Pressure on Naira reduces due to successful elections

monjola sotubo

April 14, 2015 7:08 PM

Nigeria held Presidential and National Assembly polls on March 28, 2015 while the Governorship and State House of Assembly elections were held on April 11.

Former President, Goodluck Jonathan and President Muhammadu Buhari

The pressure on the Nigerian Naira is believed to be reducing due to the country’s successful general elections.

According to Bloomberg News, portfolio inflows to Nigeria have increased since the elections ended easing pressure on the nation’s currency.

“There is more confidence that the economy will grow as the outlook of foreign investors is very upbeat,”Emmanuel Ukeje, director of financial markets at the Central Bank of Nigeria (CBN), said.

“It is expected that the pressure on the naira will abate following the peaceful conclusion of elections. Although other contending factors like low oil prices in the international market still affect the availability of foreign exchange, the pressure should now reduce,”Ukeje added.

It is believed that the pressure was largely eased by President Goodluck Jonathan’s concession defeat to opponent and President-elect, Muhammadu Buhari after losing the elections.

monjola sotubo