Nigerians Be Prepared: The Dollar Will Sell Above N220 After February Elections

The President, Association of Bureau de Change Operators, Mr. Aminu Gwadabe has added more pressure on the already weakened and devalued Naira by predicting that the Nigeria currency will take a very big hit after the February general elections.

The Naira has been under pressure since the fourth quarter of 2014 after the price of crude oil sales began to fall rapidly. And with elections campaigns reaching its highpoint within the next eight days, the naira is even in for more pressure and devaluation.

According to Gwadabe, "We cannot rule out the fact that politicians are fuelling the demand at the street market because most of them prefer to provide their gratification during this election period in dollars".

"And it is ... noteworthy to say that the CBN will devalue the naira again after the February elections. The reason is due to the falling oil prices and the current demand pressure we are witnessing on the dollar," he added.

Gwadabe, in his final summation, made a prediction: "after the elections, the naira will sell above 220 against the dollar at the parallel market."



like us on Facebook: http://facebook.com/nigerianewsbeat
Follow on Twitter: http://twitter.com/nigerianewsbeat