Buhari’s Presidency: Dollar Falls Against Naira

The naira, which has suffered unprecedented fall in recent months, also appear to be responding to the statement of change of leadership.

Yesterday, the country’s currency gained a significant leap as it exchanged for N215 to a dollar.

The exchange rate has been hovering around N225 to N236 since the electioneering campaign started.

The sliding naira value had resulted in speculation in the market and caused ripple effects on other currencies.

Some bureau de change and black market operators in Abuja said that they could not give rates to the Pound Sterling and the Euro, but were excited with the election of Buhari.

Dealers said that there was scarcity of dollars in circulation. They also said that the Central Bank of Nigeria (CBN) had stopped selling forex to the Bureaux De Change, since last year.

The CBN in November 2014 devalued the Naira to N168 to the dollar and the free-fall had not abated.

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