Nigeria Markets Stabilize Amid Global Volatility
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on August 5, with weaker trading activity and only two deals executed. The market saw a significant drop in volume, value, and number of deals compared to the previous session.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, followed by Infrastructure Credit Guarantee (Infracredit) Plc and Central Securities Clearing System (CSCS) Plc. In the cryptocurrency market, major assets like Bitcoin and Ethereum saw fluctuations due to global risk sentiment.
The Brent Crude price jumped nearly 4% on news of Iran's Strait of Hormuz bill, while the Naira slid against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX). The Central Bank of Nigeria (CBN) said rates have narrowed to below two percent and external reserves have risen above $52.5 billion.