ABCON Reveals Latest Dollar To Naira Rate As BDCs Now Buy At Cheaper Rate

The Association of Bureau De Change Operators of Nigeria (ABCON) has disclosed that Bureau De Change (BDC) operators are now buying dollars at a ‘cheaper’ rate of ₦980 per Dollar on the open market and selling them at ₦1,020/$.

Naija News reports that this latest update was given by the President of ABCON, Aminu Gwadebe, while appearing live on the Channels Television programme, Business Incorporated.

Speaking on the recent Naira appreciation, Gwadebe commended the federal government and the Central Bank of Nigeria (CBN) for their efforts.

He stressed that the naira’s appreciation against the United States Dollar has exceeded expectations.

He also highlighted that for the first time in 15 years, the dollar exchange rate in the parallel market is lower than the official window. Furthermore, he acknowledged the absence of speculation in the market, which has contributed to a sense of calm.

Gwadebe said: “Our quote rate we buy at N980 and we sell at ₦1,020 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.’’