From the Dollar to Naira exchange rate obtained by ENigeria Newspaper – APC, PDP Primaries is allegedly responsible for the massive fall of Naira.
Aspirants for the two largest political parties, the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), are vacuuming up dollars around the country ahead of their primaries, causing the naira to depreciate further, ENigeria Newspaper reports.
According to evaluation conducted by ENigerian Newspaper, the dollar has been fluctuating between N550 and N570 for the past two months until hitting an all-time high of N595 on the black market on Thursday.
The black market rate, which is significantly higher than the official rate of N415/$, is not recognized by the Central Bank of Nigeria (CBN), but what is constant is that dollar has inflated heavily against the naira.
The naira has continued to fall against the dollar on the parallel market, according to this newspaper’s findings, as many people scoop up the limited foreign cash.
Many commercial banks are reportedly running out of cash as a result of their inability to meet many customer requests. As the scarcity remains, some are concerned that the currency rate could rise to N600/$. Politicians are on the lookout.
Aspirants’ rush to buy foreign currency has contributed to the pressure on the naira, which has been on the decline for some time.
Politicians seeking political office have been moving throughout the country, according to their agents, to buy foreign currencies especially the dollar, which insiders say is far easier to use “to reach out to delegates” and other crucial stakeholders than hauling large suitcases.
The PDP’s presidential primary will be held on May 28-29, while the ruling APC’s will be held on May 30 and June 1.
A total of 15 candidates have been cleared to run in the PDP primary, while roughly 30 candidates have chosen their APC presidential nomination forms.
According to the Daily Trust, APC and PDP hopefuls have been traveling around the country in the last four weeks to court delegates and meet key stakeholders.
The APC primary will attract 7,800 delegates, while the PDP primary will attract 3,700.
According to the Daily Trust, one of the APC’s prominent hopefuls was claimed to have distributed between $300 and $400 (N178,500 and N238,000) to delegates in two states in the North East geopolitical zone last week.
A former governor told one of our reporters that a female director of a federal institution who is in charge of promoting someone’s gubernatorial ambition has been stockpiling foreign currency as well.
“She is one of the biggest drivers to the USD’s shortage,” he stated. Because she buys in millions, there will be an increase in the dollar rate whenever she orders currency.”
According to our sources, the tendency is not restricted to presidential candidates, as others running for governor, senator, House of Representatives, and state legislatures are following suit.
Aside from delegates, the contenders have been reaching out to other political players such as traditional rulers, religious leaders, civil society organizations, and security personnel.
In May, scarcity worsens – BDCs
One dollar was swapped for N595 on Thursday at Lagos’ Murtala Muhammed International Airport (MMIA) and other parallel markets, particularly in Ikeja.
Most BDC owners say they acquire the dollar between N585 and N590 and sell it at N595.
“Today, the highest you can possibly obtain in any bank is $2000,” says Nasiru, a BDC operator on Allen Avenue in Lagos.
He claimed that the central bank is only lending money to “political allies.”
The naira was worth between N591 and N592/$1 in Abuja. Demand has been increasing since April, according to some BDC owners who communicated with our correspondent.
When Daily Trust visited Kano’s famed Wapa BDC market, it was bustling with people going about their daily lives, but there was no USD in circulation.
A BDC operator, who did not want to be identified, told us that the dollar price has been climbing in recent days.
“We sold the dollar for N585 to N587 in the last one to two weeks.” “But it suddenly rose to N591 this week, so you can see the differences,” he explained.
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