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?
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.