Naira gains as politicians pump ‘election dollars’ into economy

The naira has been firming up in the last few days as politicians pumped stockpiled dollars into the economy for campaigns, The Nation has learnt.

The naira, which exchanging at N361 to dollar early last week, firmed at N357 in the parallel market at the weekend, as politicians flooded the market with the greenback. Major political parties have been conducting their governorship primaries.

Speaking on the development, President, Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said “several customers were seen at the weekend, flooding the market with dollars possibly for primary elections and screening across party lines”.

He said the Bureau de Change (BDC) operators were taking advantage of the development to earn commissions from naira exchanges for the dollars, adding that the naira has made considerable gains in the last few days.

The Nation, October 1, 2018

 

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