How Nigeria’s Naira Fared Against US Dollar (Jan. 9, 2018)

How Nigeria’s Naira Fared Against US Dollar (Jan. 9, 2018)

The Nigerian currency, Naira was sold at N361.5 to the United States Dollar at the parallel market on Tuesday, January 9, 2018 while the Pound Sterling and the Euro sold at N475 and N420 respectively.

At the Bureau De Change (BDC) window, the Naira traded at N362 to the Dollar, slightly lower than the parallel market rate, while the Pound Sterling and the Euro closed at N475 and N420.

Traders at the market said they are expecting the Naira to appreciate further in the weeks ahead.

Also, the local currency recorded its biggest daily appreciation of N1.76 in the Investors and Exporters (I&E) window.

Data from the Financial Market Dealers Quote (FMDQ) revealed that the indicative exchange rate for the window dropped to N359.38 per Dollar yesterday from N361.14 per Dollar on Monday.

It was also gathered that the appreciation was driven by 304 per cent increase in dollars traded in the window which rose to $340.63 million yesterday from $84.28 million on Monday.

It would be recalled, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), had warned that spending by politicians ahead of the 2019 General Elections may threaten the stability of the naira.

“Political spending may affect exchange rate stability in 2018. Naira “Electioneering starts early this time and the tendency for people to hoard the dollar now, to be spent during the campaigns, was not new,’’ Gwadabe had said.