21 March 2017, SweetcudeReports, Lagos – The president of the Association of Bureau De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, has disclosed that naira was headed for a N415 to a dollar exchange rate as a result of several interventions by the Central Bank of Nigeria, CBN.
Gwadabe, who disclosed this, Tuesday in Lagos said the advantage of CBN’s new foreign exchange policy is that it has removed frivolous demand for the dollar, which, according to him, has been liable for naira’s weakness.
“My expectation is that if both volumes and applicable exchange rates are reviewed for the BDC sub-sector, the naira would be trading at N415 to a dollar,’’ he said, adding that the CBN’s new policy has been a success as the naira had steadily strengthened at the parallel market, to reach N435 to a dollar rate.
