Why you no need to panic go rush buy dollars

Foreign exchange black market for Nigeria dey currently experience increase for dollar to naira.

Dollar hike bin start after oil price crash to 30 dollars per barrel on Monday, 9 March – one of d lowest price wey oil don sell for. Na so country people begin fear say government go devalue d naira, wey come make people dey rush to buy dollar keep.

Local Bureau De Change (BDC) operators for Lagos, Nigeria wey people sabi as ‘British Man’ talk say dollar scarce well-well for d black market.

“I no know wetin dey really happen but dollar scarce. To even see dollar sell give person right now dey hard”, British Man talk.

As at Thursday, 12 March, one dollar reach up to 402 to d naira.

But as e be so, anoda local Bureau De Change operator ‘Abubakar’ say im dey currently sell for 375 naira to one dollar.

D Central bank of Nigeria (CBN) release statement on Thursday night, 12 March say all di tori wey dey fly up and down say dem wan devalue d naira no be true o.

CBN say na ‘bad people’ wey wan cause panic and katakata for d economy dey spread d rumour to cause panic and artificial scarcity.

Though d oga kpatakpata agree say d economy don slow down sake of d coronavirus outbreak and drop in oil price wey don lead to drop in d dollars wey Nigeria dey make, CBN say Nigeria get enough mony inside dia foreign reserve to meet d demand for foreign exchange.

Nigerian Investment Banker, Ife Olowoporoku talk say e dey natural for people to dey panic sake of wetin dey happen for d economy but people no need to dey rush buy dollars.

“D truth be say dem fit no devalue d naira anytime soon, we fit still get six to nine months of d same naira value. If you no need dollars for very urgent mata, you no need to panic go buy dollars because dem go short-change you”.

For d next few days, Olowoporoku say she dey expect to see new regulations from CBN wey be say dem go dey try caution d BDC to make sure say dem no spread fake tori.

She also add say if things no stabilize for market and d oil price continue to drop, na den CBN go fit deep hand inside dia foreign exchange wey currently amount to around 38 billion dollars or dem go devalue d naira.

But Olowoporoku calm pipo mind say e no dey likely say dis go happen anytime soon as dis oil price drop na trend wey don happen before and e dey happen almost every five-year cycle.

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