The decision of the Monetary Policy Committee (MPC) to raise the Monetary Policy Rate (MPR) to 14% from 13% had a negative impact on the stock market on Tuesday.
The Nigerian Exchange (NGX) Limited depreciated by 0.02% after the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, announced the outcome of the two-day meeting in Abuja.
Investors quickly book profit and this reduced the market capitalization of the exchange by N6 billion to settle at N28.208 trillion compared with the preceding day’s N28.214 trillion as the All-Share Index (ASI) went down by 11.06 points to close at 52,308.88 points versus Monday’s 52,319.94 points.
