’s foreign exchange market to spur stock market investment, sustain the current uptick and boost listed firms’ profit.
They added that it would also attract investment into the country and spur activities in the primary market segment of the exchange. Chief Executive Officer of Valmon Securities Limited, Tajudeen Olayinka, described foreign currency scarcity as an external sector misalignment and an indication of inadequate supply of a major international currency in an economy, relative to the demand for imports in that economy.
Foreign exchange loss of N7.8 billion recorded by the company accounted for much of the loss it incurred in the second quarter. The half-year loss figure was above the full-year loss of N12 billion in 2020. “It also affected investors’ confidence, as foreign investors were unable to easily repatriate their dividends. Non-availability of input materials contributed largely to the difficulty faced by manufacturers in maintaining an uninterrupted supply of finished products to the market.”