Monday, August 29, 2022: On a day-on-day basis, the Nigerian Investors and Exporters (I&E) FX Window closed the trading session with the naira stabilizing, having maintained the previous closing price of N430.33 despite a 34 percent decline in forex supply. However, the closing price offset the gain recorded at the opening of the trading session, where the naira ticked up slightly to trade at N429.07/$1, a 0.3 percent appreciation from the previous closing price.s
An exchange rate of N432/$ was the highest rate recorded during the intra-day trading before it settled at N430.33/$ at the end of the trading session, while it also traded as low as 417/$ during intra-day trading. According to data from FMDQ, a total of $54.13 million was traded at the Investors and Exporters (I&E) Window for the reporting period, representing a $28.25 million decrease from the $82.38 million traded the previous day.
At the parallel (black) market, the naira ticked up by 0.1 percent against the US dollar as it closed at N695/$1. On a week-on-week basis, the naira depreciated 2.2 percent against the dollar. Trading activities at the B2B market show that the exchange rate closed at about N699/$ for the same period being reported. This is based on the information obtained from forex marketers in Lagos.
Foreign Reserves
According to data from the Central Bank of Nigeria (CBN), the gross foreign reserve ticked up slightly to $38.96 billion as of August 26, 2022, increasing by $9.4 million (0.02 percent) from $38.95 billion recorded on August 25, 2022.
Capital Market Update
As of August 29, 2022, the Nigerian equities market closed the trading session with the NGX All Share Index (ASI) declining by 1 basis point (bps) to close at 49676.75. The trading volume was 7,965,534 units, decreasing by 96 percent from 193,512,172 units recorded at the end of the previous day’s trading. The total value that exchanged hands was N303,046,342.66, representing an 85 percent decrease from the value ( N2,049,618,102.8) at the close of the previous day of trading.
Most of the sectors under our review had a bearish performance as their indices closed red, except for the Banking index which closed green. The Banking index increased by 25bps. On the other hand, Consumer goods declined by 26bps, insurance by 24bps, oil and gas by 5bps, and Pension by 2bps.
SOVRENINS led the top gainers as its shares rose by 7.69 percent, while MBENEFIT led the decliners after dropping by 3.13. percent. MTNN emerged as the most traded stock by volume and by value as 1,080,164 units of its stock were traded at N216,030,025.10.
