Naira faces downside risks, slumps to N760/$ at black market — Business — The Guardian Nigeria News – Nigeria and World News


• Demand for dollar surges ahead of inauguration as big-ticket demands return
•Dollar scarcity, regime change correlation gains attention

Four days before the inauguration of a new administration, naira seems to have lost its long-standing N750/$ resistance as it dipped to N760/$ yesterday.

The market may have started pricing in uncertainty risk that comes with a change of national economic managers. Some dealers told The Guardian yesterday that there has been a surge in the demand for foreign exchange (FX) since the beginning of the week, though they could not justify the sudden spike.

But further market intelligence suggests a comeback of high-ticket transactions to the black market. Sources linked the surge to next week’s inaugurations across the country.

The Guardian, however, could not independently confirm that the large volume of transactions is coming from the political circle. Previously, past governors and lawmakers had allegedly fled the country with ill-gotten…

Source: Guardian Newspaper