Ebuka Obi-Uchendu, Netizens and others react to increase in Dollar rate

Ebuka Obi-Uchendu
Ebuka Obi-Uchendu

Nigerian celebrities and citizens as a whole are reacting to the unexpected increase in US dollars.

The rate on the black market currently stands at N710 to the dollar, according to checks on Wednesday.

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According to data from Aboki Forex, as of Friday afternoon, the local currency, which on Monday was trading for N670 versus the dollar, has dropped even more by 6.7 percent in two days.

The apex bank had previously prohibited the sale of foreign exchange to BDC operators due to their unauthorized sales of foreign exchange above the market they were authorized to serve.

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Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.

When CBN Governor Godwin Emefiele banned the sale of forex to BDC, the exchange rate was around N501 to a dollar. However, a year after the ban, the value of the naira plummeted to N670 to a dollar.

In reaction to this Ebuka Obi Uchendu via his Twitter platform screamed.

Jnr Pope wrote: is this a joke?

Olusholabisi wrote: When will this end. It is seriously getting out hand.

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