Buying interest in FCMB and Jaiz Bank drove the banking index higher on the Nigerian Exchange despite significant profit-taking.

For the fifth trading session, the naira declined against the US dollar amid tightening liquidity, driven by the Apex Bank’s efforts to prevent the local currency from gaining momentum.

The Nigerian naira falls for the fourth consecutive trading session in the foreign exchange market, as the Central Bank’s large US dollar purchases signal a move to curb a strong local currency.

Tier-1 banks: GTCO, Zenith, First Holdco, UBA, and Access Plc added N778 billion to their combined market value (MV) in the Nigerian stock market as investors stepped up actions.

SCM Capital Asset Mgt Limited’s Fund (the Frontier Fund), an open-ended unit trust scheme that offers investors the opportunity and flexibility to pool resources and optimize returns through the earning power of volume investing, has announced a plan to pay unitholders N18 per unit.

Exchange Rate Falls over High Demand for Dollar The naira exchange rate depreciated at the…