The U.S. dollar crashed to between N805 to N790 at the parallel exchange market on Tuesday, August 16, 2023.
This is coming after the meeting President Tinubu had with the acting governor of the Central Bank of Nigeria, CBN, Folashodun Shonubi, on Monday, August 14,
Daily Trust reports that it started a steady decline from N925 to N930 that it was exchanged in the morning till around 4:00 pm when news about a possible Central Bank of Nigeria (CBN) intervention filtered through to the Bureau De Change (BDC) operators.
Recall that after the meeting with President Tinubu, Shonubi while speaking with State House correspondents, announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.
At the Wapa forex market in Kano, the BDCs are buying at N875 and selling at N905 to the dollar. Further checks at Zone 4 BDCs market in Abuja revealed how the money speculators in the area were taken unawares by the development.
However, at the Investors and Exporters window, the dollar opened at N789/$, got to a high of N799/$ and a low of N740/$ and eventually closed at N774/4, N10 higher than the N764/$ it closed the previous day.
Reacting to the development, one of the money exchange operators said the dollar may crash further adding that many people will lose money because they purchased the dollar at a higher rate than what it is being exchanged for.
