The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said the recovery of the naira against the dollar and other foreign exchange is happening faster than expected.
Gwadabe said this during a phone-in interview on Channels Television’s ‘Business Incorporated’ programme on Tuesday.
Gwadabe said as of Tuesday afternoon, Bureau De Change (BDC) operators were buying the dollar at N980 and trading it at N1,020 which according to him has surpassed all expectations.
With BDC operators selling the dollar at N1,020, this rate is in stark contrast with the official exchange rate of N1,161 per dollar which the Central Bank of Nigeria (CBN) set.
This signifies an appreciation of over 40% from early January, when the dollar exchanged at around N1,900 to now which is in the region of N1,100.
The CBN came up with different structures to ensure that the naira gained much ground against the dollar and Gwadabe has praised the Federal Government for this.
“It’s a long journey, it did not start today. It’s a culmination of many factors, even though it happened faster than expected,” he said.
“I want to congratulate the management of the Central Bank for this achievement.
“For the first time in the history of Nigeria, over the past 15 years, we have never seen where the open market is lower than the CBN rate.”
Gwadabe said that Nigeria is witnessing now is to show that there was an absence of economic fundamentals when the naira was on a steady decline.
He, however, said the unification of the market rates, which initially created mixed feelings and market disequilibrium has began to achieve the objectives of the government.
Gwadabe praised the presidency for the role they played in strengthening the naira and added that maintaining it will require a strong political will.
