Naira appreciates, stock market gains, as CBN new forex policy takes effect

Chidi Samuel|| The naira appreciated against the dollar Tuesday from 520 to 515 per dollar at the parallel market in response to the introduction of new policy actions by the Central Bank of Nigeria (CBN). The naira, according to analysts is expected to appreciate more in the days and weeks ahead.

The gains in the economy were not restricted to the money market alone as the Nigerian Stock Exchange (NSE) also gained over N740 million on Tuesday, following the policy implementation.

The capital market saw its market capitalisation move from N8,738,370,947,609.24 on Monday to N8,739,112,337,168.61, while all share index gained a few more points on the trading floor, to hit 25,251.63.

On Monday, the CBN introduced fresh policy actions, which seek to provide more foreign exchange for Nigerians, seeking its use for personal and business purposes.

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The Apex bank says it remains committed to ensuring adequate liquidity flows in the foreign exchange market.