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Business - Your Money Updated: April 18, 2024

BDCs now buying dollar at N980 — ABCON President

By Felicia Abisola Olamiji
April 18, 2024
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The Association of Bureau De Change Operators of Nigeria (ABCON) has disclosed that the Bureau De Change (BDC) operators are now buying dollars at N980/$ at the open market and selling at N1,020/$.

This was made known by the President of ABCON, Aminu Gwadebe, while featuring on a Channels Television programme, Business Incorporated, where he stated that the naira has appreciated faster than expected against the United States Dollar.

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.’’

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Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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