Bureau de Change operators hails Cardoso as naira gain against the dollar

The recent gains made by the naira against major currencies, especially the dollar have been applauded in some quarters. The naira which was on a free fall against the United States dollar at the start of the year has begun to pick up with many attributing it to different factors.

The Bureau de Change Operators of Nigeria (ABCON) have weighed into the conversation and have expressed their opinions on the sudden surge.

They believe the reason for the recent appreciation is due to the oversubscription of recent Federal Government of Nigeria (FGN) bonds and other securities.

This was disclosed by Aminu Gwadabe, ABCON president in a chat with the News Agency of Nigeria (NAN). While he sang the praises of the CBN, he said the policies have had a positive impact on the naira.

He noted that clearing the forex backlogs by the apex bank has also had a massive effect on the naira which has improved its prospects against major currencies.

Gwadabe said: “We are also seeing how they use the securities to attract foreign investments, which are oversubscribed. That also has a lot of positive impact on the exchange rate.”

“We have also seen how they took the bold decision to reinstate the BDCs window to deepen the market, which has broken the camel’s back,” “As we speak, as of today before the meeting, the exchange rate of the naira to the United States dollar is awesome. It’s reassuring and shows that the CBN has the muscles and arsenal to protect the value of the naira.”

As of today, March 25, 2024, the dollar is buying at ₦1,416.00 and selling ₦1,440.00.

The exchange rate for the dollar to naira in the black market may vary based on market dynamics, demand, and supply.