THE Association of Bureau De Change Operators of Nigeria (ABCON) has stated that Bureau De Change (BDC) operators were buying dollars at N980/$ on the open market and selling at N1,020/$.
This was confirmed by the President of ABCON, during an appearance on Channels Television’s Business Incorporated, where he indicated that the naira has strengthened faster than predicted against the US dollar.
Gwadebe commended the government and the Central Bank of Nigeria for their efforts thus far, stating that it is the first time in 15 years that the dollar exchange rate in the parallel market is lower than that at the official window.
He admitted that the market is now calmer, as speculation, which had been a key source of destabilization, has subsided.
‘’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 externalized in the diaspora window.’’
