Nigerian stocks soared to a 19-week high on Wednesday with banks leading the charge after a policy u-turn from the central bank on exchange rates aimed at improving dollar liquidity and ending currency controls that has stifled the equity market.
The main stock index was up 2.19 pct at 27,827 points.
The central bank at a monetary policy committee meeting on Tuesday said it would adopt a flexible exchange rate policy, a shift from a pegged regime which it had retained for 15-months.
The naira, which is still trading close to the pegged rate at 199.70 on the interbank market, opened flat on the parallel market at 346 to the dollar as traders were waiting for details on how the flexible regime will work.
Reuters
