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Buhari Effect: Naira Appreciates Against the Dollar 'Again' for the Second Day....See New Value
Posted by George on Tue 23rd Feb, 2016 - tori.ngBuhari's defiant stand against the devaluation of the Naira has continued as an antidote to the sickening value of the currency against the dollar at the parallel market.
The Nigerian naira on Tuesday firmed against the dollar, appreciating for the second day in a row, according to the Reuters.
This follows President Muhammadu Buhari's recent rejection of a devaluation of the currency which has been hit hard by a fall in oil prices, traders said.
The naira firmed 3 percent to 364 naira from Monday's quote of 375 against the greenback on the unofficial market. The official rate is unchanged at 197.
"Many people are now aligning with the government's position of no devaluation," a dealer said.
The naira firmed 3 percent to 364 naira from Monday's quote of 375 against the greenback on the unofficial market. The official rate is unchanged at 197.
"Many people are now aligning with the government's position of no devaluation," a dealer said.
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