Dollar Crashes Against Naira Ahead of Elections

The Naira on Friday gained N1 to close at N358 to the dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the naira traded stronger on the eve of elections than Thursday when it closed at N359 to a dollar.

The Pound Sterling was sold at N470 and the Euro at N408.

At the Bureau De Change (BDC) segment, the naira traded at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N408.

Trading at the investors window saw the naira closing at N361.49 to the dollar as market turnover stood at 292.34 million dollars.

Traders said that the demand for the dollar was low as the market was already in an election mood.