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Naira gains marginally against dollar at parallel market

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Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria reports.

The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday, while the Pound Sterling and the Euro closed at N480 and N418.5, respectively.

At the Bureau De Change (BDC) window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5, respectively.

The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Tuesday, while it was sold at N305.90 at the Central Bank of Nigeria official window.

Meanwhile, Godwin Emefiele, CBN governor, said Nigeria performed very well among emerging markets in Africa.

Emefiele in an interaction with newsmen at the end of the Monetary Policy Committee (MPC) meeting in Abuja, added that the foreign exchange market had remained stable.

According to him, the apex bank had enough buffers to defend the naira.

Meanwhile, crucial indices of the Nigerian Stock Exchange (NSE) downgraded further on Wednesday, dropping by 0.30 percent due to political tension.

The market capitalisation shed N39 billion or 0.30 percent to close at N13.166 trillion against N13.205 trillion on Tuesday.

Similarly, the All-Share Index which opened at 36,455.24 dipped by 108.44 points or 0.30 per cent to close at 36,346.80, amid price losses. Forte Oil recorded the highest loss to lead the laggards’ table, dropping by N2.10 to close at N23.10 per share.

Lafarge Africa came second with a loss of N1.75 to close at N27.50, while Dangote Sugar Refinery dropped N1.50 to close at N15.50 per share. Flour Mills lost N1 to close at N28.70, while Nigerian Breweries also declined by N1 to close at N104.50 per share.

Conversely, Betaglass led the gainers’ table, increasing by N5.10 to close at N78 per share. Unilever followed with a gain of 45k to close at N52.55, while Cutix gained 36k to close at N3.99 per share.

United Bank for Africa appreciated by 35k to close at N9.50, while Cement Company of Northern Nigeria chalked up 20k to close at N26.20 per share.

NAN also reports that the volume of shares traded closed lower as investors bought and sold 329.89 million shares worth N3.65 billion in 4,327 deals, a decrease of 12.89 percent.

This was against the 378.69 million shares valued at N4.42 billion exchanged in 4,551 deals on Tuesday. FBN Holdings was the most active stock during the day, trading 88.10 million shares worth N820.04 million.

United Bank for Africa followed with an account of 51.69 million shares valued at N482.02 million, while Access Bank traded 39.22 million shares worth N394.17 million.

Zenith International Bank sold 20.39 million shares valued at N473.29 million, while Diamond Bank exchanged 17.96 million shares worth N22.83 million.

Ambrose Omordion, chief operating officer, InvestData Limited, said tension in the political arena was affecting investors’ confidence.

Omordion said the development was not good for the market and the economy in general, and that the government needed to douse the tension.

From Toktok9ja Media

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