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This paper aims at shedding light on the empirical relationship between cash holding and firm characteristics. A sample of 54 Nigerian firms listed on Nigerian Stock Exchange for a period of 15 years (from 1995-2010) was selected. This study applied co-relational research design. The results show that cash flow, net working capital, leverage, profitability and investment in capital expenditure significantly affect the corporate cash holdings in Nigeria. The study, therefore, contributes to the literature on the factors that determine the corporate cash holdings. The findings may be useful for the financial managers, investors, and financial management consultants.