ACCOMPLISH MAGAZINE NOV 2023

NIGERIA:
BITS & BOBS
By Ikenna Ngere
BUSINESS AND FINANCE
Nigeria’s Exports Thrive in Angola,
Reaching $16.8m
Nigeria’s exports to Angola will reach $16.8
million between 2020 and 2022, according to
Domingos Lopes, Secretary of State for International
Cooperation and Angola Communities.
Lopes made the remarks on Thursday at the
inaugural interactive Angola-Nigeria business event in
Abuja.
The Secretary, who represented the Minister of
External Relations, His Excellency, Téte Antonio, stated
that the first economic, technical, scientific, and
cultural cooperation agreement was signed in 1976,
and that the exchange between the two countries has
been remarkable in diplomatic, defence and security,
petroleum, education, culture, and transportation.
Naira’s Freefall Continues, Hits
New low of 1060/$
The crisis in Nigeria’s currency exchange
market doubled on October 18, with the local
currency sinking further across all market
segments.
The naira fell to N1,100 to USD1.0 midday in the
parallel market before settling at N1,060 in Lagos’
major trading hubs. In the parallel market, it had
been hovering at N1,025 for the previous month.
Stock Market Plunges N140bn due to
Massive Sell-Offs
The stock market reversed its previous day’s gain to
close trading with a N140bn loss. This loss comes after
two days of profitable trading. The All-Share Index and
market capitalisation both fell by 0.38 percent to 67,098.8
and N36.864 trillion, respectively.
This decline was driven by sell-offs in high and
medium-cap stocks on the local bourse, including
Stanbic IBTC (-8.49%), AccessCorp (-2.39%), Fidelity Bank
(-2.94%), Oando Plc (-1.67%), Zenith Bank (-0.75%), FBN
Holdings (-0.31%), NASCON Allied Industries (-1.72%), Nestle
(-0.49%), and MTN Nigeria (-0.20%).
At the closing of trading, the number and value of
shares traded fell by 24.87 percent to 298.69 million units
and 4.60 percent to N4.48 billion in 5,348 transactions. On
Thursday, October 19, there were 114 equities that traded
on the market.
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