Rufai Oseni Claims Naira is Gaining as CBN Sells Dollar at ₦1590 to BDCs

Rufai Oseni, a Nigerian journalist and broadcaster, recently posted something on X (formally Twitter) that would alert people to the current economic reality. He said that the Naira is appreciating because the CBN recently sold the dollar at ₦1590 to Bureaux de Change (BDCs). Most of the correspondence around this statement has involved people analyzing the impact of this statement on the foreign exchange market and the economy of Nigeria in general.

Specifically, the Naira has constantly been devaluing over the years due to the high demand of the dollar and a limited supply. The statement made by Oseni indicates that CBN’s plan to charge a few dollars cheaper in the BDCs is aimed at steadying the Naira. Many users have noted criticism of this measure, which it relieves the Naira from the pressure for a short period, without solving fundamental issues like inflation and the global shortage of dollars.

Analysts opposed to the CBN’s interventions suggest that Nigeria’s economic structure requires frequent changes and lacking the required diversification requires qualitative solutions. Some people, though, consider this as a move towards the stabilization of currencies despite this being a short-term stabilization. 

This debate shows how multifaceted Nigeria’s economic issues are and additionally how precarious it is to even try to look for definitive answers within it.