Overview

Nigeria’s equity market traded on a bullish note during the month of June as the market reacted positively to reforms announced by the new President. The CBN announced the unification of exchange rates, consequently resulting in a 39.59% decline of the Naira in the I&E window to N769.25/US$1 in the month of June.

Inflation remained elevated with data for May showing that prices had risen by 22.41% year-on-year, a headline inflation rate 19 basis points higher than the previous month. Food inflation rose by 21 basis points to 24.82% year-on-year while core inflation moderated by 7 basis points to 20.06% year-on-year. Headline inflation continued to be impacted by structural issues such as insecurity, elevated commodity prices, fuel scarcity, and exchange rate pressure,  among others.

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