Economy
Index Drops 0.69% as Investors Trim Exposure to Conoil, BUA Foods Stocks

By Dipo Olowookere
In a bid to trim their exposure to the equity market and possibly diversify into other asset classes, investors on Thursday rebalanced their portfolios and sold off some of their holdings in Conoil, BUA Foods, GTCO, Oando, Airtel Africa, Zenith Bank and 16 others.
The hiking of the benchmark interest rate to 13.0 per cent by the Central Bank of Nigeria (CBN) recently and the disclosure on Wednesday by the National Bureau of Statistics (NBS) that inflation in May rose by 17.71 per cent have given investors an opportunity to review their investment strategy.
The Nigerian Exchange (NGX) Limited is on the hot seat for this and has struggled to replicate the positive momentum it recorded some weeks ago, especially at a time the main focus is now on political activities in the country ahead of the 2023 general elections.
Yesterday, the exchange further depreciated by 0.69 per cent for the third trading session on the back of sustained profit-taking. It has only managed a single upward movement in the last six trading days and four in the last 13 sessions.
The All Share Index (ASI), which measures the overall performance of the market, depreciated by 364.31 points to settle at 52,411.09 points compared with the previous day’s 52,775.40 points, while the market capitalisation decreased by N197 billion to close at N28.255 trillion versus Wednesday’s N28.452 trillion.
Business Post reports that the consumer goods counter closed higher by 0.01 per cent during the session, while the energy, banking, insurance and industrial goods sectors finished lower by 0.83 per cent, 0.62 per cent, 0.28 per cent and 0.01 per cent respectively.
A total of 211.6 million shares worth N2.4 billion exchanged hands in 4,750 deals on Thursday as against the 188.1 million shares worth N2.4 billion traded in 4,890 deals at the midweek session. This indicated that while the number of deals reduced by 2.86 per cent, the volume of trades increased by 12.51 per cent and the value of transactions remained unchanged.
Sterling Bank sold 63.7 million stocks valued at N97.5 million, Zenith Bank transacted 17.3 million shares worth N382.6 million, UBA traded 17.3 million equities for N131.9 million, Transcorp exchanged 16.2 million shares for N21.0 million, while FBN Holdings sold 10.3 million equities worth N101.0 million.
On the price movement index, Conoil was the worst-performing stock as it dropped 10.00 per cent to settle at N28.80, BUA Foods declined by 9.97 per cent to N53.75, eTranzact depleted by 9.96 per cent to N2.44, CWG fell by 9.62 per cent to 94 kobo, while Eterna went down by 6.25 per cent to N7.50.
On the flip side, Linkage Assurance finished the day as the best performer as it gained 9.80 per cent to quote at 56 kobo, Courteville rose by 8.00 per cent to 54 kobo, Japaul appreciated by 6.90 per cent to 31 kobo, Chams chalked up 4.17 per cent to sell at 25 kobo, while UPDC grew by 4.08 per cent to N1.02.
Economy
Naira Now Stable, More Competitive—Cardoso

By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says the Naira is stable and more competitive in the foreign exchange market, indicating stability for the Nigerian economy.
He made the disclosure at the end of the 300th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, May 20, where key interest rates were held steady for yet another period.
“Given the relative stability in the foreign exchange market, members urge the bank to sustain the implementation of the ongoing reforms to further boost the economy,” Mr Cardoso said.
Business Post reports that the Naira had closed at N1,598 per Dollar at the official FX market on Monday.
He said the MPC also lauded new policies introduced by the federal government to boost local production, reduce foreign exchange demand pressure, and lessen the pass-through of higher rates to domestic prices.
The CBN Governor also said the MPC believes that the Nigerian economy is now stable, urging private individuals interested in investing in the economy to take the initiative.
The apex bank retained the Monetary Policy Rate (MPR) at 27.50 per cent, same as the asymmetric corridor around the MPR at +500/-100 basis points, and helf the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent, and retain the Liquidity Ratio at 30.00 per cent.
While relating the decision of the MPC on Tuesday, Mr Cardoso referenced the National Bureau of Statistics (NBS) inflation rate for April, pegged at 23.71 per cent.
According to NBS, the annual inflation rate fell to 23.71 per cent in April 2025, from 24.23 per cent in the prior month. Food inflation, the largest component of the inflation basket, remained elevated but moderated to 21.26 per cent from 21.79 per cent in March, mainly on account of prices of some items such as maize, wheat, yam and wheat.
“The inflation numbers speak for themselves. The overall trajectory is in the right direction. There is no one solution to solve the economic challenges. What will solve the problem is a multiplicity of overall efforts.
“The journey will begin to yield greater results as time goes on, given the relative stability in the foreign exchange market,” he said.
The CBN Governor added that the Naira is more competitive and “this should encourage more exports if we continue in the trajectory. I am very optimistic.”
Economy
CBN Retains Interest Rate Benchmark at 27.50%

By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has left the interest rates unchanged as it awaits more data to determine the inflation outlook.
According to an announcement by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 300th MPC meeting on Tuesday, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent, the Cash Reserve Ratio (CRR) at 50 per cent, and the Liquidity Ratio (LR) at 30 per cent.
This was widely expected as inflation cooled to 23.71 per cent in April 2025, according to the latest report by the National Bureau of Statistics (NBS).
Although at 23.71 per cent, the inflation levels remain elevated and strains on the Naira have only recently abated after an initial selloff in April caused by a slump in the price of oil, the country’s main export.
Business Post reports that the World Bank had recently projected that Nigeria’s inflation may moderate to 22.1 per cent this year, higher than the 15 per cent targeted by the Bola Tinubu-led administration.
There are also indications that if inflation slows down in the next two months, Nigeria might start cutting rates in the next half of 2025.
Nigeria may see “some room for the CBN to cut rates” in the second half of the year as disinflation is expected, Mr Gbolahan Taiwo, an analyst at JPMorgan Chase & Co. said in a client note.
The MPC meeting is the first rate-setting meeting since the US imposed a 10 per cent universal tariff and slapped China, Africa’s largest trading partner — with a 145 per cent levy before reducing it to 30 per cent for 90 days.
Economy
$1trn Economy: Edun Advocates Improved Capital Market Governance, New Products

By Adedapo Adesanya
The Minister of Finance, Mr Wale Edun, has emphasised the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a one-trillion Dollar economy.
Speaking at the Capital Market Committee (CMC) meeting, the Minister highlighted the market’s transformation since 2015, noting that with improvements in governance structures, new products and platforms, a stronger regulatory environment, and growing investor participation, the capital market is capable of delivering Nigeria’s proposed $1 trillion economy.
Mr Edun, who was represented by the Minister of State for Finance, Mrs Doris Uzoka-Anite, said the implementation of the Capital Market Master Plan (2015-2025) had been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.
He said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda, adding that the passage of the new act modernises the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.
On the challenges and opportunities inherent in the Act, the minister said it would help deepen market participation, and to ensure regulatory coordination remains tight.
The Minister noted that the government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment, saying the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion, and long-term national resilience.
The finance minister explained that with SEC undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards, among others, the domestic economy recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.
On his part, the Director-General of SEC, Mr Emomotimi Agama, emphasised the Commission’s commitment to regulatory reforms and capital market growth.
According to him, the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.
Mr Agama highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.
He also emphasised the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation, noting that the Commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law.
He said a podcast series had also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.
Mr Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalisation growing by 53.39 per cent, noting the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.
He emphasised the importance of financial inclusion and investor education, citing the commission’s initiatives to empower women, youth, and grassroots communities.
He also highlighted the commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.
Mr Agama emphasised the commission’s commitment to fostering growth, transparency, and sustainability in the capital market, and looked forward to fruitful deliberations at the meeting.
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