The global usage and acceptability of bitcoin and other forms of cryptocurrencies as another means of payment have generated the attention of financial and economic experts in recent time. This study, however, examined the nexus between the two key economic and financial variables (exchange rate and stock market price) and the most traded cryptocurrency (Bitcoin and Etherum) in Nigeria. The study used monthly data between August 2015 and December 2019 and employed EGARCH, MGARCH, and Granger causality technique to estimate the reaction of the volatility of exchange rates and stock market prices to volatility in cryptocurrency prices. The result shows that the stock market price is more influenced by the instability of bitcoin and etheruem prices than the exchange rate in Nigeria.
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