US Elections Influence The Naira Against Dollar

The naira capitalised on the low demand for dollar at the parallel market on Wednesday to appreciate.

It gained N5 in Lagos to exchange at N460 to a dollar from N465 recorded on Tuesday.

Also, the Pound Sterling and Euro closed at N560 and N500 respectively.

At the Bureau De Change, BDC, window, the dollar was sold at N385, being the Central Bank of Nigeria controlled rate.

Also, the Pound Sterling and Euro traded at N560 and N503 respectively.

However, the naira weakened against the dollar at the interbank market. It lost N2.49 to close at N307.26 against N305.27 recorded on Tuesday.

Naira Rise Against Political Situation

Traders at the market said that the demand for the green back was low due to the political situation in the U.S.

BDC operator, Harrison Owoh, said stakeholders in the market were watching the political situation in U.S. This is to monitor its effect on the country’s economy.

Owoh added that the demand for the American currency was likely to remain low in coming days. This might remain so until the successful transition from a Democratic to a Republican Government in U.S.