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LequteMan
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Nigeria - The peaceful emergence of Gen. Muhammadu Buhari as winner at the recently concluded presidential election has seen massive offloading of the United States dollars at the parallel segment of the forex market since Monday, ThisDay reports.
This has also seen a significant appreciation of the naira at that segment of the market as politicians, investors and other currency users in the country who hitherto were storing the greenback for fear of post-election violence have been flooding the market with the greenback.
Specifically, the naira which had been hovering between N215 and N222 to a dollar since this year closed at N200 to a dollar on Friday. However, at the interbank market, the naira has remained at N197 to a dollar
"The dollar supply in the market presently is more than the supply and that is why we are seeing the current level of appreciation in the parallel market," Alhaji Yusuff Ganiyu, who trades in foreign currency in Marina, Lagos, said
#Nigeria #Naira #Dollar
This has also seen a significant appreciation of the naira at that segment of the market as politicians, investors and other currency users in the country who hitherto were storing the greenback for fear of post-election violence have been flooding the market with the greenback.
Specifically, the naira which had been hovering between N215 and N222 to a dollar since this year closed at N200 to a dollar on Friday. However, at the interbank market, the naira has remained at N197 to a dollar
"The dollar supply in the market presently is more than the supply and that is why we are seeing the current level of appreciation in the parallel market," Alhaji Yusuff Ganiyu, who trades in foreign currency in Marina, Lagos, said
#Nigeria #Naira #Dollar