Naira and Tintubu
Naira has fallen massively to a new low following President Tinubu’s election victory.
Newsonline Nigeria reports that the exchange rate in Nigeria experienced a decline in both the official and parallel markets on the day the Supreme Court affirmed Bola Ahmed Tinubu’s victory in the presidential election.
According to information sourced from traders in the parallel market, the exchange rate between the naira and the dollar plummeted to an unprecedented low of N1,300 to the dollar.
This is indicative of a concerning trend in Nigeria’s unofficial foreign exchange market.
On the official NAFEX market, where the exchange rate is officially determined, the naira-to-dollar rate dropped to N837.49, down from N801.1 just a day earlier.
This rate marks the fourth-lowest level since the unification of the exchange rate windows. Intra-day highs and lows were recorded at N891/$1 and N701/$1 respectively, with a total turnover of $113.2 million— the highest in approximately six trading days.
Concurrently, Nigerian equities experienced a 0.18% decline, registering back-to-back losses as stockbrokers evaluated third-quarter earnings results from various companies.
Earlier in the day, the Supreme Court rejected an application from Atiku Abubakar and the Peoples Democratic Party (PDP) to submit new evidence concerning President Bola Tinubu’s diploma from Chicago State University (CSU).
What this means: The Supreme Court’s ruling did not seem to buoy either the capital or forex markets.
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