The Naira makes a significant slight improvement at the parallel stock market yesterday and it exchanges at N457/$ on Tuesday, after the Nigerian stock posts biggest daily gain in 5years.
It had earlier exchanged at N465/$ a week earlier.
The President, Association of Bureaux De Change Operators, Alhaji Aminu Gwadabe, said, “The intervention sales of proceeds of international money transfer operators to BDCs have always been positively impactful in the market over the years. “BDCs remain the most potent tool of the CBN exchange rate stability management.”
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The CBN had retained the official exchange rate on its website at N379/$, as it continued moves to ensure the unification of the exchange rates in the country.
Experts have continued to clamour for a single exchange rate. According to them, it would ease regulatory supervision, ensure transparency and effective price discoveries, and deepen market perfections.
Furthermore the Nigerian stocks surged by the most in more than five years, extending their rally to a 12th day, as meager local interest rates sent traders on a hunt for yields.
The Nigerian Stock Exchange All Share Index climbed 4.9% in Lagos, the sharpest gain since April 2015. The benchmark has soared 13% in the past month, more than any of the other 93 major global gauges tracked by Bloomberg, and is also the best-performing market in the world Tuesday. It’s on the longest winning run since July 2017.
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