Nigeria’s stock market delivered strong returns in September, with investors earning about N1.8 trillion in value as recent Central Bank of Nigeria (CBN) reforms spurred renewed optimism. Market capitalisation rose from N88.77 trillion in August to N90.58 trillion, while the NGX All Share Index advanced by 1.7 percent to close at 142,710.48 points, figures from the Nigerian Exchange show.
Analysts attributed the performance to the CBN’s decision to cut the Monetary Policy Rate from 27.5 percent to 27 percent, a move that encouraged a shift from fixed income into equities. “The slight easing of rates is improving liquidity for risk assets and lifting investor sentiment across the market,” one Lagos-based trader told Vanguard.
Large-cap stocks including Aradel, Fidelity Bank, Nigerian Breweries and Transcorp were among the biggest drivers of market gains, with strong buying interest recorded across key sectors. The trend highlights growing appetite for equities as investors seek to capitalise on opportunities created by policy adjustments.
Despite the positive momentum, market breadth remained mixed, with more stocks declining than advancing. Analysts caution that sustaining the rally will depend on policy consistency, inflationary pressures, currency stability and broader global conditions, which continue to weigh on emerging market flows.