Wednesday, November 1, 2017
Advertisement

Naira gains, FX reserves sink as stock market hits new high

Naira gains, FX reserves sink as stock market hits new high
June 02
20:32 2017
Advertisement

Nigerian economy is currently experiencing mixed fortunes, but more of the indices are positive, due to the activities of the Central Bank of Nigeria, and the restoration of investors’ confidence.

Nigerian naira gained on Friday to trade at about 370 per dollar at the parallel market, while the British pound and European euro went for 480, 415, respectively.

The country’s foreign exchange reserves however took a dip, sinking from $30,360,798,903  to $30,329,636,331 — shedding over $30 million in less than 24 hours.

A bullish ride was also seen at the Nigeria Stock Exchange where market capitalisation and all share index (ASI) peaked at an all year high of N10,845,347,307,117.93 and 31,371.63 respectively.

Top trades for the day were seen around banking stocks from Diamond Bank, First Bank, UBA, and Access Bank, while the top gainers were Nestle and Dangote Cement.

Traders have said the spike in stock prices is  due to the new foreign exchange actions taken by the CBN less than two months ago, giving investors a window for easy import of capital, and easy repatriation of funds.

In May, after the window was opened, the market indices increased by about 15 percent, to record the highest monthly gain since 2008.

Experts suggest that the bullish drive in the market can be sustained as long as the CBN remains consistent with its policy actions.

RECEIVE ALERTS FROM THECABLE

BBM CHANNEL C0038F78B
WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2017 TheCable. Permission to use quotations from this article is granted subject to appropriate credit being given to www.thecable.ng as the source.
Advertisement

Social Comments

1 Comment

  1. chidex
    chidex June 04, 17:11

    wow! this is goodnews, please more news like this.

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement

Exchange Rates

Oct 31,2017USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS361473427
KANO362475428
PH363475427
ABUJA361478426
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement