News Update



CBN UNVEILS A NEW FLEXIBLE FOREIGN EXCHANGE RATE REGIME

Thursday 16 June, 2016

As published in today's ( June 16, 2016 ) BUSINESSDAY the Central Bank of Nigeria ( CBN ) has announced that the bank would begin market-driven foreign currency trading next week, abandoning its 16-month fixed exchange rate policy. This has led to a rise in stocks prices and a fall in bond yields.

The Naira which had been pegged at =N=197 to =N=199 closed stable yesterday at =N=365 and =N=367 against the greenback at the autonomous and parallel markets respectively. 

Analysts see this as bolstering investors' confidence in the country's stock market as the flow of liquidity will ease the pains of both quoted companies and their investors.


 

 

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