Naira Gains Against Dollar as BDCs Buy at N980/$

The Association of Bureau De Change Operators of Nigeria (ABCON) has announced that Bureau De Change (BDC) operators are now buying dollars at N980/$ and selling at N1,020/$.

This represents a notable appreciation of the naira against the US dollar, which has been attributed to the efforts of the government and the Central Bank of Nigeria (CBN).

ABCON President Aminu Gwadebe praised the government and the CBN for their efforts in stabilizing the exchange rate, noting that this is the first time in the last 15 years that the exchange rate for the dollar in the parallel market is lower than that at the official window.

Gwadebe also acknowledged that the market is now calmer, with speculation no longer being a major destabilizing factor.

The CBN’s policies, including the oversubscription of treasury bills and the correction of flows in diaspora remittances, have contributed to the increased confidence in the market.

Gwadebe highlighted the significant impact of these policies on the inflows of diaspora remittances, which have been instrumental in strengthening the naira against the dollar.

Despite the progress made, Gwadebe pointed out that there are still gaps in the diaspora remittances that need to be addressed.

Nevertheless, the recent developments in the foreign exchange market are seen as a positive step towards a more stable and robust Nigerian economy.

As the government and the CBN continue to implement measures to stabilize the exchange rate, the appreciation of the naira against the dollar is expected to have a positive impact on various sectors of the economy.

The reduction in speculation and the increased confidence in the market are also likely to contribute to the overall growth and development of Nigeria’s economy.