Naira slumps against US Dollar as Trump takes over power

The value Naira, Nigerian’s currency fell further against the United States dollar on the first day in office for President Donald Trump
The value of Nigerian currency depreciated further against the US dollar in the foreign exchange markets on Tuesday.
Data from FMDQ securities showed that at the close of business on Tuesday, January 21, the naira exchange rate to the dollar shrunk to N1,552.78/$1.
This represents a 0.18 per cent or N2.73 drop in value when compared to Monday’s closing price of N1,550.05/1.
The situation was a similar for the naira against the dollar in the unofficial market, also known as the black market.
Bureau de Change (BDC) traders told Legit.ng that the naira lost N5 of its value to exchange at N1,670/$.
Abdullahi, a BDC trader said: “On Tuesday, one dollar was sold at N1,670, which is higher than the N1,665 at which it was sold on Monday.
“There is pressure in the market, and the Trump administration has given the dollar an expected bright future. As you know, the market is largely based on speculation. I foresee the Naira selling close to N1,700 before the end of the month.” He speculated.