Selloffs in MTN Nigeria, FBN Holdings and some other stocks dragged the Nigerian Exchange market capitalisation down

Investors reacted negatively, trimmed their Nigerian treasury bills (NTB) holdings in the secondary market following successive spot rates cut at the Central Bank of Nigeria’s (CBN) primary market auction last week.

Inflation rate accelerated by 26 basis points in May to 33.95% due to higher food items prices in Nigeria amidst uncertainties, according to data released by statistics office. In its report, the National Bureau of Statistics (NBS) said that in May 2024, the headline inflation rate increased to 33.95% from 33.69% in April.

Equities investors gained about N53 billion on Friday as the Nigerian Exchange, NGX, recorded 32 risers, 17 decliners. Consequently, the All-Share Index rose by 0.09% to close at 99,925.88 points, with the year-to-date return of the index climbing to 33.64%.

The Nigerian naira exchange rate improved marginally in the forex market, gaining 0.98% week on week amidst expectation that the Central Bank, CBN, will support liquidity in the currency markets in the new week.

To promote trade and foster economic growth in Africa, the International Finance Corp. (IFC) announced trade finance