BDCs Now Buying Dollar At ₦‎980 — 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 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.

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.’’