…as instruments of liberation, but they function as instruments of extraction. The Dangote IPO is different in one crucial respect: it is backed by a real, operational, cash-generating asset. But the structural risks remain. The Nigerian Exchange lacks depth. Liquidity is thin. Exit options for retail investors are cons…

…for summer travel and school fees," he said, adding that the lingering impact of the Dangote IPO and political activities ahead of the elections are also contributing to increased demand for foreign exchange. Uche Uwaleke, professor of Capital Market at Nasarawa State University and president of the Capital Market Acad…