People & Money

Nigerian Markets Last Week: Oil Prices Down on Covid Resurgence, Manufacturing Index Slumps

The Nigerian Markets report for the week ended December 25, 2020.

Stock Market

The Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 5.42% to close last week at 38,800.01 and ₦20.279 trillion, from 36,804.75 and ₦19.236 trillion, respectively. 

Similarly, all other indices finished higher with the exception of NSE Banking, AFR Bank Value, AFR Div Yield, and MERI Growth while the NSE ASeM and NSE Growth Indices closed flat.

Note: It was a four-day trading week as the Federal Government of Nigeria declared Friday 25th of December, 2020 as a Public Holiday in commemoration of the Christmas celebration.

Exchange Rate(s)

  • At the NAFEX window, the naira closed at ₦392/$1, a slight gain from ₦394/$1 the previous week, according to FMDQ.
  • The exchange rate in the parallel or black market – where forex is traded unofficially – closed at ₦465/$1, a rise from ₦477/$1, per data from AbokiFX.

Also Read: Nigerian Markets Last Week: Oil Prices Maintain Gain As Equities, Cryptocurrencies Surge


  • Bitcoin (BTC) – ₦11,665,348.19 from ₦10,831,000.00
  • Ethereum (ETH) – ₦295,201.01 from ₦306,001.00
  • Litecoin (LTC) – ₦61,096.96 from ₦51,689.08
  • Ripple (XRP) – ₦142.00 from ₦275.56


Crude Oil – International benchmarks West Texas Intermediate (WTI) and Brent Crude futures closed Friday at $48.30 and $51.29, from $48.91 and $51.99 the previous week, respectively. 

  • Nigeria’s Bonny Light closed at $50.43 from $51.01.

Gold – The metal closed at ₦711,575.84 from ₦715,876.95.

Cocoa – Cocoa prices fell to close at $1,688 from $1,700 the previous week.

Also Read: Nigerian Markets Last Week: Brent Crude Hits $50 Per Barrel As Stocks, Crypto Slump

Economic Indicators

  • Recession – The Nigerian economy is in a recession after GDP contracted for the second consecutive quarter: -3.62% in Q3 after -6.10% in Q2 2020, per data from the National Bureau of Statistics.
  • Inflation – Nigeria’s annual inflation rate is currently estimated to be at 14.89% (for November 2020).
  • Manufacturing –The Central Bank of Nigeria composite Purchasing Managers’ Index for the manufacturing sector slid to 49.6 in December from 50.2 in November. That indicates a contraction, below the 50 benchmark.
  • Monetary Rates – as of the last CBN Monetary Policy Committee in November: Monetary Policy Rate at 11.5%; Cash Reserve Ratio at 27.5%; Asymmetric corridor of +100/-700 basis points around the MPR; Liquidity Ratio at 30%.

Michael Ajifowoke

Michael is a budding media professional with more than two years of experience covering business, economy & tech. He spends his leisure reading about economics, finance, and international development.

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