Aminu Gwadabe, the president of the Association of Bureaux De Change Operators of Nigeria, revealed that BDC operators are now selling US dollars at N1,020/$ while buying at N980/$. Gwadabe shared this information during his appearance on Channels’ Business Incorporated program.
Gwadabe emphasized that this appreciation happened quicker than anticipated, expressing appreciation for the efforts of the central bank and the presidency. He highlighted that the current exchange rate marks the first time in 15 years that the parallel market rate is lower than the official rate, indicating a significant shift in the foreign exchange landscape.
Furthermore, Gwadabe commented on the measures taken by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market. He noted that the unification of the exchange rate has led to convergence and the establishment of a single market. The naira’s recent surge to a seven-month high of 1,000 per US dollar at the black market reflects a remarkable turnaround for the currency, which was previously facing the possibility of hitting 2,000/$ just two months ago.
Source: Punch