Trading on the Nigerian Stock Exchange closed on a positive note as the All Share Index gained 0.58 per cent to close at 23,963.64 points from 23,826.50 on Friday while market capitalisation also rose from N N8.194 trillion to 8.242 trillion on Monday.
The market recorded 25 gainers today led by Guinness with a gain of N10.43 or 10.24 per cent to N112.28 followed by NAHCO with a gain of N0.34 or 9.55 per cent to close at N3.90 while Zenith Bank gained N0.88 or 7.79 per cent to close at N12.18 per share.
On the other hand, Berger Paint topped 16 stocks on the losers’ chart with N0.96 loss or 9.63 per cent to close at N9.01 followed by Learn Afrca that lost 0.07 or 8.43 per cent to close at N0.76 per share, and FBN Holdings that lost N0.23 or 5.11 per cent to close at N4.27 per share.
All together, a total of 215,183,967 shares worth N2.105 billion exchange hands in 3,853 deals.
Meanwhile, Bureau de Change (BDC) Operators have urged the Central Bank of Nigeria (CBN) to instruct oil companies and banks to sell foreign exchange (Forex) to them for the continuity of their business.
This was made known by the President, Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe on Monday in Abuja.
According to reports that the operators are making the appeal after CBN stopped the sale of Forex to BDC and directed them to seek it from autonomous sources.
Afterwards, the 2,839 BDC operators in the country demanded the return of their N35 million deposit from CBN, which amounted to about N99.4 billion. CBN later agreed to the refund, but retained one million naira each as licensing fee.
Gwadabe said that there was need for CBN to clearly state who these autonomous sources were so that they would feel free to do business with BDC operators.
“The autonomous sources we can easily buy forex from are banks, oil companies and exporters among others. This is because they have foreign income streams that do not go directly to CBN.
“It is their personal earnings and CBN cannot lay claim to it. It is important that CBN makes this clarification because as an operator, I know where it’s paining me. You see as at last year, banks, oil companies won’t sell forex to us and even now they are still not inclined to do so and its a problem.
“But if they know that such transaction is sanctioned by CBN, they will be more open to the idea of selling forex to us. So what we are asking is that CBN issues a directive to them. This will ensure a steady supply of dollar in the market and at the end, the stability of the naira.” Gwadabe said
ABCON recognised the continued support of the CBN to the BDCs segment by agreeing to review downward the N35 million licensing fee. He said its members had begun the submission of their account details to the Financial Policy and Regulation Department of the CBN for immediate transfer of the monies.
Reports have it that Naira is now changing at N302 to a dollar and N417 to a pound sterling at the parallel market
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