The Association of Bureau De Change Operators of Nigeria (ABCON) declared a remarkable shift in the Nigerian currency’s value against the US Dollar, citing an unexpected acceleration. President Aminu Gwadabe, speaking on Channels Television’s Business Incorporated, highlighted the unprecedented progress.
Gwadabe emphasized the swift rise, noting rates where BDC operators now buy at N980/$1 and sell at N1,020/$1, diverging from the official CBN rate of N1161/$1. The naira’s recent 40% surge, from N1,900/$1 to N1,100/$1, drew attention.
He praised the Central Bank’s strategies, including resolving $7 billion FX backlogs, directing FX sales to 1,500 BDC operators at official rates, and curbing speculative activities, notably on platforms like Binance.
Commending the administration, Gwadabe remarked, “It’s the first time in 15 years the parallel market rate is lower than the CBN rate.” He attributed the shift to strategic policies aimed at convergence, signaling a milestone in Nigeria’s economic landscape.
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