BDCs now buying dollar at N980 — ABCON president

The Association of Bureau De Change Operators of Nigeria (ABCON) said the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$. This was confirmed by the President of ABCON, Aminu Gwadebe, while featuring on a Channels Television programme, Business Incorporated, where he stated that the naira […]

The Association of Bureau De Change Operators of Nigeria (ABCON) said the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$.

This was confirmed by the President of ABCON, Aminu Gwadebe, while featuring on a Channels Television programme, Business Incorporated, where he stated that the naira has appreciated faster than expected against the United States Dollar.

Gwadebe applauded the government and the Central Bank of Nigeria for its efforts so far, saying it’s the first time in the last 15 years that the exchange rate for the dollar in the parallel market is less than that at the official window.

He acknowledged that there is now calmness in the market as speculation which has been one of the major destabilisation factors is no longer there.

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Gwadebe said: “Our quote rate we buy at N980 and we sell at N1,020 as at now.

‘’There is a lot of confidence, we have seen how the central bank treasury bills have been oversubscribed and we have seen how they have also corrected the flows of diaspora remittances. Now we are having a chunk of diaspora remittances coming in because of the so many policies of the central bank that tried to calibrate how the inflows should be coming in even though there is a lot of gaps that is not coming that is still externalised in the diaspora window.’’