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CBN Forex Policy Boost Nigeria’s Stock Market to Top 3 World Performers For 2017

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The majority of the best performing stock markets in 2017 are located in the emerging markets, with the exception of the United States of America.

CNN in a report Wednesday said that Nigeria, Argentina, Turkey and Hong Kong are the best performing stock markets for 2017.

Nigeria Stock Exchange

The news network said that Nigeria stocks were on a first-class ride into record territory in 2017 with many analysts optimistic that stocks could keep rising in 2018.

The Nigerian All-Share index recorded a 43% rally in 2017, according to the report.

The index suffered mightily in 2015 and 2016 as low oil prices, militant attacks, currency troubles, elections and Ebola hit investor sentiment.

“But oil prices have moved higher, the central bank has made it easier to swap currencies and the economy has snapped out of recession, explained Zin Bekkali, founder and CEO of Silk Invest, a United Kingdom firm that provides investment, financial advisory services.

“If you look at where we stand today, the [Nigerian] market is still one of the cheapest markets on the planet,” said Bekkali.

The Central bank of Nigeria, CBN under Governor Emefiele, supported the stock market, curb risks and maintained tight monetary policy with its forex policy management.

 

 

 

 

 

 

 

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