The US dollar has risen to 760 Naira ahead of the next administration’s inauguration, as politicians, including those running for the national assembly’s presiding officers, scamper for foreign currency.
On May 29, 2023, the next administration will be established. Following a proclamation letter by bola ahmed tinubu, the 10th assembly is set to be inaugurated on June 13.
According to daily trust, President Muhammad Buhari’s second term will come to an end in the next ten days.
According to a cross-section of Bureau de Change (bdc) operators, the dollar, which had been around N735 in the last four weeks, increased to N760 in Abuja on Thursday. According to one of the BDC operators, the dollar gained N12, the highest level in recent times.
“On Wednesday, it was selling for N748 as of 8 pm. But today (Thursday) it is selling for N761 as of 6 pm. This is because of the mad rush for the currency by politicians,” he said.
According to him, the contenders for presiding officers of the National Assembly are reaching out to their colleagues with dollars.