The naira appreciated by seven per cent to 211 against the United States dollar at the parallel market following the victory of the candidate of the All Progressives Congress, Gen. Muhammadu Buhari, in Saturday’s presidential election.

The local currency, which sold for 228 against the dollar before the election, rose to 211 on Wednesday, Bureau de Change operators said.


The Acting President, Association of Bureau de Change Operators of Nigeria, Alhaji Aminu Gwadabe, said he expected the naira to rise further.

He said, “I think the trend will continue. The naira may appreciate from 211 to something below 197 currently at the interbank market.”

Foreign exchange dealers said the demand for dollar had reduced compared to what happened before the presidential election.

A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said the market had been trading around the general elections and Buhari’s person.

He said, “The market has been trading around sentiments and emotions, this is why the naira is appreciating; nothing has really changed in the fundamentals. There was high demand for the dollar before the election because some people predicted post-election violence. Now, the game is over and there is no violence. So, the demand for the greenback is abating.

“The market is also trading around the sentiment that Buhari will fight corruption, strengthen institutions and eliminate wastages. But after his inauguration, the market will trade around the fundamentals like the oil price, external reserves and others.”

The naira-dollar exchange rate has yet to witness any change at the interbank market.

On Wednesday, the local currency closed at 197 to the dollar, a level it had traded at since February after the Central Bank of Nigeria pegged the rate following a de facto devaluation.

Meanwhile, yields on the Federal Government bonds fell sharply on Wednesday with the five-year bond down 101 basis points after Buhari was announced by the Independent National Electoral Commission as the winner of the presidential election, dealers said.

http://www.nigerianeye.com/2015/04/buhari-victory-naira-appreciate-by-7.html

Watching in HD

Thats a good one.we are getting there

We are getting there.

Very soon, Naira will be equal to dollar

Yes oh the wind of change is blowing every were the super eagles may not even survive

The market is responding to the stability in the nation's polity. Much props to the Nigerian people and indeed Mr president.

Had Orubebe had his way, perhaps we would have been looking at a dollar to N500 right now.

you see sign of good things to comes

Passingshot....guess what?

I got a call from my bureau de change guy asking me to offload my hoarded dollars or else I would regret as the Naira is appreciating on the back of the successful election....from 220+ just last week before election it has crashed to less than 210 this afternoon and still crashing.

Cool

Definitely sign of good things to come. Currencies react to situation on ground negatively or positively depreciating or appreciating as the case may be. The victory of GMB on the crest of anti corruption platform was enough to halt the slide of the naira and send it up. The reality of the fact that a lot of looting are being curtailed will further appreciate the naira in the coming weeks. By the time the looters are permanently halted we should expect the currency to stabilise at around 180 before the effect of new economic measures by the new govt begin to take root.

Nigerians chill now....

I really want to know so you feel GMB is responsible for the change in the NGN USD as well as stock market?

who is an authority in the subject matter should shed more light please

hehehe, just his declaration made dollar tremble, naira now appreciating...

dunkem21:
We are getting there.

Very soon, Naira will be equal to dollar

Yes ooo.

Waiting earnestly. I want to buy White House!

omenka:
The market is responding to the stability in the nation's polity. Much props to the Nigerian people and indeed Mr president.

Had Orubebe had his way, perhaps we would have been looking at a dollar to N500 right now.

Exactly.

dandoki:
Definitely sign of good things to come. Currencies react to situation on ground negatively or positively depreciating or appreciating as the case may be. The victory of GMB on the crest of anti corruption platform was enough to halt the slide of the naira and send it up. The reality of the fact that a lot of looting are being curtailed will further appreciate the naira in the coming weeks. By the time the looters are permanently halted we should expect the currency to stabilise at around 180 before the effect of new economic measures by the new govt begin to take root.

Very succinctly said.

Once the market realizes that the government is not a reckless spender and corruption will be stemmed, the naira will be very stable.

Buhari victory did not stabilise the currency. What did was the positive vibes from the country that there will be no post election violence as the incumbent graciously accepted defeat and congratulated his opponent. Kudos to Jonathan for doing that.

Same time last election 800 people were already dead in Nigeria because a certain man lost elections. The market reacts to positive and negative vibes.

Just saying before some illiterates and propaganda spreaders will start attributing it to Buhari. That's not to say we're not giving hope on him equalling naira with dollars by stabilising oil prices and providing 2 million jobs in his first year though

How e con be now? Idiots being paid to spew lies and untruths.

Affliction shall not rise a second time.

omenka:
The market is responding to the stability in the nation's polity. Much props to the Nigerian people and indeed Mr president.

Had Orubebe had his way, perhaps we would have been looking at a dollar to N500 right now.

how far Madam...without orubebe and with the presence of your bubu dollar is now 610. You anything to say ma

Ddeliverer007:
How e con be now? Idiots being paid to spew lies and untruths.

Affliction shall not rise a second time.

Don't mind them, we are all suffering it now and body language is no where to be found. The middleclass elite re Nigeria problem, they are very myopic, dangerous and selfish

omenka:
The market is responding to the stability in the nation's polity. Much props to the Nigerian people and indeed Mr president.

Had Orubebe had his way, perhaps we would have been looking at a dollar to N500 right now.

and how much is it now? Party oloshi people

Ddeliverer007:
How e con be now? Idiots being paid to spew lies and untruths.

Affliction shall not rise a second time.

No mind the passingshiiit. . .werey don bury his head for sand.

omenka:
The market is responding to the stability in the nation's polity. Much props to the Nigerian people and indeed Mr president.

Had Orubebe had his way, perhaps we would have been looking at a dollar to N500 right now.

So omenka, where are we nowwwww? Dolts of the establishment!

Shame go kill una finish.

610 to a dollar now. Thunder fire all of una.

It is now one dollar to one naira, ndi ara.

.. Dig more comrade

Jack005:
.. Dig more comrade

Lmao. I’m sure most of them would be running back to delete their posts. But we would keep exposing their lies and hypocrisy..