BDCs are currently paying N980 for dollars.According to the Association of Bureau De Change Operators of Nigeria (ABCON), BDC operators are buying dollars at the start of trading for N980 per dollar.
According to ABCON Head of State Aminu Gwadebe, the President of ABCON, made this declaration while appearing on the Channels Television program Business Incorporated. He mentioned that compared to the US dollar, the value of the Nigerian naira has increased faster than expected.
Gwadebe praised the Central Bank of Nigeria and the government for their efforts, noting that this is the first time in the last 15 years that the dollar’s parallel market rate is less than the official rate.
In addition, he noted the market’s recent steadiness and attributed it to the lack of speculation, which has historically been a major destabilizing factor.
“At the moment, our buying rate is N980, and our selling rate is N1,020,” said Gwadebe. The oversubscription of central bank treasury bills and the efficient administration of diaspora remittance flows indicate a high level of market confidence.
Because of the central bank’s different measures to control inflows, we’re seeing a huge increase in diaspora remittances, even though there are still some gaps in externalized funds through the diaspora window.”
