BDCs Now Buying Dollars At N980/$1, Selling At N1,020– ABCON President

The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, expressed satisfaction with the rise of the naira against the United States Dollar, citing it as an achievement for the country’s economy.

Speaking on a Channels Television program, Business Incorporated, Gwadebe highlighted that as of Tuesday, BDC operators were buying dollars at N980/$ and selling at N1,020/$.

Gwadebe attributed this positive development to a combination of factors and applauded the efforts of the government and the Central Bank of Nigeria (CBN). He stated, “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 further emphasized the absence of speculation in the market, which has contributed to the current stability.

“Our quote rate we buy at N980 and we sell at N1,020 as of now,” Gwadebe affirmed when questioned about the current exchange rate. He described the previous instability as a “bubble” that has now burst due to concerted policies implemented by the government and the CBN.

Addressing concerns about the sustainability of the naira’s appreciation, Gwadebe expressed confidence in the government and the CBN’s ability to maintain the positive trend. While refraining from providing specific targets, he acknowledged the existence of projected figures and emphasized the importance of political will in sustaining the naira’s value.

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“There is a lot of confidence,” Gwadebe remarked, noting the positive impact of CBN policies on investor confidence and diaspora remittances. He highlighted the oversubscription of Central Bank treasury bills and the correction of diaspora remittance flows as indicators of growing trust in the Nigerian economy.

Gwadebe’s remarks come amidst a period of relative stability in Nigeria’s foreign exchange market, with the naira experiencing appreciable gains against major currencies. Analysts view this development as a positive sign for the economy, signaling improved investor confidence and potentially attracting more foreign investment.

The ABCON President’s optimism regarding the sustainability of the naira’s surge reflects growing optimism within the business community. However, stakeholders remain vigilant, mindful of external factors that could impact the currency’s stability in the future.

As Nigeria navigates its economic landscape, the concerted efforts of regulatory bodies, government agencies, and market players like ABCON will play a crucial role in ensuring sustained growth and stability. With the naira’s recent gains, there is hope for a brighter economic future for the nation.