BDCs Now Buying Dollar At N980 — ABCON President

BDCs Now Buying Dollar At N980 — ABCON President

The Association of Bureau De Change Operators of Nigeria (ABCON) reported that BDC operators are buying dollars at N980/$ in the open market and selling them at N1,020/$. This information was shared by ABCON President, Aminu Gwadebe, during an interview on a Channels Television show called Business Incorporated. Gwadebe mentioned that the naira has strengthened more quickly than anticipated against the US Dollar.

Gwadebe commended the government and the Central Bank of Nigeria for their efforts, noting that it is the first time in 15 years that the exchange rate for the dollar in the parallel market is lower than the official rate. He also pointed out that the market is now more stable as speculation, which used to cause instability, has decreased.

Gwadebe explained, “Currently, we are buying at N980 and selling at N1,020. There is a lot of confidence in the market due to the oversubscription of central bank treasury bills and the improvement in diaspora remittances. Despite some gaps in the diaspora window, the central bank’s policies have helped regulate the inflow of funds.”

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