Last week, the Naira appreciated against the dollar at the Investors and Exporters window as external reserve plunged $1.1 billion in less than a month. The exchange rate closed at N408.6 per dollar.

According to reports, Nigeria’s external reserve dipped by 0.41 percent on Monday 22nd of February 2021, to stand at $35.28 billion, representing a decline of $145.9 million in foreign reserve, the highest single-day loss since April 20 20. The country’s external reserve position has now hit its lowest level in almost two months, losing over $1.1 billion in less than a month

Below is the Ventures Africa Weekly Economic Index for the week ending 26th 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:

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Nigerian Stock Exchange

The NSE All-Share Index and Market Capitalization depreciated by 0.96 percent to close the week at 39,799.89 and N20.823 trillion respectively.

Similarly, all other indices finished lower with the exception of NSE Banking, NSE AFR Bank Value, NSE MERI Growth and NSE Oil/Gas Indices which rose by 0.69 percent, 1.34 percent  0.66 percent and 0.97 percent while the NSE ASeM and NSE Growth Indices closed flat. 

Top five price gainers

Academy Press Plc.

Oando Plc.

UPDC Real Estate Investment Trust.

Chams Plc.

Royal Exchange Plc.

Top five price decliners

Lasaco Assurance Plc.

Africa Prudential Plc.

Sunu Assurances Nigeria Plc. 

Champion Brew. Plc. 

Niger Insurance Plc.

How did the Naira fare?

The Naira was stable against the dollar at the close of last week. The exchange rate remained at 412.91 per dollar on the 26th of February 2021 as against  N412.44  recorded last week. 

How did the price of oil fare?

Brent oil prices closed out the week on the  26th of February 2021 at $66.13 per barrel, a significant increase from $62.91 per recorded a week earlier.