Wednesday, 11 February 2015

Nigeria Election Postponement: Naira Falls to 200 Against The Dollar

Following the Postponement Nigeria's general elections by six weeks by the INEC ( Independent National Electoral Commission) On Saturday, Naira fell on Tuesday to record low, exchanging a dollar for 200 Naira at the interbank segment of the foreign exchange Market.

They say the Naira may hit 230 or more against the dollar at the parallel market if the current trend continues.

“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.

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