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The Central Bank of Nigeria (CBN) maintains that the evolution of the foreign exchange market in the country is being influenced by a number of factors including the changing pattern of international trade, institutional changes in the economy and structural shifts in production.
Since it crossed the $46 billion mark towards the end of March 2018, Nigeria’s foreign exchange reserve has climbed steadily till it peaked at $47.8 billion in May 2018. From that time, it has fluctuated between $47.4 billion and $47.8 billion leading up to the beginning of July 2018. However, since then, it has been dropping and now stands at $45.8 billion, its lowest in five months.
The growth in the reserves can be attributed to the rise in global oil prices given the fact that Nigeria earns a majority of her foreign exchange from the production and sale of crude oil. On the other hand, the decline can be directly linked to the political events that have created some sense of uncertainty as to what will happen during and after the 2019 general elections. Investors are apprehensive and as a result, those with liquid investments through stocks and bonds are leaving.
Below is the Ventures Africa Weekly Economic Index, for the week ending 7th of September, 2018. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data revealed by the Nigerian Stock Exchange (NSE), as of 7th of September, 2018, showed that the All-Share Index depreciated by 2.33 percent from the previous week ending 31st August 2018. Market capitalization at the close of trading during the week under review was N12.426 trillion, a 2.33 percent decrease from N12.722 trillion recorded the previous week. The All Share Index for the week under review closed at 34,037.91
Top five price gainers and decliners in the week under review:
Top five price gainers
Consolidated Hallmark Insurance Plc
Continental Reinsurance Plc
C & I Leasing Plc
Skye Bank Plc
Cornerstone Insurance Company Plc
Top five price decliners
Law Union and Rock Ins. Plc.
Standard Alliance Insurance Plc
Universal Insurance Company Plc
Flour Mills Nig. Plc
Niger Insurance Co. Plc
How did the Naira fare?
The exchange rate remained the same, ending the week at 361 Naira to a dollar.
How did the price of oil fare?
Brent oil prices fell from around $78 to $76.29 per barrel on the 7th of September, 2018. Analysts say the prices fell over expectations that the United States could ramp up its trade war with China, and a reduction in US shale oil drilling activities.