Market News
Firms bet on economy as naira maintains stable run - BUSINESSDAY
Firms are betting big on the Nigerian economy due to a general improvement in the business environment and the naira stability resulting from foreign exchange reforms. The foreign exchange (FX) market began the year at an official exchange rate of N1,538.50/$ and closed June 5 at N1,553.11/$. At the parallel market, the exchange rate stood at N1,615/$, closing before the Sallah holiday at N1,605/$. This has revved up investor confidence and brought dollar inflows into the economy. Some firms pointed to the naira stability as their biggFirms are betting big on the Nigerian economy due to a general improvement in the business environment and the naira stability resulting from foreign exchange reforms.
The foreign exchange (FX) market began the year at an official exchange rate of N1,538.50/$ and closed June 5 at N1,553.11/$. At the parallel market, the exchange rate stood at N1,615/$, closing before the Sallah holiday at N1,605/$. This has revved up investor confidence and brought dollar inflows into the economy.
