Slow but steady, the Nigerian local currency, the naira, continues its downward trajectory for the sixth consecutive day, largely driven by FX liquidity shortfall in the official window.

NGX Drops as Investors Dump Shares in Big Banks The Nigerian Exchange (NGX) All-Share Index…

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.