Dollar to naira: Why you no need to rush buy dollars

Foreign exchange black market for Nigeria dey currently experience increase for dollar to naira.

Di dollar hike bin start afta oil price crash to 30 dollars per barrel on Monday, 9 March - one of di lowest price wey oil don sell for. Na so kontri pipo begin fear say goment go devalue di naira, wey come make pipo dey rush to buy dollar keep.

Local Bureau De Change (BDC) operators for Lagos, Nigeria wey pipo sabi as 'British Man' tell BBC Pidgin say dollar scarce well-well for di black market.

"I no know wetin dey really happen but dollar scarce. To even see dollar sell give pesin right now dey hard", British Man tok.

As at Thursday, 12 March, one dollar reach up to 402 to di naira.

But as e be so, anoda local Bureau De Change operator 'Abubakar' say im dey currently sell for 375 naira to one dollar.

Di Central bank of Nigeria (CBN) release statement on Thursday night, 12 March say all di tori wey dey fly upandan say dem wan devalue di naira no be true o.

CBN say na 'bad pipo' wey wan cause panic and katakata for di economy dey spread di rumours to cause panic and artificial scarcity.

Tho di oga kpatakpata bank gree say di economy don slow down sake of di coronavirus outbreak and drop in oil price wey don lead to drop in di dollars wey Nigeria dey make, CBN say Nigeria get enough moni inside dia foreign reserve to meet di demand for foreign exchange.

Nigerian Investment Banker, Ife Olowoporoku explain give BBC Pidgin say e dey natural for pipo to dey panic sake of wetin dey happen for di economy but pipo no need to dey rush buy dollars.

"Di truth be say dem fit no devalue di naira anytime soon, we fit still get six to nine months of di same naira value. If you no need dollars for very urgent mata, you no need to panic go buy dollars because dem go short-change you", she tok.

For di next few days, Olowoporoku say she dey expect to see new regulations from CBN wey be say dem go dey try caution di BDC to make sure say dem no spread fake tori.

She also add say if tins no stabilize for market and di oil price continue to drop, na den CBN go fit deep hand inside dia foreign exchange wey currently amount to around 38 billion dollars or dem go devalue di naira.

But Olowoporoku calm pipo mind say e no dey likely say dis go happen anytime soon as dis oil price drop na trend wey don happen before and e dey happen almost evri five-year cycle.