According to reports, and aa posited by Bayo Onanuga, Tinubu's spokes person, the NGX grew by 45%. So, if you had N1000 in the stock market, your stock value appreciated to N1450 Hurray!

However your purchasing power at N1000 is higher. When $1 was approximateky N400, the N1000 in stock was good enough to get you value worth $2.5.
However, the new appreciated stock value of N1450 can only get you value of ~$1.07.

In real terms, investors in NGX have lost $1.43.
In real terms, the sample investor gained N450 in Naira, but lost N1,930 in value. Your purchasing power is eroded why you are ficticiously assuming you are progressing.
It is not different from the time that banks were busy reporting "paper profits" and bon-sxistebt EPS, but unable to pay dividends.

This is the reason no foreign investors or Nigerians in diaspora are excited to invest in NGX.

So I completely agree with Ndubuisi Ekekwe's analysis as shown on the post on FP.
https://www.nairaland.com/7977530/ngxs-growth-nigerians-poorer-under

NMPC SHOULD PRODUCE REPLACEMENT NAIRA NOTES FOR UNFIT NOTES WITHIN 24 HOURS.
NIGERIAN BANKS ARE CIRCULATING CANTERMINATING NAIRA NOTES AND THEY'RE INFECTIOUS.

NMPC SHOULD PRODUCE REPLACEMENT NAIRA NOTES FOR UNFIT NOTES WITHIN 24 HOURS.
NIGERIAN BANKS ARE CIRCULATING CANTERMINATING NAIRA NOTES AND THEY'RE INFECTIOUS.

Orisa37