Politicians convert assets to dollars ahead Tinubu’s inauguration

Some politicians in Nigeria, including the contenders for the presiding officers of the 10th National Assembly, have been allegedly mopping up the naira, leading to its fall against the U.S. dollar.

It was gathered that the dollar rose to N760 on Thursday, May 18, as the politicians scamper for the foreign currency ahead of the inauguration of the next administration on May 29, 2023.

The 10th National Assembly is expected to be inaugurated on June 13 after a proclamation letter by the new President, Bola Tinubu.

A Bureau de Change (BDC) operator in Abuja on Thursday disclosed that some politicians, including the contenders for the presiding officers of the 10th National Assembly, were converting their assets to dollars ahead of the inauguration of Tinubu.

READ ALSO: Naira hits 760/$ ahead Tinubu’s inauguration

He further revealed that the contenders were reaching out to their colleagues with dollars, adding that the dollar, which had in the last four weeks hovered around N735, increased to N760 on Thursday.

“On Wednesday, it was selling for N748 as of 8 p.m. But today (Thursday) it is selling for N761 as of 6 p.m. This is because of the mad rush for the currency by politicians.

“Through their agents, they are mopping up the currency. We were told that the assembly would be inaugurated next month.

“Aside from contenders, some people are converting their assets to dollars ahead of the inauguration. They are afraid of the policies the new administration may introduce,” the BDC operator, who declined to be named, told Daily Trust.

Another BDC operator in Abuja, Ahmed Sabitu, said a dollar is now exchanged for N760.

“Today, if you want to buy, we will sell it to you at N760 to $1, but if you are selling, we will give it to you at N750,” Sabitu disclosed.

Asked the reasons behind the hike in price, he said: “Market forces have made the dollar to increase, and there is nothing we can do about it.”

The Star