Nigeria’s President Muhammadu Buhari addressed the country on the COVID-19 pandemic yesterday, ordering the lockdown of Lagos and Ogun states as well as the Federal Capital Territory Abuja. Read the full address here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 27th of March 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 (NSE) as of March 27, 2020, showed that the NSE All-Share Index and Market Capitalization depreciated by 1.52 percent and 1.51 percent to close the week at 21,861.78 and N11.393 trillion respectively. All other indices finished lower with the exception of NSE Banking, NSE Insurance, NSE-AFR
Bank Value and NSE MERI Value while NSE ASeM Index closed flat.
Top price gainers and decliners in the week under review:
Top five price gainers
WAPIC Insurance Plc.
Morison Industries Plc.
Neimeth International Pharmaceuticals Plc.
Top five price decliners
Nigerian Brew. Plc.
Africa Prudential Plc.
Total Nigeria Plc.
Caverton Offshore Support Group Plc.
Dangote Sugar Refinery Plc.
Meanwhile, the NSE last week extended the time for quoted companies to submit their audited financial statements for the year ending December 31, 2019, a move meant to reduce the challenges caused by the COVID-19 pandemic, it said in a circular issued Tuesday, March 24, 2020.
How did the Naira fare?
The Nigerian currency depreciated against the dollar at the close of last week, trading at 381 Naira per dollar, a rise from the 370 per dollar recorded a week before. The Central Bank two Fridays ago weakened the local currency and adopted a uniform exchange rate amid depleting foreign exchange reserves. But the Naira’s devaluation may have been too small and could be reduced further, analysts have said based on market trends since the adjustment.
How did the price of oil fare?
Brent oil prices continued its downward trend at the close of last week, seeing out the week on the 27th of March, 2020 at $27.92 per barrel, a decrease from $30.23 a week earlier. Amid the ongoing historic meltdown in the global oil industry, characterized by a supply crisis and an unprecedented demand event triggered by the coronavirus pandemic, there are indications prices may plunge to $10 a barrel or even below in the next few months.