The naira has continued to gain against the dollar as the Central Bank of Nigeria continues to work on a better recovery plan.
Naira and dollar notes
The Nigerian naira appreciated against the dollar on Monday as market capitalisation crossed the N11 trillion mark for the first time in 2017.
At the parallel market, the naira appreciated from 370 per dollar on Friday to about 368 in Lagos, while the pound and euro traded at N475 and N405 respectively.
The market, which closed at N10,845,347,307,117.93 on Friday, appreciated to N11,262,526,136,498.84within the six trading hours of Monday registering the best indices for the year.
Reports revealed that banking stocks were the most traded stocks at the exchange on Monday, with First Bank, FCMB, Fidelity, Zenith and Skye bank, leading the pack.
Nestle and Dangote Cement stayed strong on the top gainers, with a share price of N955 and N210 respectively — from N918.76 and N192.93 on Friday.
Lukman Otunuga, research analyst at FXTM, believes the bullish trend is as a result of investors confidence in the Nigerian market.
“The subtle signs of stability remain visible with Nigeria’s stock exchange edging higher amid the improving sentiment while the one billion Federal Government Euro bond on the NSE continues to verify how confident foreign investors have become with regards to Nigeria’s future,” he said.