Dollar Drops In Nigerian Forex Market As Buhari Emerges President-Elect
News of a Buhari election victory and a smooth transition process has already begun to have its impact on the Nigerian economy suffering from many judo jabs.
As the favored opposition candidate, General Muhammad Buhari coasted to a victory Tuesday, the dollar exchange rate immediately began to drop from an all time high of N230 last week to N210 yesterday. The exchange rate is projected to fall to under N200 before the official handover May 29th.
Wednesday morning General Muhammad Buhari was declared the winner of a highly contested and heated election in Nigeria, Africa’s most populous nation. The nation had suffered various threats to its economy, integrity and stability with threats and fears of riots and possible sectarian and terrorist war from both sides as reaction to an election defeat.
A Buhari victory has been predicted by global economists to reassure the market and increase investment in Nigeria. Buhari, an upright army man is also regarded as a better manager of the failing economy.