Economy

Nigeria Stock Market Delivers Impressive Dollar Gains

Published

8 months ago

February 24, 2026

Q Tinny

Nigeria stock market leads Africa in dollar returns, surging 34.39% YTD amid strong equity gains and currency stability

Nigeria’s stock market has emerged as one of Africa’s top performers in U.S. dollar terms this year, outpacing several continental peers despite a challenging domestic economic environment.

Also read: Nigerian Stock Market Gains N4.08 Trillion Amid Strong Earnings

According to a weekly newsletter report by African Markets, the Nigerian Exchange Limited (NGX) has delivered a year-to-date return of 34.39 per cent in dollar terms, reflecting robust equity price appreciation and improved currency stability that have bolstered investor confidence.

In local currency terms, the market has risen 25.30 per cent YTD, driven by sustained buying interest in banking, consumer goods, and industrial stocks.

The NGX recorded one of its strongest weekly performances in recent history, with investors gaining approximately N8.14 trillion during the week ending 21 February.

The stronger performance in dollar terms underscores the influence of exchange rate dynamics and renewed foreign portfolio inflows. While Tanzania leads Africa in local currency gains with a 40.65 per cent increase, Nigeria surpasses it when measured in U.S. dollars.

Conversely, Zimbabwe’s equity gains have been tempered by currency pressures, highlighting the decisive role of exchange rates in shaping cross-border investment.

Analysts attribute Nigeria’s market resilience to improving macroeconomic indicators, including tighter monetary policies aimed at stabilising inflation and supporting confidence in the foreign exchange market.

Despite ongoing economic reforms and elevated inflationary pressures, investors are positioning to benefit from anticipated medium-term recovery gains.

Market operators noted that Nigeria’s strong dollar-denominated returns are particularly notable in a global environment marked by higher-for-longer interest rates in advanced economies.

Emerging and frontier markets, they added, must offer compelling risk-adjusted returns to attract capital, a challenge that Nigeria’s current performance appears to meet.

Meanwhile, NGX Regulation Limited (NGX RegCo), the independent regulatory arm of the Nigerian Exchange Group, issued an advisory to the public following notable price movements in certain listed companies.

The advisory encourages investors to base decisions on publicly available information, exercise due diligence, and consult licensed intermediaries when necessary.

Also read: US Stocks, Treasuries, Dollar Drop Amid Trade Tensions

Olufemi Shobanjo, CEO of NGX Regulation Limited, emphasised: “Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information.”

Up Next

FCT Minister, Nyesom Wike Cancels 485 Land Documents Over Forgery

Don't Miss

Fidelity Bank Launches HerFidelity Apprenticeship 2.0 for Women

Q Tinny

Click to comment

Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

8 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

Also read: Wike Celebrates Fintiri at 59, Hails Him as Loyal Friend

The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.