Connect with us


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.



WhatsApp Image 2023 08 16 at 11.22.23 AM
Folashodun Shonubi and President Bola Ahmed

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.

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings


Cubana Chief Priest Advises Yahaya Bello Cubana Chief Priest Advises Yahaya Bello
Celebrity Gist16 hours ago

‘No Need To Run’, Cubana Chief Priest Advises Yahaya Bello

Cubana Chief Priest advises Yahaya Bello to cooperate with the EFCC if summoned, sharing his own experience of being arraigned...

Nigeria Correctional Service Nigeria Correctional Service
Entertainment17 hours ago

Nigeria Correctional Service Clarifies Bobrisky’s Relocation From Ikoyi Prison To Kirikiri

The Nigeria Correctional Service clarified that Bobrisky remains at Ikoyi Prison, denying rumors of his relocation to Kirikiri Prison.

engagement farming engagement farming
Tech17 hours ago

Elon Musk Cracks Down On Engagement Farming On X, Threatens Suspension

Elon Musk has warned against engagement farming on the platform, threatening to suspend accounts that practice it.

NAFDAC Raids Sahad Stores NAFDAC Raids Sahad Stores
News17 hours ago

NAFDAC Raids Sahad Stores And H-Medix In Abuja, Confiscates N50m Worth Fake Cosmetics, Drugs

NAFDAC Raids Sahad Stores in Abuja, seizing counterfeit cosmetics and drugs in a series of operations across various locations.

Tunde Onakoya Tunde Onakoya
Entertainment18 hours ago

Guinness World Record: Davido Backs Nigerian Chess Master Tunde Onakoya in New York

Tunde Onakoya is receiving significant support, including from Afrobeat star Davido, as he attempts to break the Guinness World Record...

Yahaya Bello's Police Escort Yahaya Bello's Police Escort
News21 hours ago

BREAKING: IGP Withdraws Yahaya Bello’s Police Escort

IGP orders withdrawal of Yahaya Bello's police escort, citing compliance with utmost importance.

Governor Ododo Governor Ododo
Politics21 hours ago

Governor Ododo’s Move To Shield Yahaya Bello Sets A Dangerous Precedent

Governor Ododo's recent intervention to whisk former Kogi State Governor Yahaya Bello away during an ongoing investigation by the EFCC...

Yahaya Bello On Watchlist Yahaya Bello On Watchlist
Politics21 hours ago

BREAKING: FG Places Yahaya Bello On Watchlist, Immigration Alerts DSS

FG has placed Yahaya Bello on watchlist amidst allegations of N80.2 billion money laundering.

Moniepoint POS Charges Moniepoint POS Charges
Business1 day ago

Moniepoint POS Charges List

Moniepoint POS Charges List: For withdrawals, they charge 0.5% for transactions under N20,000 and a flat N100 for higher amounts.

4U supermarket 4U supermarket
News1 day ago

BREAKING: FCCPC Shuts Down Popular 4U Supermarket In Abuja

FCCPC has launched a campaign at 4U Supermarket in Wuse 2, Abuja, to enforce price display and quantity compliance.