A report reveals that Nigeria’s Monetary Policy Committee (MPC) projected that the economy will recover during its last meeting. This means that the economy will return to the positive growth rate in Q1’21.

The year 2020 saw the highest m/m increase in the headline measure of 86bps in December, while November, October and September headline inflation rose by 66bps, 51bps and 47bps respectively. Food inflation has been the primary driver of this acceleration.

Below is the Ventures Africa Weekly Economic Index for the week ending 5th of February, 2021. 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 1.66 percent to close the week at 41,709.09 and N21.819 trillion respectively. 

Similarly, all other indices finished lower with the exception of NSE Growth Index which appreciated by 3.26 percent, while the NSE ASeM Index closed flat.

Top Five Price Gainers

Mcnichols Plc.

Jaiz Bank Plc.

Eterna Plc. 

NCR (Nigeria) Plc. 

Multiverse Mining And Exploration Plc

Top Five Price Decliners

Linkage Assurance Plc.

Japaul Gold & Ventures Plc.

AIICO Insurance Plc. 

Julius Berger Nig. Plc.

Regency Assurance Plc

How did the Naira fare?

The Naira rose against the dollar at the close of last week. The exchange rate closed at N393.46 per dollar on the 5th of February 2021, against N396.88 recorded the week before. 

How did the price of oil fare?

Brent oil prices closed out the week on the 5th of January 2021 at $59.34 per barrel, an increase from the $55.88 recorded the previous week.