Nigeria: Naira Strengthens in the Market, BDCs Purchase Dollar at N980 – ABCON Reports

The Association of Bureau De Change Operators of Nigeria (ABCON) has observed a notable appreciation of the Naira, with Bureau De Change operators buying the US dollar at N980 and selling at N1,020 in the open market.

Aminu Gwadebe, President of ABCON, disclosed these details during an appearance on Channels Television’s program, Business Incorporated. He commented on the unexpectedly swift appreciation of the Naira against the US Dollar.

Gwadebe commended the efforts of the government and the Central Bank of Nigeria, noting that it is unprecedented in the last 15 years for the exchange rate in the parallel market to be lower than in the official window.

He highlighted the current stability in the market, attributing it to reduced speculation, which has historically been a major factor in market volatility.

“Our current rates are N980 for buying and N1,020 for selling,” Gwadebe stated. “There is renewed confidence in the market, evident from the oversubscription of central bank treasury bills and effective policies that have enhanced the flow of diaspora remittances.”

Gwadebe further explained that the Central Bank’s policies have significantly influenced the increased inflow of diaspora remittances, although he noted that there are still gaps in the diaspora window that prevent some funds from entering the local market.