When the Nigerian Exchange opened the first quarter of 2025 with strong trading volumes and renewed institutional interest, the familiar drivers returned to the fore. Banking stocks lifted the All-Share Index, while government securities drew defensive buyers seeking shelter from inflation and currency pressure. Yet beneath the surface, another shift is unfolding in parts of the market that attract far less attention than equities and When the Nigerian Exchange opened the first quarter of 2025 with strong trading volumes and renewed institutional interest, the familiar drivers returned to the fore. Banking stocks lifted the All-Share Index, while government securities drew defensive buyers seeking shelter from inflation and currency pressure. Yet beneath the surface, another shift is unfolding in parts of the market that attract far less attention than equities and