Capital Market

This study examines the efficiency of the Nigerian capital market by using market capitalization. Data for the study were obtained from the Nigerian Stock Exchange as well as the Central Bank of Nigeria statistical bulletin and the study spans between 1990-2009. Ordinary least square regression technique was used to analyse the data. Findings from the study showed that the Nigerian capital market is efficient by using market capitalization. Key Words: Capital Market, Efficiency, Market Capitalisation