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Business Naira Appreciates to N385/$ at Abuja Black Market, BDC Operators in Panic Mode


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The Nigerian Naira according to the Vanguard, appreciated on Thursday to N385 per dollar at the parallel market in Abuja, sending bureaux de change operators into panic mode.

Although the currency exchanged in a 400-405 at parallel markets in other areas of the country, the Abuja rate was low due to an increased inflow of the greenback.

According to the President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, "the Abuja market is smaller in terms of demand than the Lagos market, and it is also dominated by civil servants. Lagos is where most of the demand is”.

The Abuja case has caused some BDC operators to suspend buying dollars from members of the public while others insist on buying at N380 per dollar.

The currency is set to appreciate further as the CBN recently released another $100m into the forex market.
 

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