Nigerian Stock Market: Investors lose ‘N46bn in a few hours’

The ripple effects of the new foreign exchange regime started by the Central Bank of Nigeria (CBN) today has already spread to the Nigerian Stock Exchange (NSE) market.

Stocks have taken a slump following the uncertainties surrounding the true position of the naira against other currencies in the Nigerian interbank market.

Following the announcement of the new forex regime, the stock exchange peaked at a 2016-high of N10.04 trillion on Friday as investors voted new N760 billion into the capital market in 2 days.

When the NSE opened market on Monday, capitalisation rose to over N10.07 trillion.

However, stocks began to fall when the naira which opened at 253 to the dollar at the start of business, fell to 264 in a few hours.

In effect, as at 12.47pm, market capitalisation had sunk below the N10 trillion mark to N9.986 trillion.

This means that over N46 billion has been lost in the capital market today alone.

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