Wema Bank Plc’s market value declined by more than 9% due to heavy sell-offs on the local bourse on Tuesday. Its sharp price depreciation aligned with a broader downturn in the stock market.

Equity investors lost N478 billion on the Nigerian Exchange (NGX) due to sustained bearish activity. The stock market closed on a negative note, with key performance indicators mixed due to new shares being listed.  The All-Share Index (ASI) declined by -0.35%, while the market capitalisation plunged by -0.30%.

The Central Bank of Nigeria (CBN) is scheduled to open Nigerian Treasury bills worth N700 billion across standard tenors at the primary market auction on Wednesday.

Ripple (XRPUSD) is down 6.4% over 24 hours to $1.21 on Tuesday, closely tracking a broader crypto market sell-off that is primarily driven by Bitcoin’s weakness.

Bitcoin (BTC) crashed by 6% to $67.1k amid a sustained exodus of institutional capital from spot exchange-traded funds (ETFs) and a symbolic sale by a major corporate holder.

The naira rose against the US dollar on Tuesday as demand for international payments declined, with data showing a moderate slide in interbank FX turnover.