Business & Finance

Good News! Naira Not Affected By Donald Trump’s Victory

Naira - dollar

A financial specialist and an investigator on Wednesday said the race triumph of Donald Trump as U.S. president-choose would not influence the Naira.

They told the News Agency of Nigeria (NAN) in phone meets that Nigeria ought to center

more on arrangements that would restore the economy.

Mr Okechukwu Unegbu, previous Managing Director of Citizens Bank, said “the crash of U.S. advertises before the declaration of the U.S. presidential race result was pelted.

“On our Naira, we only need to look inwards, we can solve our problems not foreigners.
“Trump’s win or otherwise cannot help the Naira. Our policies matter a lot. Observing the elections and the markets, you will see that the markets went down because of fear.
“Also, he cannot deport immigrants like he has been saying because there are laws.”
An analyst who would not want to be identified also said that “when the election results started trickling in, the American markets crashed but after he was named president-elect, it stabilised.
“For now, people are afraid, scared of what policies Trump may bring but in the long run,
things will stabilise.
“On what his win portends for our naira, it may look like it is jerking up for now but the American presidency has no direct relation with the stability of the Naira.”
It will be recalled that the Wall Street share markets went flat after Donald Trump’s election victory despite expectations of heavy falls.
The S&P 500, Dow Jones, and Nasdaq stock indexes were little changed after the first hour of trading.
The pre-open future markets forecast dramatic sell-offs when Mr Trump’s lead became clear overnight.
Share traders had expected Hillary Clinton to beat Mr Trump to become the next US president on the back of polling forecasts.
UK and European stock markets have made back early losses, with money flowing into safe haven stocks, gold and currencies including the yen.
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