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Naira depreciation to persist as political campaigns pressure forex market

THE depreciation of the naira in the last two weeks may persist this week following increased demand for dollars triggered by political campaign activities across the country.

Last week, the naira depreciated to new levels in the parallel market and in the Investors and Exporters, I&E, window.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria, ABCON, and the parallel market exchange rate rose to N362 per dollar last week from N361.5 per dollar the previous week, translating to N50 kobo depreciation.

Thus the naira had depreciated by N1.50 in the parallel market in two weeks.

Speaking to Financial Vanguard, ABCON President, Alhaji Aminu Gwadabe, said the depreciation was due to increased dollar demand triggered by electioneering campaign as well as year-end spending across the country.

Vanguard, November 26, 2018

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