Recently, Nigeria’s government announced that the economy had fallen into a recession which would further translate to a hike in the price of goods and services. However, the Central Bank, in recent days, has introduced several monetary tools to help strengthen the economy.
According to a recent report by the International Monetary Fund (IMF), exchange rates and monetary policy reforms increased revenue mobilization, adding that structural reforms will help to unlock Nigeria’s growth potential.
Below is the Ventures Africa Weekly Economic Index for the week ending 11th of December 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
The NSE All-Share Index and Market Capitalization depreciated by 2.53 percent to close the week at 34,250.74 and N17.902 trillion respectively.
Similarly, all other indices finished lower while the NSE ASeM Index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
- FTN Cocoa Processors Plc
- Union Diagnostic & Clinical Services
- Okomu Oil Palm Plc.
- Livestock Feeds Plc.
- Unity Bank Plc
Top five price decliners
- Regency Assurance Plc
- University Press Plc.
- Neimeth International Pharmaceuticals Plc
- Lafarge Africa Plc.
- Transcorp Hotels Plc
How did the Naira fare?
The Naira depreciated against the dollar at the close of last week. The exchange rate declined to N388.80 per dollar on the 11th of December, 2020 as against N382.03 recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 11th of December 2020 at $49.25 barrel, an increase from the 49.97 per barrel recorded a week earlier.
