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Naira tumbles in value as politicians scoop dollar

 

       Photo credit: ripplesnigeria.com




Ahead of the primaries of Nigeria's two leading political parties, the All Progressives Congress (APC) and Peoples Democratic Party (PDP), aspirants are mopping up dollars across the country, leading to further depreciation of the naira.


According to reports  the dollar has hovered between N550 to N570 in the last two months before it jumped to an all-time high of N595 at the black market on Thursday.



The Central Bank of Nigeria (CBN) does not however recognise the black market rate, which is far above the N415/$ official rate.


Investigation revealed that the naira has continued to depreciate at the parallel market against the dollar as many people scoop the scarce foreign currency.


It was gathered that many commercial banks are running out of dollars as they are unable to meet many requests from customers. There are fears in some quarters that the exchange rate might climb to N600/$ as the scarcity persists.


BDC operators said politicians seeking elective offices have been moving around the country to buy the foreign currency, which sources said is much easier to use “to reach out to delegates” and other critical stakeholders instead of carrying big bags.


The PDP has fixed its presidential primary for May 28-29, while that of the ruling APC would hold between May 30 and June 1.


In the last four weeks, aspirants in both the APC and PDP have been moving across the country to woo delegates and meet critical stakeholders of their parties.


The trend was not limited to presidential aspirants, as people vying for the governorship, senatorial, House of Representatives and state house of assembly are doing the same.


A total of 7,800 delegates will participate in the primary of the APC and 3,700 will decide the flag bearer of the PDP.


    

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