The Nigerian foreign exchange market was on Wednesday neutral to the victory of Donald Trump in the United States presidential election. Trump, 70, emerged the 45th president of the US, after beating Democratic candidate, Hillary Clinton. Although the naira appreciated against the dollar from 465 to 460 on Wednesday, economic and financial experts said the gain had nothing to do with the outcome of the US election.
Similarly, at the official interbank market, the naira closed at 307.76 on Wednesday, down from 305.5 on Tuesday. The experts maintained that developments in the forex market and money market had nothing to do with the outcome of the US election.
“The Nigerian money market is not highly integrated enough to reflect the outcome of the US election. Again, the share of foreign portfolio investors in our short-term debt instruments is too small to reflect this,” the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said. Read more