Naira Falls To 760/$, Ahead Of Inauguration
With the May 29, 2023 inauguration of Nigeria’s next administration as the demarcation, contention for the US dollar has caused it to skyrocket to N760.
Politicians vying for the presiding officers of the National Assembly are reportedly scrambling for foreign currency.
The inauguration of the next administration is on May 29, 2023.
PRISTINEGIST reports that the US dollar had been at around N735 for four weeks until it sharply rose to N760 in the capital city, Abuja.
Bureau de Change operators attribute this surge in the exchange rate to a massive buy-up by politicians ahead of the new administration’s policies.
They revealed that contenders for the National Assembly’s presiding officers were reaching out to colleagues, even using illicit means to obtain foreign currency.
Some Nigerian citizens are also converting their assets to dollars to stay ahead of the expected new policies.
Ahmed Sabitu, Bureau de Change operator in Abuja, stated on Thursday that a dollar now exchanged for N760.
And if one is selling, the Bureau de Change operator will give N750 for a dollar.
A BDC operator in Lagos, Yusuf Baba Ringim, stated that the exchange rate depends on the amount one wants to exchanged.
The Bureau de Change will sell a customer $1,000 and above for N755 per dollar but charge N760 per dollar if lower than $1,000, Ringim said, indicating that they were working according to market factors.
Contenders for the Senate presidency and Speaker’s position of the House of Representatives are reportedly dishing out thousands of dollars to lawmakers-elect to gain support during the election of principal officers.
The three contestants vying for the Senate presidency-E senators Godswill Akpabio (Akwa-Ibom), Orji Uzor Kalu (Abia), and Abdulaziz Yari (Zamfara)-have reportedly been indicted and are in the race.
Seven other contestants, including Deputy Speaker Ahmed Idris Wase (Plateau) and Aminu Sani Jaji (Zamfara), are vying for the Speaker of the House of Representatives position.
Lawmakers confirmed to the Daily Trust that some rivals continue to lure their colleagues with money, ignoring the APC’s zoning arrangement.
