Nigerian Stocks Surge As CBN Devalues Naira

The Nigerian stock market (NSE) gained N294 billion as CBN released modalities of Nigeria’s new flexible foreign exchange policy on Wednesday.

The CBN had abandoned the peg on the currency, allowing its value to be determined by market forces. The new regime is aimed at boosting supply of foreign exchange and reducing the pressure on the Naira, CBN governor Godwin Emefiele said.

ALSO READ Must Read: Full Guidelines For New FX Policy By CBN

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The Nigerian Stock Exchange All-Share Index gained 3.17 per cent The NSE market capitalisation was boosted by N295bn as the value rose to N9.579tn from Tuesday’s close of N9.284tn, while the NSE ASI hit 27,891.96 basis points from 27,034.05 basis points.

An aggregate of 588.427 million shares worth N3.477bn were traded in 5,088 deals at the close of trading on the floor of the Exchange on Wednesday.

The CBN governor also added that the apex bank would on Friday appoint primary and secondary dealers, whose dealership level would be categorised based on the volume of transaction that they could handle.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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