ADVERTISEMENT
Saturday, January 28, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
Involve Africa
  • Home
  • All African News
  • Politics
  • Technology
  • Entertainment News
    • Travel
    • Tourism
    • Arts
  • Finance
    • Food & Agriculture
    • Business & Economy
  • Crypto News
  • Energy & Environment
No Result
View All Result
  • Home
  • All African News
  • Politics
  • Technology
  • Entertainment News
    • Travel
    • Tourism
    • Arts
  • Finance
    • Food & Agriculture
    • Business & Economy
  • Crypto News
  • Energy & Environment
No Result
View All Result
Involve Africa
No Result
View All Result
ADVERTISEMENT
Home Politics

Nigerian bureau de change operators reject euros due to currency’s swings

Involve Africa by Involve Africa
July 15, 2022
in Politics
0
Nigerian bureau de change operators reject euros due to currency’s swings
585
SHARES
3.2k
VIEWS
https://web.facebook.com/involveafricanews?_rdc=1&https://twitter.com/involveafricanews


Several bureau de change officials at the popular Wuse Zone 4 area of Abuja, the biggest black market in Abuja, told The Africa Report that the euro was too unstable and they wanted to avoid incurring any losses.

The few who are willing to buy euros were doing so at a value price in order to protect themselves from losses.

Below parity

The euro briefly fell below parity with the US dollar for the first time in 20 years during the week of 11 July. In Nigeria, while the greenback was being sold for about N615 on the parallel market, the euro was pegged at N610 on Thursday 14 July. On Friday, many traders had stopped trading the euro altogether.

“We are not buying or selling euros at this time. It is too unstable,” said a cashier at 313 Bureau de Change, one of the biggest bureau de change firms in Abuja.

Another operator also told The Africa Report that many expatriates and diplomats had been converting their euros to dollars in order to protect themselves from any losses in the past week.

“Many of my customers that earn in euros started converting their money to dollars last week. I don’t see things changing until early September when many Nigerian students schooling in Europe will need to pay school fees. The demand for euro will certainly rise by then. Maybe we will start trading by then if the Europe crisis doesn’t change,” said another operator.

A word from the president

Aminu Gwadabe, the president of the Association of Bureau De Change Operators of Nigeria, told The Africa Report on Friday 15 July that some of his members were still trading euros.

Gwadade, however, added that the currency had become unstable and the demand for it had fallen, hence the decision of many operators to avoid the currency.

The “euro fluctuates very fast. And the demand is very low in Nigeria. So, a lot of people hardly ever want to buy it and lose money. It is a high risk. You may end up losing because it is too volatile. The crisis in Europe is also causing problems. All these things put together are contributing to [currency fluctuation]. However, I still have some members who are trading in euros,” he said.

Crisis management

Economist Muda Yusuf, who is a former director-general of the Lagos Chamber of Commerce and Industry, told The Africa Report that the bureau de change operators are protecting themselves.

“You don’t want to expose yourself to a currency that is volatile and is operating in an unpredictable situation because the risk is high. They can buy now and it will crash. And then they will be forced to sell at a loss. Refusing to buy is simply a risk-management mindset, which is not bad,” he said.

There is widespread concerns about a potential recession in Europe in part due to a looming energy crisis. Russia is threatening to suspend gas flows to Europe in retaliation for EU sanctions since the invasion of Ukraine.



Source_link

You might also like

Gandhi’s image is under scrutiny 75 years after his assassination – but his protest principles are being revived

SF Mayor’s Former Nonprofit Gets Millions While Flouting CA Law

How Wamkele Mene made African free trade a priority at the World Economic Forum

Previous Post

Morocco’s SmartProf receives $50,000 from Plug and Play, UM6P

Next Post

Noah Olayinka Aliu 3D Nigerian Artist – African Digital Art

Involve Africa

Involve Africa

Related Posts

Gandhi’s image is under scrutiny 75 years after his assassination – but his protest principles are being revived
Politics

Gandhi’s image is under scrutiny 75 years after his assassination – but his protest principles are being revived

by Involve Africa
January 27, 2023
SF Mayor’s Former Nonprofit Gets Millions While Flouting CA Law
Politics

SF Mayor’s Former Nonprofit Gets Millions While Flouting CA Law

by Involve Africa
January 27, 2023
How Wamkele Mene made African free trade a priority at the World Economic Forum
Politics

How Wamkele Mene made African free trade a priority at the World Economic Forum

by Involve Africa
January 27, 2023
Ghana: Safeguard World Bank Carbon-Emission-Reduction Assistance
Politics

Ghana: Safeguard World Bank Carbon-Emission-Reduction Assistance

by Involve Africa
January 26, 2023
former Lebanon prime minister charged with homicide
Politics

former Lebanon prime minister charged with homicide

by Involve Africa
January 26, 2023
Next Post
Noah Olayinka Aliu 3D Nigerian Artist – African Digital Art

Noah Olayinka Aliu 3D Nigerian Artist – African Digital Art

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Sole survivor of Russian firing squad escaped execution by playing dead – BBC News

Sole survivor of Russian firing squad escaped execution by playing dead – BBC News

December 5, 2022
Stabilising atomistic Rivers — Politics — The Guardian Nigeria News – Nigeria and World News

Stabilising atomistic Rivers — Politics — The Guardian Nigeria News – Nigeria and World News

December 11, 2022

Categories

  • All African News
  • Arts
  • Business & Economy
  • Crypto News
  • Energy & Environment
  • Entertainment News
  • Finance
  • Food & Agriculture
  • News Videos
  • Politics
  • Technology
  • Tourism
  • Travel

Don't miss it

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank
All African News

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank

January 28, 2023
5 awesome game lodges near Gauteng
Tourism

5 awesome game lodges near Gauteng

January 28, 2023
No Insurance? Here’s How To Get Cheap or Free Eye Exam and Prescription Glasses
Finance

No Insurance? Here’s How To Get Cheap or Free Eye Exam and Prescription Glasses

January 28, 2023
Astar launches new HRMP channels with Equilibrium
Crypto News

Astar launches new HRMP channels with Equilibrium

January 28, 2023
Photos from Everything We Know About Ted Lasso Season 3
Entertainment News

Photos from Everything We Know About Ted Lasso Season 3

January 28, 2023
14 Very Best Places In Provence To Visit – Hand Luggage Only
Travel

14 Very Best Places In Provence To Visit – Hand Luggage Only

January 27, 2023

Social Bar

Welcome to involve Africa The goal of involve Africa is to give you the absolute best news sources for any topic! Our topics are carefully curated and constantly updated as we know the web moves fast so we try to as well.

Categories

  • All African News
  • Arts
  • Business & Economy
  • Crypto News
  • Energy & Environment
  • Entertainment News
  • Finance
  • Food & Agriculture
  • News Videos
  • Politics
  • Technology
  • Tourism
  • Travel

Site Links

  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

Recent News

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank

Dakar 2 Summit: Development partners to commit $30 billion to boost food production in Africa | African Development Bank

January 28, 2023
5 awesome game lodges near Gauteng

5 awesome game lodges near Gauteng

January 28, 2023

INVOLVEAFRICA.COM

No Result
View All Result
  • Home
  • All African News
  • Politics
  • Technology
  • Entertainment News
    • Travel
    • Tourism
    • Arts
  • Finance
    • Food & Agriculture
    • Business & Economy
  • Crypto News
  • Energy & Environment

INVOLVEAFRICA.COM

What Are Cookies
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT