Nigeria, Jan. 21 -- Despite significant fluctuation in the dollar index after President Trump's inauguration, the naira held steady versus the haven currency in the unofficial market, staying between N1660-7.

As holders and speculators increasingly hedge on the dollar, price activity indicates that naira bulls have little motivation to breach below the N1500/$ resistance line.

One year after President Tinubu took office, the value of the naira fell sharply, indicating an uncommon period of stability for the local currency.

Taiwo Oyedele, the head of the Presidential Committee on Fiscal Policy and Tax Reforms, has claimed that the primary cause of stress in Nigeria's foreign exchange market is, in reality, illicit demand.

The illicit d...