Naira hits 760/$ ahead Tinubu’s inauguration

The United States dollar has risen to N760 ahead of the inauguration of the President-elect, Bola Tinubu, on May 29, 2023.

This was confirmed by some Bureau de Change (BDC) operators in some parts of the country on Thursday, May 18.

Some BDC operators in Abuja disclosed that the dollar, which had in the last four weeks hovered around N735, increased to N760 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 6 p.m. This is because of the mad rush for the currency by politicians,” he told Daily Trust.

He further disclosed that 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 added.

Also speaking on the development, a BDC 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,” Sabitu disclosed.

Asked the reasons behind 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, added that a dollar is exchanged for N750 if one is buying.

He noted that the currency is exchanged for N745 if one is selling.

On his part, a BDC operator in Lagos, Yusuf Baba Ringim, stated that the price depends on how much a customer wants to exchange, saying: “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.”

Asked when the currency exchange rate rose, Ringim said: “Only last week, and we have to work according to the market.”

The Star