The Naira has appreciated by 7% bringing more investment to the Nigerian economy, in the wake of the just concluded presidential election.
The Naira which sold between 228 and 230 to a Dollar at the Bureau de Change level, BDC, has appreciated to about 208-211 to the Dollar.
Economic analysts are of the opinion that the exchange rate at BDC can go below 200 irrespective of the inter-bank rate that still stands at 197, as many individuals who stockpiled dollars during the presidential campaigns are already selling it after the election.
The Acting President, Association of Bureau de Change Operators of Nigeria, Alhaji Aminu Gwadabe, said following the peaceful presidential election he expects the Naira to appreciate further.
He added, “I think the trend will continue for the Naira to appreciate further from 211 to 197 currently at the interbank market rate because a peaceful economic environment is what we are witnessing as aftermath of the presidential poll”.
The Chairman Toiletries and Cosmetics Group of the Manufacturers Association of Nigeria, MAN, Mr. Ikpong Umoh, explained that the political tension and fear of possible war before the presidential election added to the devaluation of the Naira.
Speaking on what would be the vision for manufacturing sector, he explained, “Those of us manufacturers are still facing challenges because the raw materials we use for production are imported, as such, they are tied to Dollars.
“Some of us have loans to pay in Dollars, so we are calling on Government to support manufacturers, especially producers of toiletries and cosmetics products.
“We are also appealing to Government to check the activities of regulatory agencies as they are killing Small and Medium Enterprises, SMEs, with multiple taxes”.
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