Barely a week after it started recording some gains, naira appears to have resumed free fall, touching N900/$ at the parallel market. The local currency recorded some gains after President Bola Tinubu met with the Central Bank of Nigeria leadership last two weeks to discuss how to save the currency from debauchery. The Guardian reported that it appreciated to N820/$ early last week.
In Lagos, the situation is about the same even as speculative trading seems to be rearing its ugly head once again. At the Exporters’ and Investors’ window, naira traded at N773.42/$1, 0.4 per cent lower than N770.72/$1 it closed on Tuesday. Also, the all-share index gained 0.4 per cent from 65,200.75 to 65, 492.92. The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Transcorp Hotel, Dangote Sugar Refinery, Transnational Corporation , Computer Warehouse Group and Vitafoam Nigeria.
On the other side, Conoil led others on the losers’ chart with 10 per cent to close at N99. John Holt followed with a decline of 9.38 per cent to close at 29 kobo, while Mutual Benefits Assurance shed 8.75 per cent to close at N2.92 kobo.
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