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Home Business & Finance

NGX Leadership Threatened by Currency Devaluation

Nnaemeka OkwarabyNnaemeka Okwara
August 12, 2024
in Business & Finance
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NGX Leadership Threatened by Currency Devaluation
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Nigerian Exchange Limited (NGX) has faced challenges as a result of the naira’s significant devaluation, impacting its position as Africa’s top stock market. Despite registering a year-to-date return of 31.85%, in dollar terms, the devaluation thus eroded the gains made.

From June 2023 to August 2024, the naira plummeted from N462/$ to N1,589/$ affecting market capitalization. While NGX added N15.09 trillion (approx. $9.67 billion) in naira terms, dollar equivalent fell from $45.6 billion to $35.3 billion.

In comparison, Johannesburg Stock Exchange (JSE) had a stable performance while Ghana Stock Exchange (GSE) leads with 41.87% YTD Returns.

The devaluation has had mixed effects on the economy and stock market at large. Foreign investment has been attracted by policy measures including hawkish stance on interest rates as well as foreign exchange interventions but at same time liquidity in equities market has declined due to such measures.

In H1 2024, foreign inflows increased to N229.07 billion despite challenges signaling continued interest from foreign investors. As a result of this increased interest, landmark listings and recent technological advancements have resulted in innovative solutions slated for deepening the market ensuring both domestic and international participation through various avenues

Tags: CurrencyDevaluationfederal characterFinanceNewsNGXNGX Leadership Threatened by Currency Devaluation
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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