Nigerian stocks rise 2.37 pct on new Cenbank forex window

PUBLISHED: Tue, 25 Apr 2017 07:51:34 GMT
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Chijioke Ohuocha | LAGOS

Nigerian stocks rose by more than two percent on Monday after the central bank introduced a new policy to allow foreign investors to engage in foreign exchange trading at rates the buyers and sellers set.

The market all share index rose in early trade by 2.37 percent, lifted by Dangote Cement, which accounts for a third of the market capitalisation.

A central bank circular seen by Reuters also said all people or businesses, local or foreign, who need dollars to repay loans, pay dividends, repatriate capital or settle trade-related obligations will be eligible for the new trading system.

(Reporting by Chijioke Ohuocha; Writing by Oludare Mayowa)

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