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Naira firms up as CBN resumes intervention with $418m. First sovereign Islamic Bond to debut June 28.

Jun 14 2017
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Naira firms up as CBN resumes intervention with $418m.  First sovereign Islamic Bond to debut June 28. Guardian Online

The exchange rate at the parallel market remained stable at N367 to the dollar yesterday, as the Central Bank of Nigeria (CBN) again injected $418m into foreign exchange market.

 

The intervention, which cut across various segments of the inter-bank forex market, was aimed at pushing for the convergence of various market rates and resumption of support for the Naira, after a week lull.

 

This is coming as financial market operators said $2.2b transactions were attracted at the newly launched Investors and Exporters (I&E) FX Window of the market. The CBN figures showed that the retail segment of the market received the highest intervention of $226m, followed by the wholesale window that received an allocation of $100m.  Read more

 

Market Rally Boosts Prospects of Equities Capital Raising. Thisday Online

The recent rebound in the Nigerian equities market has increased prospects of companies considering raising funds through public offering of shares to finance their expansion and other projects.

 

For more than three years that the market has performed negatively, companies moved away from raising funds through sale of shares to members of the investing public. The companies stayed away from equity capital raising due to fear of poor response from investors. Those who dared the equities market did so through rights issues, which, in most cases, recorded partial success. Most of the companies have been resorting to the domestic and international debt markets.  Read more

Last changed: Jun 14 2017 at 5:06 PM

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