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Home Opinions Blurb

What My Aboki, Buzu, Said I Should Do If I have Dollars

Nairametrics by Nairametrics
June 22, 2016
in Blurb, Currencies
Get Ready: $1= N285 Official Rate Could Be Coming Soon
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We have been inundated with messages from our readers asking about what they should do with the forex they currently have considering the new exchange rate policy. Understandably, those with dollar stash are in panic mode as they see its value plummeting by the day. While those who don’t have dollars see this as an opportunity to pounce. It’s already looking like a zero sum game.

We decided to talk to some of our expert contributors as well as our favorite Aboki “Buzu” to get an idea of what to do. This particular article will however focus on what our man on the street, Buzu is advising.

The exchange went somewhat like this?

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Nairametrics – Hello, Buzu how you dey? How much is dollar today?

Buzu – Fine sir, dollar is coming down oh. It is N330 this morning

Nairametrics – Why is dollars coming down?

Buzu – It is because of the CBN. They have changed everything and are now selling dollars

Nairametrics – Will the dollar go up again to N400?

Buzu – Ah!! no, I don’t think so. Everything is coming down.

Nairametrics – So if I have plenty dollars now, should I sell or keep it?

Buzu – Please sell it oh! The price is coming down. Dollar is “yapa”  (a Yoruba term for Dollar is in abundance.)

Nairametrics – You mean everyone who have kept their dollars are now selling it?

Buzu – Yes! The market is full of dollars. You can buy and sell very easily. No more scarcity. We are not back to the days of Soludo when dollars was “good”.

Nairametrics – Do you think the price of the dollars will drop below N300 very soon?

Buzu – E go drop (meaning it will drop). Before Ramadan it was selling for N370, now it is N330. Dollars is dropping fast and very soon it will drop below N300.

This exchange was made this morning and reflects the opinion of just one trader. You could get a different opinion from other traders so we suggest you call your local Mallam as well. One thing we have learnt at Nairametrics is that the streets is a beehive of wisdom. Ignore it at your own peril.

Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 2

  1. ERIC AMAEFULE says:
    June 22, 2016 at 3:04 pm

    THAT”S STREET SENSE.

    Reply
  2. J says:
    June 23, 2016 at 6:57 am

    The mallam on the street is wiser than you think. Classic tactic that even goldmansachs , Morgan Stanley and every Wall Street trader uses.
    Tell you to sell, while they are buying your positions

    Or advise you to buy, whilst selling.

    Reply

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Mastercard launches Afrobeat Sonic Anthem to deepen youth engagement in Nigeria 

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