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Nigerian naira remained steady despite shock at global markets as Republican candidate, Donald Trump coasts victory at the just concluded US presidential election.
The US dollar fell by over three percent to the Japanese yen, while the Mexican Peso crashed to fresh record lows against the US dollar and the euro, with fears that a Trump presidency will hurt the Mexican economy hard, the UK Guardian reported..
In Nigeria, the currency remained steady against the United States Dollar at intebank on Wednesday morning on announcement of Donald Trump presidency at N305. 27 kobo.
At the Parallel Market, local currency traded at 470 on Wednesday, same as it posted at the end of trading on Tuesday.
An analyst at Afrinvest, Abimbola Omotola told Nigerian Bulletin that the Donald Presidency will not affect the Nigeria forex market as the Central Bank of Nigeria has heavily pegged the currency at Interbank market.
“As long as the CBN pegged the currency at N305 per dollar, no major shake will happen dollar-naira rate Nigerian market”, he said.
The US dollar fell by over three percent to the Japanese yen, while the Mexican Peso crashed to fresh record lows against the US dollar and the euro, with fears that a Trump presidency will hurt the Mexican economy hard, the UK Guardian reported..
In Nigeria, the currency remained steady against the United States Dollar at intebank on Wednesday morning on announcement of Donald Trump presidency at N305. 27 kobo.
At the Parallel Market, local currency traded at 470 on Wednesday, same as it posted at the end of trading on Tuesday.
An analyst at Afrinvest, Abimbola Omotola told Nigerian Bulletin that the Donald Presidency will not affect the Nigeria forex market as the Central Bank of Nigeria has heavily pegged the currency at Interbank market.
“As long as the CBN pegged the currency at N305 per dollar, no major shake will happen dollar-naira rate Nigerian market”, he said.
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