Naira appreciates against dollar as NSE market capitalization declines

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The Naira on Tuesday appreciated against the dollar in all the segments of the Forex market. The currency gained N44.95 to exchange at N305.27 to the dollar at the interbank market after its Monday’s record of N350. 22.

At the parallel market, the naira gained N5 to exchange at N465 from N470 it traded on Monday, while it went for N565 and N510 against the Pound Sterling and the Euro, respectively. Trading at the Bureau De Change Segment saw the currency exchange at N385, the control rated of the Central Bank of Nigeria and at N564 against the Pound Sterling and N510 for Euro.

Assessing the market, the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said that the naira had prospects of further appreciation in the days ahead.

He said that the CBN was working with Nigerians in Diaspora to woo more remittances back home.

Gwadabe said that the CBN had a robust meeting with stakeholders and Nigerians in Diaspora at the weekend in London on way to boost liquidity in the foreign exchange market.

He said that more International Money Transfer Operators had indicated interest in facilitating the repatriation of remittances from abroad.

Meanwhile, Nigerian equity market has depreciated further with the market capitalisation losing N180 billion due to persistent profit taking embarked upon by investors.

National Daily gathered that market capitalisation lost N180 billion or 1.95 per cent to close at N9.075 trillion against N9.255 trillion recorded on Monday following massive losses by blue chip equities.

Similarly, the All-Share Index which opened at 26,887.54 lost 523.27 points or 1.95 per cent to close at 26,364.27.