Naira Appreciates Because of Low Demand for Foreign Currencies

From all indications, Nigerians are beginning to adjust to the current recession by looking inward for solutions to the present economic crisis.
This is shown by the low demand for dollar at the parallel market, which has upped the naira against major currencies of the world.
Wednesday, because of the low demand of dollar forced naira to appreciate further against dollar, reports say.
The Nigerian currency 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 (CBN)’s 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, losing N2.49 to close at N307.26 against N305.27 recorded on Tuesday.
Traders at the market said that the demand for the green back was low due to the political situation in the U.S.
Harrison Owoh, a BDC operator, said that stakeholders in the market were painstakingly watching the political situation in U.S and its effect on the country’s economy.
Owoh said that in the coming days, the demand for the dollar was likely to remain low until the successful transition from a Democratic to a Republican Government in U.S.

Author: News Editor

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