BDCs Crash Dollar Again as ABCON Announces New Buying and Selling Exchange Rate

• The Association of Bureaux De Change Operators of Nigeria (ABCON) has announced a revised naira to Dollar exchange rate
• The new exchange rate set by ABCON reflects current market conditions as CBN continues its effort to stabilise the naira
• The Central Bank of Nigeria recently resumed the sale of dollars to BDC operators to stop naira depreciation in the parallel market

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Aminu Gwadebe, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), said Bureau De Change (BDC) operators are now buying dollars at N980/$ at the open market and selling at N1,020/$.

Read also

"2K naira to $1 prophecy": Ex presidential aide speaks on power of patronising locally made products

He disclosed this while speaking on Channels Television's Business Incorporated programme on Tuesday, April 16, 2024.

According to Gwadebe, the naira has appreciated faster than expected against the United States dollar.

Gwadebe said:

"Our buying rate is currently N980, and we sell at N1,020. We are confident due to the oversubscription of central bank treasury bills and the successful management of diaspora remittances.

"We are also experiencing significant diaspora remittances due to the central bank's policies that regulate inflows, although there are still some gaps in these inflows that remain externalized through the diaspora window."

ABCON praises CBN

Speaking further, he also applauded the government and the Central Bank of Nigeria for its efforts in stabilising the naira.

He added:

"This is the first time in the last 15 years that the exchange rate for the dollar in the parallel market is less than that at the official window.

Read also

“Naira will sink”: Nigerians react after Bloomberg raises alarm over depleted external reserve

"There is now calmness in the market as speculation, which has been one of the major destabilisation factors, is no longer there."

UK firms predict exchange rate in 2024

Earlier, Legit.ng reported that two UK-based financial institutions predicted a new exchange rate for the naira against the dollar

Goldman Sachs and Standard Chartered opined the naira would rebound and close stronger in 2024.

Their predictions were based on the current reforms by the Cardoso-led CBN.

Source: Legit.ng