The value of the dollar has sharply declined to around N805 to N790 on the unofficial exchange market as reported by Daily Trust on Tuesday.
This decline follows the Central Bank of Nigeria’s (CBN) announcement of plans to take significant actions to stabilize the naira in the coming days, causing losses for speculators.Acting CBN governor, Folashodun Shonubi, hinted at these measures after meeting with President Bola Ahmed Tinubu. According to reports from Lagos, exchange businesses are buying at N900 and selling at N910, after briefly touching N970 earlier in the day.
In Kano’s Wapa forex market, rates are approximately N875 for buying and N905 for selling. The situation has surprised money speculators in the Zone 4 BDCs market in Abuja.On the other hand, the Investors and Exporters window saw the dollar start at N789/$, reach a high of N799/$, a low of N740/$, and eventually close at N774.
This is N10 higher than the previous day’s close at N764.Some individuals expressed their experiences with the changing rates. One customer was quoted N930 in the morning but found the rate crashed to N790 when he attempted to exchange his money in the evening.
An operator, Ibrahim Muhammad, mentioned that the sudden decline has caused uncertainty and potential substantial losses in the parallel exchange market.The BDCs have received a list of bidding eligibility but the future movement of the rates remains unpredictable.
People are waiting to see how the situation evolves after the CBN’s intervention policy, expecting possible appreciation or further decline. The current exchange rate is fluctuating between N800 and N790.
