Man who bought plenty dollar at N1800 to make profit cries as as price falls

A Nigerian man who saved his money in dollars has lamented that he is at a loss because the exchange rate is going down.

The Central Bank of Nigeria (CBN) recently said it would sell a dollar to Bureau de Change Operators at N1,251.

The man says he would make a loss. Photo credit: X/@abazwhyllzz and Getty Images/Bloomberg.Source: UGC

Also, the CBN insisted that BDCs must sell N1,269/$1. This means those who may have saved their money in dollars hoping for an increase might be at a loss.

The Nigerian man, Abazz, lamented his fate in a post he made on X in which he said he had bought 1 dollar at the rate of N1800.

His words:

“I bought a dollar at N1,800 … Only to see it at N1,200 now. Save in dollars, save in dollars… Who will now save me from these tears.”

See his post below:

Reactions to Abazz’s post

@iiampsticks said:

“Dollars dey reduce price of bread dey increase.”

@olamideoficiall commented:

“I almost buy Dollars to keep at the rate of N1,800 per $1 last week. Na so so cry I for dey cry now.”

@vibes449 remarked:

“Be like say last last na every body go laugh last ooo.”

@AdventurousAlec said:

“I sold my dollars yesterday when I saw the fight-back strength. However, I still have quite a handful of dollars, because the CBN’s current policy to strengthen the naira is just for a short period.”