Nigeria’s major financial makets, specifically, the foreign exchange, forex, and the stock markets, dramatically turned positive on the heels of the barely concluded major national election.

In the official end of the forex market, the Investors and Exporters Window (I&E), the local currency strengthened against the USDollar trading at N461.17/$1.00 compared to N462.19/$1.00 previous week just as it gained significantly in the parallel market at 765.00/$1.00 as against N780.00/ $1.00 the previous week.

Also the Nigerian stock market traded at its 16-year high performance in both market capitalization and index despite the electioneering tension across the nation, a development an investment analyst has attributed to optimism over the likely outcome of the Presidential and National Assembly elections in Nigeria last weekend.

While the All Share Index, ASI, close on Friday at 54,949.21 points from 51,251.06 points, the market capitalization hit N29.9trillion representing a year to date return of 7.2% or N2.018 trillion from N27.915 trillion.

Many analysts had predicted that the market may follow the usual election year downward pressures, and some weeks between December 2022 and January 2023 actually recorded some significant bearish trading.

Stock dealers said that the Nigerian Exchange Limited, NGX remaining upbeat on the eve of a major election season is a complete change of pattern in the history of Nigeria’s stock market.

Some market analysts attributed the situation to the change in market’s holding structure, post covid 19 impressive corporate performance, impact of newly listed companies among others.

Market trend and performance this time was also a departure from mixed sentiment in the past election years and seasons, especially on the 2015 and 2019 elections.

The improved local participation of Nigerians, especially institutional investors, high net worth players and savvy retail investors that understand the whole system and perception of politics in Nigeria made the market to remain strong.