Nigeria’s foreign reserves depleted by $5 billion in less than four months, official data from the Central Bank of Nigeria (CBN) shows. From $45 billion in July, the figure dropped to $40.79 billion as of October 22, 2019.
At $40 billion, this is the lowest reserves figure in 2019 and the biggest decline in close to 2 years, raising concerns the naira could be weakened. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 25th of October 2019. 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
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of October 25, 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 0.38 percent to close the week at 26,348.73 and N12.826 trillion respectively. Similarly, all other indices finished lower with the exception of NSE MERI Growth Index which appreciated by 0.19 percent.
Top five price gainers and decliners in the week under review:
Top five price gainers
Cornerstone Insurance Plc.
Consolidated Hallmark Insurance Plc.
Trans-nationwide Express Plc.
Sterling Bank Plc.
A.G. Leventis Nigeria Plc.
Top five price decliners
Guinness Nig Plc.
NEM Insurance Plc.
Custodian Investment Plc.
Jaiz Bank Plc.
C&I Leasing Plc.
How did the Naira fare?
The Naira decreased against the dollar at the close of last week. The exchange rate slid to 362 Naira per dollar on the 25th of October 2019, higher than 360 recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 25th of October 2019 at $62.90 per barrel, an increase from the $60.50 recorded a week earlier.
The post Weekly Economic Index: Nigeria’s external reserves at a 21-month low appeared first on Ventures Africa.
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