Nigerian Exchange Sinks as Naira Weakens Against Dollar

The Nigerian Exchange Limited experienced a four-session bearish streak ending Wednesday, June 17, 2026. Market capitalization fell from 155.985 trillion naira on Friday to 154.45 trillion naira by Wednesday, with investors losing approximately 1.54 trillion naira over the period. On Tuesday, the All-Share Index dropped to 241,984.80, led by 10% declines in Vitafoam and International Energy Insurance. By Wednesday, the index fell further to 240,802.72, as Geregu Power Plc hit its 10% lower limit and Okomu Oil Palm saw a 9.97% decrease.

Trading activity fluctuated during the slide. Volume fell 28.11% on Tuesday but rebounded by 23.79% on Wednesday, with 662.96 million shares traded.

Simultaneously, the naira depreciated against the US dollar on Wednesday. At the Nigerian Autonomous Foreign Exchange Market, the currency fell 0.21% to 1,360.07 naira per dollar, driven by import backlogs in the energy and manufacturing sectors. Parallel market reports varied, with some sources citing a steady rate of 1,373 and others reporting a drop to 1,400. The Central Bank of Nigeria is attempting to stabilize the currency through direct dollar sales to Bureau de Change operators and liquidity mop-ups, even as external reserves rose to 50.89 billion dollars.