Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s equities market posted its first decline on Wednesday, March 26, aligning with analysts' predictions of mixed trading sessions this week.

Data from the Nigerian Exchange showed that the market could not sustain its two consecutive, market couldn’t sustain positive as it closed lower by 0.10% or N74 billion on Wednesday.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) moved down from highs of 105,593.28 points to 105,475.38 points, indicating a 0.10% drop.

Meanwhile, market capitalisation dropped from N66.214 trillion a day earlier to N66.140 trillion on Wednesday.

This means investors shed N74 billion after the end of trading.

Lafarge Africa, Sovereign Trust Insuranc, Cutix, Fidelity Bank and Access Holdings were actively traded stocks as investors in 10,908 deals exchanged 5,760,316,590 shares worth N342.60 billion.

Naira depreciates as foreign exchange outflows increase

Earlier, Legit.ng reported that the uncertainty of the ongoing tariff war between the United States and some countries has caused the exit of foreign exchange from Nigeria, leading to a two-week depreciation of the naira.

The development prompted the Central Bank of Nigeria (CBN) to intervene in the FX market last week, selling about $500 million to boost supplies.

Data from the CBN shows that forex outflows grew by 78% in January this year, leading to an N45.45 billion outflow in dollar terms.

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Source: Legit.ng