Saturday, October 16

Tag: Association of Bureau De Change Operators of Nigeria

Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert
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Naira To Remain Stable As Central Bank’s Interventions Cripple Speculators – Expert

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said on Thursday that the nation’s currency would remain stable in the months to come as the CBN sustains its interventions. Gwadabe told the News Agency of Nigeria (NAN) in Lagos that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators. The ABCON chief said that recent trading of the Naira against the dollar has shown that the true value of the Naira hovers between N360 and N365 at the parallel market. The financial expert said that since the apex bank began aggressive intervention at the nation’s foreign exchange market, exchange rate spikes have disappeared into oblivion. According to him, since the apex bank righ...
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...
‘this Is Why The Naira Fell Despite CBN Intervention’ – ABCON
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‘this Is Why The Naira Fell Despite CBN Intervention’ – ABCON

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ onslaught and resistance by the banking industry. Gwadabe said on Saturday in Lagos that the refusal of some banks to sell the invisible such as personal and business travel allowances frustrated naira recovery. The ABCON chief said that the CBN had recently accused the banks of frustrating its policies. He said it was ironical that the naira started losing strength in spite of the CBN’s review of the rates from N375 to N360 to a dollar. According to him, the naira started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to fall at the middle of the week. ...
Why Naira Fell Despite CBN’s Intervention – ABCON
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Why Naira Fell Despite CBN’s Intervention – ABCON

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has blamed the recent depreciation of naira on the speculators’ onslaught and resistance by the banking industry. Gwadabe said on Saturday in Lagos that the refusal of some banks to sell the invisibles such as personal and business travel allowances frustrated naira recovery. The ABCON chief said that the CBN had recently accused the banks of frustrating its policies. He said it was ironical that the naira started losing strength in spite of the CBN’s review of the rates from N375 to N360 to a dollar. According to him, the naira started trading on Monday with a promising outlook for sustained strength against the dollar and other currencies, but it began to fall at the middle of the week....
Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar
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Naira Extends Stability At Major Forex Market, Exchanges At N498 To A Dollar

Lagos – The Naira on Tuesday continued to extend its stability against the dollar at all the major segments of the forex market. At the parallel market, the Naira exchanged at N498 to a dollar, while the Pound Sterling and the Euro traded at NN615 and N525, respectively. Trading at the Bureau De Change (BDC) window saw the Naira exchanged at N399 to a dollar, Central Bank of Nigeria (CBN) controlled rate, while the Pound Sterling and the Euro closed at N616 and N527 respectively. The Naira also remained stable at the interbank market as it traded at N305.25 to a dollar. Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the increase in the nation’s external reserves and the global fall in the dollar contributed in the Na...
Naira Stabilises At N497 To Dollar
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Naira Stabilises At N497 To Dollar

The naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery. The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday. At the Bureau De Change window, the naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively. Trading at the interbank market saw the naira weakened further at N305.25 to a dollar, from N305 posted on Friday. Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Na...

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