Naira appreciation: We buy at N980, sell at N1020/$ — BDC President

The President of the Association of Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, has said naira is bought at N980, sold at N1020 dollar

Gwadabe revealed during a television program  “Business Incorporated” on Channels TV on Tuesday, April 16, 2024, that they purchase dollars at N980/$ and sell them at N1020/$.

Expressing his appreciation, Gwadabe commended the Central Bank’s management for achieving a historical milestone for the first time in over 15 years the open market rate is lower than the civilian rate

Gwadabe highlighted the Central Bank’s implementation of various strategies aimed at strengthening the Naira, citing the Dangote refinery as a significant development that has alleviated pressure from dollar demand by oil companies. He noted the market’s stability, attributing it to the absence of speculative pressures that previously weighed on the Naira’s value.

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Asserting that previous market fluctuations lacked economic fundamentals and were merely bubbles waiting to burst, Gwadabe credited the current success to rigorous policy efforts, including the unification of market rates, which, despite causing initial market imbalances, ultimately achieved the desired convergence.

Additionally, Gwadabe emphasized the need for a paradigm shift towards agriculture and stressed the importance of empowerment. He urged the government to formalize “Japa” initiatives with clear skills, specifications, and standardization processes.