The Naira fell back 0.46
percent to 217 against the dollar on Wednesday, a
black market dealer has said. There has been a
decrease in demand for dollars as opposed to the
pre-election hysteria on the parallel market.

The main shares index rose 8.4 percent as
financial markets in Nigeria witnessed the non-
violent outcome of the closely contended
elections.The currency opened at 197 to the
dollar, which it had traded at since February, after
the Central Bank of Nigeria (CBN) pegged the rate.

Ayodeji Ebo , head of research at Afrinvest, stated
that the peaceful conclusion of the election has
calmed the fears of foreign investors concerning
the market. “Investors were waiting on the
sidelines to see election concluded in a peaceful
manner. So everyone is taking positions now
while those that are in are not willing to sell,” he
said.

The index currently stands at 34,400
points, extending gains to a ninth successive
session. Thus making it the longest winning streak
this year following the peaceful handover.

http://gist212.com/2015/04/naira-climbs-as-market-reacts-positively-to-national-elections/