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Back in 1999, while still cutting my teeth on a bond-trading desk at Merrill Lynch in New York City, a seasoned veteran trader and astute investor in his own right suggested to me several stocks for my “forever portfolio”. His investment thesis was that these companies were “disruptive” and well positioned in the rapidly growingRead More
Monthly Market Wrap - October 2021 etftrends.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from etftrends.com Daily Mail and Mail on Sunday newspapers.
This is not the best of times for the naira. It crashed yesterday to N493/$ at the parallel market, losing N12 to the dollar within 24 hours. It closed on Tuesday at N481/$.
The sharp depreciation came a day after the Central Bank of Nigeria (CBN) devalued the naira at the official market to N410.25/$.
The fall in the currency rate has been linked to dollar scarcity and the hoarding of available greenback by forex speculators to maximize profit.
In an e-mailed guide to investors, Financial Derivatives Company Managing Director Limited Bismarck Rewane, said delayering (unification) of the multiple exchange rate system which had bedeviled the Nigerian economy had been a subject of controversy for a long period.