L
LequteMan
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Nigeria- Following the postponement Nigeria's general elections by six weeks by the Independent National Electoral Commission on Saturday, the Naira on Tuesday fell to a record low, exchanging for 200 to a dollar at the interbank segment of the foreign exchange market. Punch reports;
The naira had fallen to 196 against the greenback on Monday and according to analysts and foreign exchange dealers, the poll delay has created panic among investors, leading to heavy demand for the greenback as investors move their funds to dollars as the fate of the local currency hangs in the balance.
They say the naira may hit 230 or more against the dollar at the parallel market if the current trend continues.
Although the dollar sold for N210 at the street market on Tuesday, the national currency is expected to crash further at the black market if the current trend at the interbank market is sustained.
“The naira is being affected by the uncertainty in the political atmosphere and its resultant effects on the economy. The current fall in the naira is a fallout of the postponement of the elections. The CBN may need to look at some of its recent policies in the foreign exchange mark with a view to addressing this current situation,” the Head, Research and Investment Advisory, Sterling Capital Limited, Mr. Sewa Wusu, said.
#Nigeria #Naira #Dollar
The naira had fallen to 196 against the greenback on Monday and according to analysts and foreign exchange dealers, the poll delay has created panic among investors, leading to heavy demand for the greenback as investors move their funds to dollars as the fate of the local currency hangs in the balance.
They say the naira may hit 230 or more against the dollar at the parallel market if the current trend continues.
Although the dollar sold for N210 at the street market on Tuesday, the national currency is expected to crash further at the black market if the current trend at the interbank market is sustained.
“The naira is being affected by the uncertainty in the political atmosphere and its resultant effects on the economy. The current fall in the naira is a fallout of the postponement of the elections. The CBN may need to look at some of its recent policies in the foreign exchange mark with a view to addressing this current situation,” the Head, Research and Investment Advisory, Sterling Capital Limited, Mr. Sewa Wusu, said.
#Nigeria #Naira #Dollar