Abstract: Capital flight is a challenge to many emerging economies especially those with yet to be perfect financial structures and systems. This study undertakes a study of capital flight as it applies to the Nigerian environment in the face of the current episodes of financial globalisation and capital outflows out of the economy. It adopts paired sample and the ordinary least square techniques with the main variables of exchange rates, Kaopen, investment and others to perform its analyses. The main finding is that the Nigerian capital flight has not been significantly increased by the financial globalisation process but it also indicates that Kaopen (an index of financial globalisation) is significant in the process of acquisition of external assets and might therefore, jeopardise the country’s ability to retain capital within the economy for development purposes. Exchange rates and domestic investment show significance and thus are impacted by the process. The study recommends the improvement in the domestic investment variables and a cleaner float of the currency to retain capital and improve the environment so that Nigeria can reap the benefits associated with the process of financial globalisation.