• Latest
  • Trending
Exchange rate between Naira and Dollar falls N735/1$ has Political campaigns began

Exchange rate between Naira and Dollar falls N735/1$ has Political campaigns began

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

Uzodimma Raises Imo Minimum Wage to ₦104,000

Uzodimma Raises Imo Minimum Wage to ₦104,000

Oyo Deputy Takes Over as Governor Embarks on One-Month Vacation

Oyo Deputy Takes Over as Governor Embarks on One-Month Vacation

Lecturer Punches Female Student  as Fight Erupts [Video]

Lecturer Punches Female Student as Fight Erupts [Video]

AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action

ASUU Issues Ultimatum, Threatens Nationwide Strike

Thursday, August 28, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Business News

Exchange rate between Naira and Dollar falls N735/1$ has Political campaigns began

by Yuusuf Abdullahi
September 29, 2022
in Business News
A A
0
Exchange rate between Naira and Dollar falls N735/1$ has Political campaigns began

The dollar hits N735 in the parallel market (black market) on Wednesday as political campaign activities began in the country.According to Bureau De Change operators in Lagos and Abuja, dollar price had increased from N718 – N720 to N728-N735 in the last one week. One of the operator in Lagos Island known as, Mallam Zakari, said that dollar rate had surged to N735 as at 4:54pm.“Dollar is N735 and I will buy it for N731.

Yesterday, we sold N728.”However, at the Importers and Exporters Window, exchange rate opened at N436.79/$1 and closed at N436.37/$1 on Wednesday.

The spot rate at the window was as high as N442.00/$1 and as low as N417.25/$1. The daily turnover stood at $119.49 million. Analysts attributed the fall in naira value in the parallel market(black market) to increased speculations, falling external reserves, low foreign exchange inflows, Monetary Ploicy Rate hike by the CBN as well as election campaign.“The immediate cause of the dollar price hike is the increase in the Monetary Policy Rate from 13 per cent to 15.5 per cent announced by the Central Bank,” said the Vice President Lagos Chamber of Commerce and Industry, Gabriel Idahosa.“Lending rates by banks and other financial institutions will rise following the MPR hike.

This will lead to further rise in cost of operations by all businesses, aggravating the rising inflation. This has triggered further demand for dollars to avoid more decline in the value of any funds held in naira.”According to Idahosa, the commencement of elections also meant that a lot of funds had started pouring into campaign-related activities.

SeeThese

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

He said that the “Beneficiaries of these spending will be converting naira funds received to dollars as fast as possible.”As at Wednesday, Nigeria’s forex reserves stood at $38.5bn, a drop by $1.8bn from $40.5bn recorded in January 2022.On his part, the President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, had explained that the situation was caused by several factors, including elections, loss of confidence, and demand/ supply.“It is a market where demand and supply determine the price. Do not forget that election years are associated with foreign exchange volatility, coupled with supply squeeze.

External reserves, inflation, cost of inputs, and the Russia-Ukraine war are also key issues,” he said, arguing that there was indeed a loss of confidence.

Share196Tweet123SendShare
Previous Post

Nigeria@62: FG Declares Date For Public Holiday

Next Post

2023: We’ll mobilise 10m votes for Tinubu — Group

Yuusuf Abdullahi

Yuusuf Abdullahi

Next Read

NAFDAC raises concerns as Fake Cowbell Milk Floods Markets
Business News

NAFDAC raises concerns as Fake Cowbell Milk Floods Markets

...

Read more
EFCC detains NAHCON Top Official Over Alleged ₦50bn 2025 Hajj Fraud
Business News

EFCC detains NAHCON Top Official Over Alleged ₦50bn 2025 Hajj Fraud

...

Read more
NCAA orders Phones Off During Flights
Business News

NCAA orders Phones Off During Flights

...

Read more
Nigerian Government Hits Back as US Tighten Visa Rule
Business News

Nigerian Government Hits Back as US Tighten Visa Rule

...

Read more
9mobile Changes Name, Logo
Business News

9mobile Changes Name, Logo

...

Read more
CAC sets Deadline to delist 100,000 Dormant Companies
Business News

CAC sets Deadline to delist 100,000 Dormant Companies

...

Read more
Business News

After $3b repairs, NNPC Considers Selling Nigeria’s 445,000 bpd Refineries

...

Read more
31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST
Business News

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST

...

Read more
Next Post
Tinubunomics and modern Lagos

2023: We’ll mobilise 10m votes for Tinubu — Group

JUST IN: INEC Bars 124 Political Parties From Participating In 2023 Elections

INEC tasks Nigerians on correct voting

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Atiku, Okowa, Ayu, Others Lead Protest Against INEC Over Tinubu’s Victory Of Presidential Election [VIDEO]

Atiku, Okowa, Ayu, Others Lead Protest Against INEC Over Tinubu’s Victory Of Presidential Election [VIDEO]

Biden, Democrats Kick US Supreme Court Over ‘Gun’ Rights Judgement

Biden, Democrats Kick US Supreme Court Over ‘Gun’ Rights Judgement

Total Lock Down Of Varsities Looms As SSANU, NASU ‘Issues Ultimatum’ To FG Ahead Strike

Total Lock Down Of Varsities Looms As SSANU, NASU ‘Issues Ultimatum’ To FG Ahead Strike

Most Popular

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion
Campus News

Kogi Final-Year Student Dies During 6-Month Pregnancy Abortion

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians
Featured

Tinubu Govt Backtracks as Japan Denies ‘Special Visa’ for Nigerians

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]
Breaking News

Delta Police Nab Officers Caught Counting Extorted Cash in Viral Video [Watch]

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Copyright © 2019 iDeemlawful.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In