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Gains by cement and petroleum stocks lifted activities on the Nigerian Stock Exchange  (NSE) on Wednesday, with market capitalisation increasing by N168 billion. The News Agency of Nigeria  (NAN) reports that the market capitalisation rose by N168 billion or 1.51 per cent to close at N11.299 trillion, against the N11.131 trillion recorded on Tuesday. Also, the All-Share Index which opened at 32,200.38 appreciated by 486.34 points or 1.51 per cent to close at 32,686.72.

Relentless to achieve convergence of rates between the interbank and Bureau de Change segments of the foreign exchange market (FOREX), the Central Bank of Nigeria (CBN) has injected another 190 million dollars into the market. The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a statement on Monday in Abuja, said 100 million dollars was offered as wholesale interventions and 50 million dollars was allocated to the Small and Medium Enterprises (SMEs) FOREX window.

Jaiz bank has emerged the worst performing stock in percentage terms on the Nigerian Stock Exchange  (NSE) for the month of May. It was reported that data obtained from the exchange for the month of May indicated that the stock dropped by 17.39 per cent, to close at 95k per share, as against the opening price of N1.15. Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, linked the stock’s decline during the period to its nature of banking business that emphasised on profit sharing, rather than interest on loans, charged by commercial banks.

The nation’s financial sector lost N2.19 billion to fraudsters in 2016, according to Annual Report of the Nigeria Electronic Fraud Forum (NeFF), released in Abuja. According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015. However, the volume of fraud cases jumped to 19,531, against 10,743 cases in 2015, an indication that the financial system had increasingly suffered attacks from fraudsters.

The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of 482.6 million dollars in the first trading day after the Democracy Day celebrations. A statement issued by its Acting Director, Corporate Communications, Mr Isaac Okorafor in Abuja said that this was part of measures to underline its determination to guard the international value of the naira. Okorafor said that a breakdown of the intervention indicates that the retail Secondary Market Intervention Sales (SMIS) was allocated 285.7 million dollars, while the 100 million dollar was offered in the Wholesale SMIS auction window.

The dollar edged higher against a basket of currencies on Monday, moving away from last week's 6-1/2-month lows and shrugging off news of North Korea's latest missile test as investor attention turned to the Federal Reserve's expected interest rate hike next month. The dollar index, which tracks the U.S. currency against a basket of six major rivals, inched up 0.1 percent to 97.502, holding well above last week's nadir of 96.797, its lowest since Nov. 9.