Nigeria's Stock Market Dips, Cryptocurrency Market Sees Recovery

The Nigerian Autonomous Foreign Exchange Market (NAFEM) saw stability in the Naira against the US Dollar on Friday, August 14, but a decline in the local stock market caused investors to lose N257 billion. At NAFEM, the Naira remained unchanged at N1,357.65/$1, while it depreciated by N6.05 against the Pound Sterling and N4.70 against the Euro.

At the black market, the Nigerian currency traded flat against the Dollar at N1,395/$1, but gained N3 at the GTBank forex desk to quote at N1,364/$1 versus Thursday's exchange rate of N1,367/$1.

The cryptocurrency market also saw a recovery after experiencing a downturn in previous sessions. The proposed new 'non-operating company' screens for MSCI's Global Investable Market Indexes did not explicitly target cryptocurrencies but evaluated whether a company's core operating assets constitute more than 50% of its total holdings.