Following the uncertainty around the position of the Naira which opened on the FMDQ market at N255 to a US Dollar, at USD1.45 to GBP,the Pound sold for close to N370. US $1m was the first registered transaction at 10.12am. The Naira fell to N264 in few hours as trading started prompting a fall in stocks. There are also concerns about the supply channels to the market and its effectiveness.
Stocks at the Nigerian Stock Exchange(NSE) have tumbled following the forex uncertainty despite a 2016 high of N10.07trn which saw investors making inflows of N760bn as a result of the new foreign exchange policy introduced by the Central Bank of Nigeria (CBN).
There are speculations that within days Stocks may sink further if forex supply to the market do not meet the demands by industry players affirming experts concerns about the sustainability of the new forex policy.
The Market stands at N9.986trn as against N10trn position from last week making a loss of over N46bn (6.7%) within hours of opening the market for the week as at 1.37pm
