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Naira falls to N360/$ at parallel market, indices rise by 5.7 per cent


Naira, has begun a renewed round of weakness against other major currencies, as it exchanged N360 for the dollar, yesterday.

The observed market sentiment seemed to have been mixed with fears over the flexible exchange rate modalities and when it will be unveiled, as cautious optimism now surrounds trade on the Nigerian currency.

In another development, equity transactions on the Nigerian Stock Exchange (NSE) sustained rising profile yesterday, as more blue chip companies appreciate in price, causing investors’ wealth to increase significantly by 5.7 per cent in three trading days.

Yesterday, the naira weakened to N360 against the dollar on the parallel market, from N342 last week, while the official rate remains steady at N197 to the dollar.

Specifically, market capitalisation of listed equities rose by N565 billion or 5.7 per cent, from N9, 352 trillion recorded on the day the announcement on policy reversal was made by federal government on Tuesday to N9, 917 trillion yesterday.

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