Stock Market: Bearing the Brunt of Volatility in Naira Value

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As the uncertainty in the foreign exchange market and the attendant erosion of the value of the Naira continue to take a heavy toll on the economy, investment analysts said the unfavourable development is sending jitters to portfolio investors and multinational firms, who are already finding it difficult to repatriate their funds in dollars, reports Festus Akanbi

Nigerian monetary authorities are in a desperate situation. This desperation is underscored by the sheer onslaught against saboteurs in the foreign exchange market on one hand, and the cocktail of measures designed to halt the dangerous fall in the value of the Naira.

But can anybody blame the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for being agitated during his press conference a fortnight ago, where he unmasked operators of the controversial Aboki FX, for misleading the Nigerian foreign exchange market?

Some financial…

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