Thursday, 2 April 2015

WEEKAHEAD-Presidential election outcome to buoy Nigerian naira

 

Nigeria's naira could firm against the dollar on the parallel market next week after a peaceful election .

The naira firmed to 210 to the dollar on the parallel market from 226 a week ago after opposition leader Muhammadu Buhari won in a vote that avoided the violence of previous polls.

However, the currency traded within the 199-199.50 band on the official interbank market, where it has been stuck since February, after the central bank pegged the rate.

In a sign of relief, individuals who had stockpiled dollars to hedge against political risk fearing the election could be marred by violence were exchanging their funds for the naira.

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