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

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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.

 

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