Nigeria equities market loses N1.2 trillion amid profit-taking

Nigeria’s economic landscape shows mixed signals as the equities market experienced a significant downturn following a period of gains. The Nigerian Exchange (NGX) All-Share Index fell by 1,806.18 points, or 0.73 per cent, as profit-taking in major stocks like MTN Nigeria, Dangote Sugar Refinery, and FirstHoldCo caused market capitalization to drop by approximately N1.2 trillion.

In the foreign exchange market, the naira showed relative stability despite a decline in interbank activity. The official rate traded around N1,360 to N1,364 per dollar, while the parallel market remained in the N1,400 to N1,428 range. While interbank turnover fell sharply, Nigeria’s external reserves rose to $52.14 billion, providing a liquidity buffer.

Consumer sentiment is showing signs of gradual recovery. A Central Bank of Nigeria survey indicated that consumer confidence strengthened in July as inflation expectations moderated. However, households remain cautious, prioritizing essential spending on food and transport over high-value assets like vehicles or homes.

On a broader continental scale, African venture funding reached a decade-high of $3.3 billion in the first half of 2026, a 73 per cent increase from the previous year. While total funding has risen, capital remains concentrated, with the top 10 ventures accounting for 65 per cent of the total value.