The Central Bank of Nigeria has adjusted the official exchange rate to ₦380 per dollar from ₦360 as seen on the bank’s website from Thursday, August 6, 2020. This suggests the apex bank may have unified the exchange rate in line with an earlier promise by CBN Governor Godwin Emefiele but there has not been any official statement on the naira devaluation. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 7th of August 2020. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange as of August 7, 2020, showed that the NSE All-Share Index and Market Capitalization both appreciated by 1.41 percent to close the week at 25,041.89 and ₦13.063 trillion respectively. All other indices finished higher with the exception of the NSE Insurance Index while the NSE ASeM closed flat.
Top price gainers and decliners in the week under review:
Top five price gainers
Neimeth International Pharmaceuticals Plc.
UACN Property Development Company Plc.
Flour Mills Nigeria Plc.
Seplat Petroleum Development Company Plc.
Stanbic IBTC Holdings Plc.
Top five price decliners
Total Nigeria Plc.
Custodian Investment Plc.
Sunu Assurances Nigeria Plc.
How did the Naira fare?
The Nigerian currency gained against the dollar at the close of last week, trading at ₦386 per dollar, an appreciation from the ₦390 a dollar recorded a week before. In the parallel market, the exchange rate closed at ₦486/$1.
How did the price of oil fare?
International benchmark Brent Crude on the 7th of August 2020 rose from last week’s price of $45.63, closing at $44.45. Prices were higher today after Iraq, a leading OPEC member, said it would reduce its oil production and United States President Donald Trump approved more economic aid to Americans hit by the pandemic, reigniting hopes for a recovery in energy demand.