News Formal

Naira appreciated by N660 against dollar since BDCs’ return to FX market

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 59%

Business News News

Business Business Latest News,Business Business Headlines

The President of the Association of Bureaux de Change Operators of Nigeria, ABCON, Aminu Gwadabe, says the Naira appreciated by N660 against the US dollar since the Governor of the Central Bank of Nigeria, Olayemi Cardoso, recalled BDC operators into the Foreign Exchange Market.

Gwadabe disclosed this to DAILY POST in a statement at the weekend. According to him, aside from monetary policy tightening that led to an increase in the exchange rate, more investment in government instruments and clearance of $7 billion forex backlog, the recall of the BDCs was also a significant move by the apex bank to boost dollar liquidity at the retail end of the forex market.

On a more serious note, the positive impacts include also heightening the public's confidence in the local currency as it eliminates currency substitution behaviour, which hitherto adds pressure on our local currency,' he stated. Gwadabe said the success story is unending as the Naira traded at N1,255 per USD on Saturday, even lower than the N1,269.76 BDCs are advised to sell.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CBN’s recall of BDCs into FX market boosts Naira, says GwadabeThe Nation Newspaper CBN's recall of BDCs into FX market boosts Naira, says Gwadabe
Source: TheNationNews - 🏆 6. / 69 Read more »