BDCs Now Buying Dollar At N980 — ABCON President

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The Association of Bureau De Change Operators of Nigeria (ABCON) has reported that BDC operators are buying dollars at N980/$ in the open market and selling them at N1,020/$.

This information was shared by the President of ABCON, Aminu Gwadebe, during an appearance on a Channels Television program, Business Incorporated.

Gwadebe noted that the naira has appreciated more quickly than anticipated against the United States Dollar.

He commended the government and the Central Bank of Nigeria for their efforts, highlighting that it is the first time in the past 15 years that the exchange rate for the dollar in the parallel market is lower than that at the official window.

Gwadebe also mentioned that there is now a sense of stability in the market, as speculation, which was a major destabilizing factor, has significantly decreased.

Gwadebe said:

“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.’’

In other news, Mohammed Idris, the Minister of Information and National Orientation, has expressed hope for Nigeria at a public relations conference in Minna, Niger State, on Tuesday, February 20.

According to Mohammed Idris, Minister of Information and National Orientation, Nigeria will not collapse since it is still the “Giant of Africa,” despite the country’s growing hardships.

The Minister, who was represented by Jibrin Ndace, the Director General of the Voice of Nigeria (VON), stated:

“His Excellency  Ahmed Bola Tinubu, GCFR, President, Federal Republic of Nigeria, is highly committed to lead us to the Nigeria we want with a sincere purpose and focus on the values of the Nigeria Constitution. In the last seven months, this government has ensured it doesn’t lose track in fixing the economy, fighting insecurity, attracting Foreign Direct Investment and consolidating Nigeria’s Foreign policy ethos on the world stage.

Our role in sustaining democracy in the West-Africa region through the ECOWAS platform has won us a prestigious mention at the global political family table.

We will not rest on this milestones, because the Renewed Hope Agenda of President Tinubu, was and still remain resolute that Nigeria will not fall because we are the true giant of Africa.”

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