Friday, 22 July 2016

Nigeria stocks fall to 13-year low in dollar terms on Naira woes

Nigerian stocks fell to a 13-year low in dollar terms on Friday, hammered by the sharp drop in the value of the naira currency against the greenback.

Stocks have fallen 37 percent so far this year in dollar terms, to levels last seen in 2003. They are down 2.3 percent in naira terms year-to-date.

The naira first fell through the big figure of 300 on Thursday, a month after the central bank lifted its controls on the currency then hit an all-time low of 331 on Friday before recovering some ground following a central bank intervention, Reuters reports.