After a meeting between Tinubu and the CBN governor, the dollar falls to N790 at the Parallel Market.

On Tuesday, the dollar fell to between N805 and N790 at the alternative exchange market, which Daily Trust knows for sure.

It started going down steadily from N925 to N930, which was the exchange rate in the morning, until around 4:00 p.m., when the Bureau De Change (BDC) owners heard that the Central Bank of Nigeria (CBN) might step in.

Remember that the CBN said it would make important choices in the next few days to stop the naira from falling, which would cause speculators to lose a lot of money.

Folashodun Shonubi, who is the acting governor of the CBN, gave a hint about this on Monday when he talked to reporters at the State House after meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja.

Checks by our reporters on Allen Avenue and in Bagada in Lagos show that the BDCs are buying at N900 and selling at N910. Earlier in the day, the exchange rate reached N970 per dollar.

At the Wapa foreign exchange market in Kano, the BDCs buy a dollar for N875 and sell it for N905.

More checks at the Zone 4 BDCs market in Abuja showed that the event caught the money traders in the area by surprise.

At the Investors and Exporters window, however, the dollar started at N789/$, went as high as N799/$ and as low as N740/$, and ended at N774/4, which was N10 more than where it ended the day before at N764/$.

In response to this news, a person who works at a money exchange told our reporter that the dollar could fall even more and that many people will lose money because they bought dollars at a higher rate than what they are being exchanged for now.

A customer who talked to Daily Trust said that he asked about the exchange rate in the morning and was told that it was N930 to a dollar.

He said that when he went to exchange it in the evening, he was told that the price had dropped. The first price he was given was N850, but in less than 30 minutes, it dropped to N790, so he had no choice but to exchange it at that price.

Ibrahim Muhammad, one of the BDC owners at Zone 4, told Daily Trust over the phone that the crash has caused a sudden change in events that will cause a lot of people in the parallel exchange market to lose a lot of money.

"They just sent us the BDC's list of people who can bid. No one can know what will come next.

"If this happens after the meeting, it's hard to think what will happen after the CBN comes up with a new plan to help the Naira. So, for now, we are just waiting to see what happens tomorrow. It could go up a little, but it could also go down even more. It's still being traded between N800 and N790 as we speak."


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