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Dollar Crashes To N790 After Talks Between CBN Governor, Tinubu
The meeting was held to discuss ways in curbing the steady rise of exchange rates as the dollar and naira in the country.
The price of dollar against the naira reportedly crashed from N805 to N790 at the parallel exchange market shortly after talks between the acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi and President Bola Ahmed Tinubu on Monday.
The meeting was held to discuss ways in curbing the steady rise of exchange rates as the dollar and naira in the country.
According to Daily Trust, the rate 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.
But observers and operators in the market at Allen Avenue and Gbagada in Lagos said suggest that the BDCs are buying at N900 and selling at N910, after touching N970 to the dollar earlier in the day.
Also, at the Wapa forex market in Kano, the BDCs are buying at N875 and selling at N905 to the dollar.
At the Federal Capital Territory (FCT), Abuja, Zone 4 BDCs market, money speculators in the area were taken unawares by the development.
But, 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, according to Daily Trust.
In view of the meeting, 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,” the platform quoting a source.
On Tuesday morning, the exchange rate was at N930 to a dollar but crashed to N850 before finally settled at N790.