Ahead Of Tinubu’s Swearing-in, Naria Falls Massively Against Dollar
Ahead of the swearing-in of President-elect, Bola Tinubu, on 29th May, the US dollar has risen to N760 as politicians, including contenders for the presiding officers of the National Assembly, scamper for the foreign currency.
The inauguration of the next administration will be held on May 29, 2023. It is expected that the 10th Assembly will be inaugurated on June 13 after a proclamation letter by the new president, Bola Ahmed Tinubu.
A cross-section of Bureau de Change (BDC) operators told this paper that the dollar, which had in the last four weeks hovered around N735, went up to N760 in Abuja on Thursday.
One of the BDC operators said the dollar recorded a N12 gain, the highest in recent times.
“On Wednesday, it was selling for N748 as of 8pm. But today (Thursday) it is selling for N761 as of 6pm. This is because of the mad rush for the currency by politicians,” he said.
According to him, the contenders for presiding officers of the National Assembly are reaching out to their colleagues with dollars.
“Through their agents, they are mopping up the currency. We were told that the assembly would be inaugurated next month. Aside from contenders, some people are converting their assets to dollars ahead of the inauguration. They are afraid of the policies the new administration may introduce,” he said.
Market factors behind dollar hike – BDCs
Speaking on the development, a Bureau de Change operator in Abuja, Ahmed Sabitu, said a dollar is now exchanged for N760.
“Today, if you want to buy, we will sell it to you at N760 to $1, but if you are selling, we will give it to you at N750,” he said.
Asked why the hike in price, he said, “Market forces have made the dollar to increase, and there is nothing we can do about it.”
A BDC operator in Kano, Sharaffadin Bello, said in Kano, a dollar is exchanged for N750 if one is buying. He added that “If you are selling, we will buy at N745 per dollar.”
Another BDC operator in Lagos, Yusuf Baba Ringim, said the price depends on how much a customer wants to exchange.
“If you’re buying $1,000 and above, we will sell it at N755 per dollar, but if it is anything less than that, then you have to pay N760 per dollar,” Ringim explained.
Asked when the currency exchange rate rose, Ringim said, “Only last week, and we have to work according to the market.”