Exchange rate

The House of Representatives is moving to review the parameters of the 2024 budget due to the depreciation of the Naira against major currencies. The House, on Thursday, mandated its Committees on National Planning and Economic Development, Appropriation and Finance, to review the parameters in the budget, particularly the exchange rate. This resolution followed a motion of urgent public importance moved by Kafilat Ogbara (APC, Lagos) during plenary. The naira was on a free fall for months following the decision…

What could be the propelling force of an equity market that has almost doubled in value in eight months when other key macroeconomic indicators like inflation, exchange rate, and lending rates are pretty much grim? What magic wand does the Nigerian Exchange wield to merit the prestige of being the world’s best-performing stock exchange this year, yielding 35.3 per cent in January alone, when foreign capital inflow, once the lifeblood of the market, is now significantly low? Stocks are having their moment in…