Central Bank of Nigeria
Stock Market, Nigeria, Second Quarter
The main event that dominated the transactions on the Nigerian Stock Exchange during the second quarter, 1989 was the compulsory transfer of the accounts of ministries and parastatals from the commercial and merchant banks to the CBN. In an attempt to raise their liquidity positions the banks and other private holders of Federal Government Development Stocks unloaded their holdings of the stocks on the Exchange. Consequently, the total volume of stocks traded rose from 14.9 million in 6558 deals during the first quarter of 1989 to 270.9 million in 8307 deals in the quarter under review. Compared with the corresponding quarter of last year, when 73.9 million stocks were sold in 4538 deals, transactions during the second quarter of 1989 increased tremendously. Similar trend was also exhibited by the value of stocks exchanged during the period under review. At #264.0 million, the total value of stocks traded significantly surpassed the respective amounts of :N16.6 million and :N71.0 million worth of stocks sold in the comparable quarters of 1989 and 1988.
CBN Economic and Financial Review
Central Bank of Nigeria (1989). Stock Market Report for the Second Quarter of 1989. CBN Economic and Financial Review. 27(2), 18-23.