Naira Appreciates Against Dollar

Following Gen. Muhammadu Buhari's victory in Saturday's presidential elections, the naira yesterday gained 7% against the United States dollar, Punch reports.

The local currency, which sold for 228 against the dollar before the election, rose to 211 on Wednesday, Bureau de Change operators said.

Acting President, Association of Bureau de Change Operators of Nigeria, Alhaji Aminu Gwadabe, expects the trend to continue, "the naira may appreciate from 211 to something below 197 currently at the interbank market,” he says.

Foreign exchange dealers said the demand for dollar had reduced compared to what happened before the presidential election.

“The market has been trading around sentiments and emotions, this is why the naira is appreciating; nothing has really changed in the fundamentals. There was high demand for the dollar before the election because some people predicted post-election violence. Now, the game is over and there is no violence. So, the demand for the greenback is abating," A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, added.