Naira, Stocks and Treasury Bills Send Mixed Signals as November Opens

Nigeria’s financial markets opened November with mixed signals. The official naira rate weakened slightly to ₦1,347.94 per dollar on November 3, while the reported Bureau de Change rate was ₦1,385, leaving a gap of ₦37.06. On the Nigerian Exchange, the All-Share Index slipped 0.02% to 254,245.21 points on November 2. Market breadth was weak, with 42 decliners and 25 advancers, despite gains in industrial goods led by Dangote Cement, which reached ₦1,490.

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