Home Business How Nigeria’s Stock Market Responded To New FX Policy

How Nigeria’s Stock Market Responded To New FX Policy

by AfroWorldNews
How Nigeria's Stock Market Responded To New FX Policy

The Nigerian stock market performed well week on week, W/W, after the Central Bank of Nigeria, CBN’s relaxation of foreign currency, FX restrictions on 43 consumer commodities.

The central bank recently lifted the restriction it imposed on 43 products previously barred from acquiring currency through its official window.

Analysis conducted by AfroWorldNews, for last week’s trading, however, revealed that the All Share Index, ASI, posted a 1.12% WoW increase, the largest weekly gain since the week of September 1, 2023, while the Nigerian Exchange Limited, NGX, rose in four of the five trading sessions.

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As a consequence, market capitalization increased by N409.91 billion WoW to finish at N36.92 trillion, and the All Shares Index, ASI, Year-to-Date, YtD, returned increased to 31.12%.

Strong demand kept the market’s bull run going, as seen by the gains of NASCON (4.96%), Access Corporation (0.63%), and UBA (0.29%) in addition to other Tier-1 institutions.

Below are the 43 items on the Forex ban list

  1. Rice
  2. Cement
  3. Margarine
  4. Palm kernel
  5. Palm oil products
  6. Vegetable oils
  7. Meat and processed meat products
  8. Vegetables and processed vegetable products
  9. Poultry and processed poultry products
  10. Tinned fish in sauce (Geisha)/sardine
  11. Cold rolled steel sheets
  12. Galvanized steel sheets
  13. Roofing sheets
  14. Wheelbarrows
  15. Head pans
  16. Metal boxes and containers
  17. Enamelware
  18. Steel drums
  19. Steel pipes
  20. Wire rods (deformed and not deformed)
  21. Iron rods
  22. Reinforcing bars
  23. Wire mesh
  24. Steel nails
  25. Security and razor fencing and poles
  26. Wood particle boards and panels
  27. Wood fiberboards and panels
  28. Plywood boards and panels
  29. Wooden doors
  30. Toothpicks
  31. Glass and glassware
  32. Kitchen utensils
  33. Tableware
  34. Tiles-vitrified and ceramic
  35. Gas cylinders
  36. Woven fabrics
  37. Clothes
  38. Plastic and rubber products
  39. Polypropylene granules
  40. Cellophane wrappers and bags
  41. Soap and cosmetics
  42. Tomatoes/tomato pastes
  43. Eurobond/foreign currency bond/ share purchases

Afro World News

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