Naira rises to 760/$ ahead of Tinubu/Shettima inauguration

The US dollar has risen to N760 as politicians scamper for the currency ahead of the inauguration of the incoming administration.

The inauguration of president-elect Bola Ahmed Tinubu and vice-president-elect Kashim Shettima is slated for May 29 while the 10th Assembly is expected to be inaugurated on June 13 after a proclamation letter by the new president, Bola Ahmed Tinubu.

Some Bureau de Change (BDC) operators told Daily Trust that the dollar, which had in the last four weeks hovered around N735, went up to N760 in Abuja 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 6pm. This is because of politicians' mad rush for the currency,” he said.

According to him, the 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 said.

Speaking on the development, a Bureau de Change 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,” he said.

Asked why the hike in price, he said, “Market forces have made the dollar to increase, and there is nothing we can do about it.”