The Association of Bureau De Change Operators of Nigeria (ABCON) revealed that its members are now buying dollars at N980/$ at the open market while selling it at N1,020/$. President of ABCON, Aminu Gwadebe, made this revelation while featuring on a Channels Television programme, Business Incorporated, where he stated that the naira has appreciated faster than expected against the United States Dollar.
Gwadebe applauded the government and the Central Bank of Nigeria for these efforts, saying it’s the first time in the last 15 years that the exchange rate for the dollar in the parallel market is going less than that at the official market window.
He acknowledged that the market is calm for now as speculators have gone into hiding as speculations which use to be one of the major destabilisation factors is no longer feasible.
According Gwadabe, “Our quote rate we buy at N980 and we sell at N1,020 as at now.
‘’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 externalised in the diaspora window.’’
