President of Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe has disclosed that Bureau de Change (BDC) operators now buy dollars at N980/$ at the open market and sell at N1,020/$.
He made this known on a Channels Television programme, Business Incorporated.
“Our quote rate we buy at N980 and we sell at N1,020 as at now,” he said.
Gwadabe who expressed surprise at the naira appreciation, against the US dollar, said it was faster than expected, and hailed the government and the Central Bank of Nigeria (CBN) for its efforts so far.
According to him, it was the first time in the last 15 years that the exchange rate for the dollar in the parallel market would be less than that at the official window, adding that calm had returned to the market and speculation, one of the major destabilisation factors, was no longer there.
“What you are seeing now is to show that what happened before has no any economic fundamental, it’s just a bubble and the bubble has burst,” he added.
