Nigeria NGE ETF

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Nigeria’s Supreme Court affirms Tinubu’s presidential victory - ending months of legal battles over the presidential race.
https://www.aljazeera.com/news/2023/...ential-victory

In July, Tinubu was also selected to chair the Economic Community of West African States (ECOWAS), putting him at the helm of the African regional bloc.

Trained as an accountant in the US, Tinubu has already decisively introduced key economic reforms that he says will lure investors and make Nigeria a regional economic powerhouse.

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Trained as an accountant in the US, Tinubu has already decisively introduced key economic reforms that he says will lure investors and make Nigeria a regional economic powerhouse.

Nigeria Plans New FX Rules — including a crackdown on illegal currency trading — to help Naira close its more-than-45% gap with the black market rate and reach ‘N650-N750 Fair Price’ by End of 2023

The government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market, Taiwo Oyedele, chair of the presidential committee on fiscal policy and tax reforms, said in an interview.


President Tinubu signs executive orders to boost FX liquidity. Government plans local issuance of dollar denominated debt


https://www.bloomberg.com/news/artic...fficial%20said.

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The Climb Back begins for Naira

The perception among traders, particularly speculators, is that the exchange rate will rise against the dollar in the coming days, forcing them to sell lower in order to avoid losing their shirts.

The foreign exchange market will be streamlined and restructured so that all rightful and proper transactions will be covered by the government and take place in the official foreign exchange market. Anything beyond that will be punished, considered a criminal offense, and illegal, according to Edun.

https://saharareporters.com/2023/10/27/nigerian-currency-naira-appreciates-against-dollar-parallel-market-after-long-recession

[Valuegrowth]

https://www.dailymaverick.co.za/arti...w-record-high/

The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%.

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The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%.

Yep, Tinubu following through on his promises:
Nigeria Seeks Approval to Borrow $7.9 Billion (externally) , Daily Trust Says
https://www.bloomberg.com/news/artic...says#xj4y7vzkg

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Naira (NGN USD) Jumps on Nigeria Streets, Crypto Trade After Forex Cleared
https://www.bloomberg.com/news/artic...er-crypto-gain


Nigeria’s naira jumped against the dollar on the parallel market and on crypto exchanges on Friday, a day after authorities said they took steps to clear a backlog of matured foreign-currency forward contracts that have hampered dollar inflows.


The local currency soared 10% to 1,035 a dollar on the parallel market (from below 1300 just days ago), according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles exchange-rate data.


It was quoted at 819.10 on Binance Holdings Ltd.’s platform, a 28% gain from the previous day, as of 2:15 p.m. local time.

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The perception among traders, particularly speculators, is that the exchange rate will rise against the dollar in the coming days, forcing them to sell lower in order to avoid losing their shirts.

Price rising with volume on NGE. Bottom in?

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Price rising with volume on NGE. Bottom in?

Naira Continues Rebound, Strengthens To N950/$ at Parallel Market.

Simultaneously, the official Investors and Exporters (I&E) window reflected renewed vigour...

An official from the CBN, who wished to remain anonymous, confirmed the settlement of FX forward contracts through 14 banks on Wednesday. He further assured investors that the remaining FX forward contracts would be addressed in the forthcoming week.

“We expect USD/NGN to eventually move lower towards 850 by year-end as the combination of tighter policy, as well as more attractive rates and FX levels deter incremental dollarization and perhaps attract some foreign capital,” JP Morgan asserted.

https://www.arise.tv/naira-continues...rallel-market/

[Valuegrowth]

When a country get IMF or other funds stock markets react strongly.

Yep, Tinubu following through on his promises:
Nigeria Seeks Approval to Borrow $7.9 Billion (externally) , Daily Trust Says
https://www.bloomberg.com/news/artic...says#xj4y7vzkg

[Valuegrowth]

https://www.arise.tv/double-honours-...ns-two-awards/

I came to know about this Nigerian bank, the Africa’s largest bank when I was in a UK based forum. Its one-year return is over 40%. If I had bought this and kept at least for 3 years; capital gain could have generated nearly 300% (three bagger). Thing is still it’s trading much below the book value while having low PE ratio.