Contact Us

For Marketing, Sales and Subscriptions Inquiries
2637 E Atlantic Blvd #43110
Pompano Beach, FL 33062

Conference List

Exchange Rate Fluctuations and the Performance of Nairobi Securities Exchange Market in Kenya During the Coronavirus Pandemic

Loice Koskei

Loice Koskei 1

  1. Africa International University, Kenya. 1

on Google Scholar
on PubMed

Pages: 1-9

DOI: 10.18488/journal.62.2021.81.1.9

Share :

Article History:

Received: 19 June, 2020
Revised: 12 October, 2020
Accepted: 26 October, 2020
Published: 10 November, 2020


The global financial and economic shocks which were triggered by the Coronavirus pandemic prompted a market halt causing a major spark in the Nairobi Securities exchange that resulted in panic selling. The Corona virus pandemic led to volatility of exchange rates causing a sharp depreciation of the shilling which further affected the performance of the securities market. The study investigated the effect of exchange rate fluctuations on the performance of the Nairobi securities exchange for the 5 months period of the year 2020. Daily time series data collected from Nairobi Securities exchange, Central bank of Kenya and Kenya National Bureau of Statistics for the period January to May 2020 was used. The multiple regression model results pointed out that exchange rate fluctuation had a negative and statistically insignificant effect on the performance of Nairobi securities exchange in Kenya during the Coronavirus period. The results implied that exchange rate fluctuations do not affect the performance of Nairobi securities exchange market in Kenya as measured by NASI. Inflation rate results had a positive and statistically significant effect with NASI. The results implied that inflation rate affect the performance of Nairobi securities exchange market as measured by NASI. 91-day treasury bills rate had negative but statistically significant effect on NASI implying that a decrease in 91- day Treasury bill rate enhances the performance of Nairobi securities exchange as measured by NASI. Investors need to be conscious of the macroeconomic variables that influence the security prices particularly during pandemics like the Coronavirus.
Contribution/ Originality
This study is one of very few studies which have used daily data to investigate the effect of exchange rate fluctuations on the performance of Nairobi Securities Exchange market in Kenya during the Coronavirus Pandemic.


Exchange rate fluctuations, Performance, Nairobi securities exchange, Kenya, Coronavirus, Pandemic, Daily data.



Google Scholor ideas Microsoft Academic Search bing Google Scholor


This study received no specific financial support.

Competing Interests:

The author declares that there are no conflicts of interests regarding the publication of this paper.


Related Article

( 1 ) Testing the Random Walks in Korea Stock Exchange
( 2 ) The Effects of Exchange Rate Liberalization in Kenya on French Beans Exports
( 3 ) Exchange Rate Movements, Import And Economic Growth in Nigeria (1986-2010)
( 4 ) Impact of Food Beverage Price Index and Exchange Rate Volatility on Economic Growth
( 5 ) Testing the Random Walk: The Case of Hong Kong Stock Exchange
( 6 ) Role of Foreign Investment and External Debt in Determination of Exchange Rate
( 7 ) The Impact of the Global Financial Crisis on the Debt, Liquidity, Growth, and Volume of Companies in Palestine Stock Exchange
( 8 ) Studying the Integration of Damascus Securities Exchange with Selected Stock Markets
( 9 ) The Effect of Exchange Rate Changes on Consumer Prices in Nigeria: Evidence from VECM Model
( 10 ) Dynamics of Inflation, Economic Growth, Money Supply and Exchange Rate in India: Evidence from Multivariate Analysis
( 11 ) Implications of Crude Oil Price Volatility and Parallel Exchange Rate Fluctuation on the Cost of Living in Nigeria
( 12 ) Relevance of Stakeholders Theory, Organizational Identity Theory and Social Exchange Theory to Corporate Social Responsibility and Employees Performance in the Commercial Banks in Nigeria
( 13 ) The Effects of Exchange Rate Variability on Trade Flows in Nigeria: A Cointegration Analysis
( 14 ) The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE)
( 15 ) Exchange Rate and Foreign Reserves Interface: Empirical Evidence from Nigeria
( 16 ) Impact of Exchange Rate Fluctuation on Selected Economic Sectors of the Nigerian Economy
( 17 ) The Colonialists & Indigenous Exchange Currency: Tracing the Genesis of Socioeconomic Woes in Postcolonial Nigeria
( 18 ) The Transitional Relationship between Economic Growth and Exchange Rate in Ghana: An Empirical Approach
( 19 ) Determinants of Exchange Rate in Nigeria: A Comparison of the Official and Parallel Market Rates
( 20 ) Exchange Rate Pass-through to Prices: VAR Evidence for Albania
( 21 ) Issues of Unemployment in Nigeria: Effect of Real Exchange Rate and Inflation Interaction
( 22 ) Exchange Rate Volatility, Foreign Exchange Market Intervention and Asymmetric Preferences
( 23 ) An Agnostic Analysis of Exchange Rate Movement in Ghana
( 24 ) An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia
( 25 ) Factors Affecting the Individual Stock Price Index (IHSI) Industrial Manufacturing Sector in Indonesia, Automotive Sub Sectors, and Components in Indonesia Stock Exchange (IDX)
( 26 ) Management of The CFA Franc: What are the Fundamentals of the Real Exchange Rate in West African Economic and Monetary Union (WAEMU)?
( 27 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 28 ) Exchange Rate Volatility and Agricultural Commodity Prices i Nigeria (2000-2018)
( 29 ) The Impact of Data Frequency on the Level of Exchange Rate Pass-through to Consumer Prices in Nigeria
( 30 ) Financial Risks in Turkish Banking Industry: A Panel Data Analaysis on Istanbul Stock Exchange
( 31 ) Exchange Rate Fluctuations and the Performance of Nairobi Securities Exchange Market in Kenya During the Coronavirus Pandemic
( 32 ) A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange
( 33 ) Nexus among Foreign Exchange Reserve, Remittance and Trade Openness: An Empirical Investigation in the Case of Bangladeshi Economy
( 34 ) Testing the Validity of Arbitrage Pricing Theory: A Study on Dhaka Stock Exchange Bangladesh
( 35 ) Importance of Corporate Governance Quality and Voluntary Disclosures of Corporate Governance Information in Listed Malaysian Family Controlled Businesses
( 36 ) Strategic Evaluation of Distributed Power Generation Technology: A Sustainable Approach
( 40 ) Rate of Return Would Not Increase To the Extent of Annuity Saving Discount
( 41 ) The Association Between Corporate Risk Disclosure and Firm Performance in Emerging Country – The Case of Egypt
( 42 ) A Model of Strategic Thinking: Islamic and Iranian Perspective
( 43 ) Promoting Local Acceptability of International Oil Companies (IOCS) Through Corporate Social Responsibility (CSR): The Case of Tullow Oil in Ghana
( 44 ) Challenges and Survival Strategies for Women in Small Scale Catering Business: A Case Study of Siyaso Magaba, Mbare
( 45 ) Attributes Influencing Strategic Alignment in the Service Sector: An Indonesian Banking Sector Case Study
( 47 ) The Role of Strategic Planning on the Management of Organizational Change
( 48 ) Development, Preference Change, and Inequality in an Integrated Walrasian-General-Equilibrium and Neoclassical-Growth Theory
( 49 ) Managerial Judgement Versus Financial Techniques in Strategic Investment Decisions: An Empirical Study on the Syrian Coastal Region Firms
( 50 ) Corporate Funding and Sustainability of Non- Governmental Organizations in Africa
( 54 ) Financial Deepening, Interest Rate Spread and Economic Growth: New Evidence from Sub-Sahara Africa
( 55 ) Implications of Accountants Unethical Behavior and Corporate Failures
( 57 ) Effects of Corporate Social Responsibility on Banks Financial Performance in Nigeria: A Study of United Bank of Africa
( 60 ) The Moderating Effect of Governance Mechanisms on the Relationship Between Innovation Strategy and the Performance
( 61 ) Public-Private Partnership as a Strategy for E-Governance Funding in Africa: The Gains and the Pains
( 62 ) Does Gold Price Lead or Lags Islamic Stock Market and Strategy Commodity Price? A Study from Malaysia
( 64 ) Profitability of Commercial Bank on Interest Rate Deregulation
( 66 ) Migration as a Livelihood Strategy: The Case of Internal Migration in Ghana
( 67 ) Correlation between Financial Difficulties and Financing Strategies among Market Stallholders in Batangas City
( 68 ) Africa's Human Capital Development: Is Public Finance Management an Effective Strategy?
( 70 ) Determinants of Corporate Tax Avoidance Strategies among Multinational Corporations in Malaysia
( 71 ) The Effect of Corporate Social Responsibility Disclosure on Corporate Financial Performance
( 74 ) Growing and Building: Collaboration of Urban Poverty Reduction Strategy
( 80 ) Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria
( 81 ) Effect of Savings Deposit Rate on Stock Market Capitalization in Nigeria: An Empirical Investigation
( 84 ) Interest Rate Ceilings and Financial Exclusion in Kenya: Evidence from Commercial Banks’ Sectoral Credit Distribution
( 85 ) Corporate Social Responsibility Disclosure in Indonesia: A Bibliographic Study
( 86 ) Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh
( 89 ) The Effects of The Covid-19 Pandemic on Explotative and Explorative Strategies of Pharmaceutical Industries in Brazil
( 90 ) IT Governance as Drivers of Dynamic Capabilities to Gain Corporate Performance Under the Effects of Environmental Dynamism
( 91 ) Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices
( 92 ) Central Bank Independence and Economic Growth of Ghana: What Inflation and GDP Per Capita Growth Rates Matter?
( 93 ) Analysis of Synergies in Indian Corporate M&A Deals: A Logit Regression Approach
( 96 ) Improved Performance Through Empowerment of Small Industry
( 97 ) Teachers Characteristics and Students’ Performance Level in Senior Secondary School Financial Accounting
( 98 ) Conceptual Framework of Green Infrastructure Performance Evaluation for Local Authority
( 100 ) Moderating Effect of Demographics on Monetary Motivation and Employees Job Performance Relationship: Evidence from Malaysia
( 101 ) Stock Market Performance and Economic Growth: Evidence from Nigeria Employing Vector Error Correction Model Framework
( 102 ) The Influence of Information Technology and Communication Supply Chain Management Performance for Greater SME Manufacturing in Aguascalientes
( 103 ) Leveraging Telematics for Optimal Fleet Performance
( 104 ) Share Options, Share Award and Firm’s Performance: Evidence from Malaysian Public Listed Companies
( 105 ) The Effect of Outsourcing on Anglogold Ashanti Obuasi Mines Performance
( 106 ) The Mediating Effect of Market Orientation on the Relationship between Entrepreneurial Orientation Dimensions and Organizational Performance: A Study on Banks in Libya
( 107 ) The Investment Performance of Socially Responsible Investment in Japan
( 108 ) Appointment of Directors and Performance of Deposit Money Banks in Sub Saharan Africa: Do We Need More Executive or Non-Executive Directors?
( 109 ) Emotional Workgroup Performance and Group Effectiveness Egyptian Context
( 110 ) The Indirect Impact of Overconfidence on the Performance of Tunisian Firms Through their Financing Structure
( 111 ) How the Principles of the Sharing Economy Can Improve Organizational Performance of the US Public School System
( 113 ) The Influence of Communication, Work Motivation and Career Development on Elementary School Teacher’s Job Performance in Medan, Indonesia
( 116 ) Electronic Banking Innovations and Selected Banks Performance in Nigeria
( 117 ) An Empirical Investigation into the Key Drivers of Economic Performance in the CEMAC Zone: A Panel Corrected Standard Errors Approach
( 118 ) The Impact of Organisational Culture on Public Sector Performance: A Case Study of Local Authorities in Zimbabwe
( 119 ) Gamification on Sales Force Performance in Nigeria Bottling Company
( 120 ) An Investigation of the Impact of Organisational Structure on Organisational Performance
( 121 ) Exploring the Asymmetric Linkage between Commodity Prices and Fiscal Performance in Nigeria
( 122 ) Effects of Socio-Cultural Diversity on the Performance of Private Health Care Organizations in Kogi State
( 123 ) Organizational Memory and Employee Performance in Federal Parastatals in Enugu State of Nigeria
( 125 ) Value for Money (VFM) Audit and Public Sector Performance in Afikpo North Local Government Area of Ebonyi State, Nigeria
( 126 ) Determinant of MSMEs Performance and its Impact on Province GRDP in Indonesia
( 127 ) Determinants of Financial Performance and its Impact on the Growth of Islamic Bank Assets on Indonesia
( 128 ) Trade Union Performance and Industrial Relations Climate in the Nigerian Petroleum Sector
( 129 ) Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, Imo State, Nigeria