Nigerian stocks rise 2.37 pct on new Cenbank forex window

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)

 

Partner Content

Star Quality Speaker Line-Up at Africa Tech Festival 2020

Acknowledged as the world’s largest Africa-focused digital infrastructure and emerging tech event, the Africa Tech Festival has always attracted a stellar line-up of critical thinkers, analysts, futurists, keynote and inspirational speakers. 2020 will more than deliver on that reputation, with a stimulating array of visionary industry presenters, raconteurs and even some sporting greats.

Leveling the playing field for female entrepreneurs in Africa

By Olga Arara-Kimani, Regional Head, Corporate Affairs and Brand & Marketing Introduction Mobilising support for female...

Smart Mobility: Gautrain the sustainable way of travel!

The theme for October Transport Month 2020 is Smart Mobility.  Smart Mobility is an innovative way of getting around. it is the...

Newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox