Naira Appreciates by Seven Percent

For months now, the Central Bank of Nigeria,, CBN has been battling to stabilize the Naira new results have shown that Nigeria’s economy may experience investments inflow in 2015 as the local currency appreciates by over seven percent. The battered Naira, which sold for between 228 and 230 to a dollar at Bureau de Change (BDC) weeks to the just concluded presidential election, has appreciated to about 208 -211 to the dollar. Though the inter-bank rate still stands at 197, experts are of the opinion that the exchange rate at BDC can go below 200, as many individuals who stockpiled dollars during the presidential campaigns are already selling it after the poll.

In the same vein, the Acting President, Association of Bureau de Change Operators of Nigeria, Alhaji Aminu Gwadabe, said  he was expecting the Naira to appreciate further following the peaceful conclusion of the presidential election, which allays the fear and uncertainty in the financial market.

He added, “I think the trend would continue for the Naira to appreciate further from 211 to 197 currently at the interbank market rate because a peaceful economic environment is what we are witnessing as aftermath of the presidential poll”.

It could be recalled that  weeks to the presidential election, the economy witnessed huge investments outflow, as foreign investors pulled N846.53 billion from Nigerian Stock Exchange (NSE). Within the same period, another investments outflow hit Nigeria, as investors withdrew N4.9trillion from the economy.