Naira Falls Again To N221-$1

BEVERLY HILLS, April 28, (THEWILL) – The Nigerian naira has failed to hold on to its strong post election gains recorded immediately President Goodluck Jonathan conceded defeat to opposition candidate General Muhammadu Buhari.

The naira on Tuesday at the parallel market in Abuja and Lagos sold for between N221.5 and N222 to $1 USD.

Dealers who spoke to THEWILL blamed the fall of the currency on heavy demand for dollars by members and associates of the outgoing administration who are mopping up forex.

The naira had firmed against the dollar after the heated presidential election exchanging at below N200 to the dollar. At some point it exchanged at N180 to $1.