The naira has appreciated to N1,255 to a dollar, representing a N660 gain from February’s low of N1,915 to the dollar, at the Bureau De Change, BDC, segment of the foreign exchange,FX, market.
In a statement, Aminu Gwadabe, president of the Association of Bureaux de Change Operators of Nigeria, ABCON, lauded the decision of the Olayemi Cardoso-led Central Bank of Nigeria (CBN) to recall Bureaux De Change (BDCs) into the mainstream FX market as a major factor in ongoing exchange rate stability.
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He said the naira traded at N1,255 to the dollar on Saturday, which is even lower than N1,269.76 the BDCs were advised to sell.
Mr. Gwadabe also said aside from the monetary policy tightening which led to an interest rate hike and more investment in government instruments, and clearance of $7 billion forex backlog forward commitments, the recall of the BDCs has significantly boosted dollar liquidity at the retail end of the forex market.
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