Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
This is the first clear data-driven sign that Nigeria is in a recession.
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Many portfolio investors were unable to move their money from the country due to FX limitations. So, they reinvested.
Covid-19 and low yield are conniving to rub pension fund managers of a chest-beating performance, and the pension fund investors of blissful retirement.
The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.
Equity investors on Nigeria’s bourse gained N25.1 billion as market capitalization appreciated by the same margin to close at N12.48 trillion.
This is naira's first major gain against the dollar since late March.