ABCON Reports Dollar To Naira Exchange Rate Amid Naira Appreciation

ABCON Reports Dollar To Naira Exchange Rate Amid Naira Appreciation

The Association of Bureau De Change Operators of Nigeria (ABCON) has revealed the latest exchange rate for the United States Dollar to the Nigerian Naira. According to ABCON President Aminu Gwadebe, Bureau De Change (BDC) operators are now purchasing dollars at ₦980 per Dollar on the open market and selling them at ₦1,020 per Dollar…..READ ALSO ABCON Raises Concerns: Hoarding Of Dollars Identified As Catalyst For Naira’s Fall

Gwadebe made this announcement during an appearance on the Channels Television programme, Business Incorporated. He commended both the federal government and the Central Bank of Nigeria (CBN) for their efforts in stabilizing the Naira and acknowledged the currency’s recent appreciation against the US Dollar, which exceeded expectations.

Notably, Gwadebe highlighted a significant development: for the first time in 15 years, the exchange rate for the Dollar in the parallel market is lower than the official window. He attributed this positive trend to increased confidence in the market and the absence of speculation, which has contributed to a sense of stability.

Gwadebe also mentioned the impact of the CBN’s policies on diaspora remittances, noting that the measures have led to a significant increase in remittance inflows. Despite some gaps in the diaspora window, he emphasized the overall positive effect of the central bank’s initiatives on the foreign exchange market.

Overall, ABCON’s report provides insight into the current state of the forex market in Nigeria, indicating a favorable exchange rate for the Naira against the US Dollar and a sense of confidence among market participants

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