Saturday, October 16

Tag: Aminu Gwadabe

Naira crashes drastically in value as a Dollar sells for N420
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Naira crashes drastically in value as a Dollar sells for N420

The Nigerian currency has crashed in value to dollar as at Thursday. The Naira is now exchanged bey N405 and N420 to a dollar. Furthermore, The Association of Bureaux De Change Operators of Nigeria president, Aminu Gwadabe, said this is because of the oil price. Reports says the crude oil price fell drastically in the international market. The price of the oil in the market low as $35. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash. “The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support...
Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy
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Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy

The naira has been firming up in the last few days as politicians pumped stockpiled dollars into the economy for campaigns, The Nation has learnt. The naira, which exchanging at N361 to dollar early last week, firmed at N357 in the parallel market at the weekend, as politicians flooded the market with the greenback. Major political parties have been conducting their governorship primaries. Speaking on the development, President, Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said “several customers were seen at the weekend, flooding the market with dollars possibly for primary elections and screening across party lines”. He said the Bureau de Change (BDC) operators were taking advantage of the development to earn commissions from naira exch...
Illegal Dollar Evacuation To Dubai Threatens Naira Stability – Gwadabe
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Illegal Dollar Evacuation To Dubai Threatens Naira Stability – Gwadabe

Alhaji Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON), says consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to stability of the naira. Gwadabe made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos on Monday. He said that currency speculators would stop at nothing to make nonsense of the gains the naira had made against the dollar at the foreign exchange market in Nigeria. According to him, huge sums of dollars go through the nation’s boarders illegally, creating artificial dollar scarcity in Nigeria. The ABCON chief said that: “Hawala activities, where the naira is traded abroad and create frivolous demand for the dollar is still a threat to naira stability.” The financi...
Dollar Crashes To N368/$1
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Dollar Crashes To N368/$1

The dollar yesterday crashed to N368/$ in the parallel market, after over three weeks at N382/$, representing N14 appreciation within the period. The exchange rate, which was confirmed by Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), followed nearly $5 billion sustained intervention by the Central Bank of Nigeria (CBN) in the interbank market since February. He said the effectiveness of the CBN’s dollar injections in the interbank and the stability in the market require that the regulator reviews the rate band for bureaux de change (BDCs) downwards from N360/$ to $340/$. Gwadabe said the naira has remained stable across the board in the near term on increased dollar supply to both the official interbank window and the black market. ...
Naira Strengthens, Gains N2 Against Dollar
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Naira Strengthens, Gains N2 Against Dollar

The Naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the dollar at the interbank. Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate. Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks. Gw...
External Reserves Hit 2017 High At $30.56bn
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External Reserves Hit 2017 High At $30.56bn

External reserves climbed to $30.56 billion as of April 18, the highest level in 2017, as the Central Bank of Nigeria (CBN) tries to rebuild currency buffers hammered by dwindling global oil prices. The rise coincides with a recent rise in the price of crude, which account for the bulk of foreign currency earnings. The nation’s reserves up by 18.3 per cent or $4.7 billion for this year but are still far off their peak of $64 billion as at August 2008. This is coming on the heels of increased gap between the interbank market and parallel market end of the foreign exchange market. The CBN has not provided any reason for the recent rise, which may be attributed to the recent rise in global oil prices and inflow from International Money Transfer Operations (IMTO) The Organizatio...
CBN Approves $10k Per Week FX Sale To Bdc’s
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CBN Approves $10k Per Week FX Sale To Bdc’s

Nairametrics| The Central Bank of Nigeria (CBN) has slightly modified its forex operations with Bureau de Change (BDCs) operators in the country. According to Reuters, the CBN claims that the modifications are geared towards ensuring forex availability in the market. The first of these modifications involve the sale of dollars to the BDCs twice a week instead of the weekly affair that was hitherto in place. Secondly, the CBN will also increase the amount of dollars it offers to each BDC, from the current $8,000 up to $10,000. Thirdly, a new rate will be set for the sale of USD to the BDCs, as well as a cap on how much the BDCs sell to the public. The new rates, the apex bank said, will be released next week. This announcement by the CBN comes about a week after the President of the A...
Bureaux De Change At Risk As Naira Gains More Muscle
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Bureaux De Change At Risk As Naira Gains More Muscle

Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in the parallel market at the weekend. It is tipped to gain more within the week as the CBN sustains dollar interventions in the interbank market. About $1.5 billion has been injected into the interbank market since February when the interventions started. Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who hinted of some BDCs likely closure after losing N130 million within the week, said the losses came...
NAIRA WATCH: Panic Grips Forex Dealers As Naira Rises To N385/$
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NAIRA WATCH: Panic Grips Forex Dealers As Naira Rises To N385/$

The Naira Thursday appreciated to N385 per dollar in the Abuja segment of the parallel market, causing panic and confusion among bureaux de change (BDC) operators. Vanguard investigation revealed that though the exchange rate of the Naira in the Lagos segment of the parallel market stabilised between N400 per dollar and N405 per dollar yesterday, the rate in Abuja fell to a record low of N385 per dollar due to increased dollar inflows. Confirming this development to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said that appreciation of the Naira to N385 per dollar in Abuja though a good development is causing panic among BDCs because the CBN presently sells dollars to BDCs at N381 per dollar, and expects them to sell to the ...
Currency Speculators ‘to Lose N700m
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Currency Speculators ‘to Lose N700m

•CBN lifts supply with $180m, invisibles get $80m Currency speculators and those hoarding the dollar are expected to lose N700 million this week, as the Central Bank of Nigeria (CBN) sustains its dollar interventions in the interbank market. Speaking on the impending loses, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said speculators were losing an average of N20 per dollar, with transaction volumes running into several billions of naira. The CBN continued its intervention in the interbank market, where it yesterday offered $180 million to meet bids for forwards. The offer includes requests for invisibles, such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window. Confirming the...
Naira Appreciates To N455/$ As External Reserves Hit $30bn
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Naira Appreciates To N455/$ As External Reserves Hit $30bn

Hopes of further appreciation of the naira brightened yesterday as the nation’s external reserve rose to $30 billion, the highest in 13 months. Consequently, the external reserve has risen by $4.2 billion since the beginning of the year, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend. Meanwhile, the naira yesterday appreciated to N455 per dollar in the parallel market as the Central Bank of Nigeria (CBN) injected another $195 million into the foreifn exchange market. The apex bank sold $100 million in wholse forwards, $70 million to meet demand for personal and business travel allowance and $25 million to bureaux de change (BDCs). President, Association of Bureaux De Change (ABCON), Alhaji Aminu Gwadabe, confirmed this development to Vanguard, sayi...

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