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Home Business & Finance

Mutual Funds Assets Surge By 81.5% To N3.5 Trillion, Driven By FX Appetite

Nnaemeka OkwarabyNnaemeka Okwara
November 7, 2024
in Business & Finance
0
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
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In the first nine months of 2024, Nigeria’s mutual funds industry saw a significant increase of 81.5% compared to the same period in 2023. This growth was mainly due to investors’ strong interest in foreign currencies, especially the US dollar. Data from the Securities and Exchange Commission (SEC) shows that the total value of assets managed by these funds grew to N3.5 trillion, up from N1.938 trillion in the first nine months of 2023.

The growth is attributed to several factors, including high interest rates on fixed income instruments, better performance in the stock market, more people understanding the advantages of mutual funds, and investors looking for better returns by investing in dollar-based assets. Dollar Funds led other Funds, recording N1.677 trillion and accounting for 47.7% of the total Fund’s value.

Money Market Funds came next, with N1.391 trillion, making up 28.97% of the total value. Bond/Fixed Income Funds were in third place, with N215.016 billion, which is 6.1% of the total value of Mutual Funds.

Industry experts have weighed in on the sector’s growth. Michael Oyebola, the CEO of MoneyCounsellors, said that the Nigerian mutual fund scene has changed a lot, becoming a lively and easy-to-use way to invest. “Mutual funds give people a chance to be part of the financial markets without needing a lot of knowledge or experience,” he explained.

Tags: assetsDriven By FX Appetitefederal characterFinanceFXMutual fundsMutual Funds Assets Surge By 81.5% To N3.5 Trillion
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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