Dollar funds’ assets value nearly triple on naira devaluation

The net asset value of dollar funds rose to N1.67 trillion in the first nine months of 2024, from N550.5 billion reported in the corresponding period of 2023, according to BusinessDay analysis of a Securities and Exchange Commission (SEC) report. This represents a 187 percent increase over the period, indicating the dominance of dollar funds in the mutual funds market over the period due to naira devaluation. The total net value of all the assets jumped by 180.1 percent to N3.518 trillion in September 2024, from N1.93 trillion recorded in