July 2023 Funds Factsheet
Asset Management
31 Jul 2023 · Factsheets
Overview
Nigeria’s equity market closed mixed in the month of July with a positive tilt, as the All-Share index closed up by 6.71% while the Naira gained 1.63% in the I&E window to close at N756.94/US$1 in the month of July.
Inflation remained elevated in July with data showing that prices had risen to 22.79% year-on-year, a headline inflation rate 38 basis points higher than the previous month. Food and Core inflation rose by 43 basis points to 25.25% and 21 basis points to 20.27% year-on-year respectively. Headline inflation continued to be impacted by structural issues such as insecurity, elevated commodity prices, fuel scarcity, and exchange rate pressure, among others.