₦11.92 Trillion Equity Turnover Masks Decline When Measured in Dollars

Story: written by Daniel January 26,2026
Nigeria’s equities market posted a historic ₦11.92 trillion in transactions, but the milestone loses its shine when assessed in dollar terms, highlighting the persistent impact of currency weakness on foreign investor value.

While the naira-denominated turnover reflects heightened trading activity and growing local participation on the Nigerian Exchange, depreciation of the local currency has significantly eroded gains when converted to US dollars. As a result, the record-breaking figure does not translate into comparable growth for offshore investors.

Market analysts note that inflation, exchange rate volatility, and foreign exchange liquidity challenges continue to shape investor sentiment. Although domestic investors have helped sustain market momentum, foreign portfolio inflows remain cautious, largely due to concerns over currency risk and capital repatriation.

The performance underscores a broader reality of Nigeria’s capital markets: headline figures in naira can appear impressive, yet real value assessment increasingly depends on dollar-based returns. Until exchange rate stability improves, analysts warn that record transactions may struggle to pass the global investment benchmark.