The US dollar has risen to N760 ahead of the new dispensation that will usher in Tinubu’s-led government as politicians, including contenders for the presiding officers of the National Assembly, scamper for the foreign currency.
Politics Nigeria gathered that the inauguration of the next administration will be held on May 29, 2023. It is expected that the 10th Assembly will be inaugurated on June 13, after a proclamation letter by the new president, Bola Ahmed Tinubu.
The second term of President Muhammadu Buhari will expire in the next 10 days.
A cross-section of Bureau de Change (BDC) operators maintained that the dollar which had in the last four weeks hovered around N735, went up to N760 in Abuja on Thursday, May 18.
According to Daily Trust, 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 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.
“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.
