Dollar crashes to N980 in new exchange rate

The Association of Bureau De Change Operators of Nigeria (ABCON) stated that Bureau De Change (BDC) operators were purchasing dollars at N980/$ in the open market and selling at N1,020/$.

This was confirmed by the President of ABCON, Aminu Gwadebe, during an appearance on a Channels Television program, Business Incorporated. He noted that the naira has appreciated more rapidly than anticipated against the United States Dollar.

Gwadebe commended the government and the Central Bank of Nigeria for their efforts, highlighting that it marks 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.

He acknowledged that there is now stability in the market, as speculation, which had been a significant destabilizing factor, has diminished.

“Our buying rate is N980 and our selling rate is N1,020 as of now,” Gwadebe stated.

“There is a lot of confidence. We have observed how the central bank treasury bills have been oversubscribed, and we have seen how they have also managed the flows of diaspora remittances. Now, we are experiencing a substantial increase in diaspora remittances due to the various policies implemented by the central bank to regulate the inflows, although there are still some gaps in the diaspora window,” he added.