The Naira regained more strength at the Bureau De Change market as it exchanged at N310 to the dollar on Tuesday, February 23.
Findings showed that Abuja bureau de change market operators were buying at N310 to one dollar from walk-in customers as against the about N400 last week.
However the BDCs were still selling at N360 to customers willing to buy, while the Central Bank of Nigeria (CBN) official rate remains N199.50 to the dollar.
The president of the association, Aminu Gwadabe in a news briefing yesterday in Lagos said: “with the intense scarcity of the dollar in the market, the rate is largely determined by sellers and not by Bureau de change (BDCs), we are largely resellers and what we get as margin is a function of the rate we buy”
The free fall of the naira against the dollar hit an all-time high by exchanging for N400/ $ last week but appreciated to N375/ $ by Monday following the president’s defiance on the devaluation of the currency.
Gwadabe said: “the stance of the President Buhari is helping to clear the doubt in the forex market. What we are experiencing is not a realistic rate but a passive rate brought about as a result of rush by people to stock the dollar for long term activities to avoid the effect of further depreciation.
