"Naira Soars: BDC Operators Hail Historic Appreciation Against Dollar"

In a surprising turn of events, the Nigerian Naira has experienced a rapid appreciation against the United States Dollar, exceeding initial forecasts, according to the Association of Bureau De Change Operators of Nigeria (ABCON).

During a virtual appearance on Channels Television's Business Incorporated program, Aminu Gwadabe, President of ABCON, revealed that as of Tuesday afternoon, BDC operators were purchasing the dollar at an exchange rate of N980/$1 and selling it at N1,020/$1. This starkly contrasts with the official rate set by the Central Bank of Nigeria (CBN) at N1161/$1.

The significant surge in the value of the Naira has been evident in recent weeks, witnessing a staggering 40% appreciation from approximately N1,900/$1 in early January to the current rate of about N1,100/$1.

The Central Bank of Nigeria implemented a series of measures aimed at fortifying the Naira against the Dollar, including the resolution of approximately $7 billion in valid foreign exchange backlogs, provision of foreign exchange to over 1,500 BDC operators at the official rate, and crackdowns on cryptocurrency platforms such as Binance, which were implicated in speculative activities.

Expressing commendation for the current administration's efforts, Gwadabe highlighted that this marks the first instance in the past 15 years where the dollar is trading lower in the parallel market compared to the official rate. He attributed the success to a combination of factors and lauded the management of the Central Bank for their role in achieving this milestone.

Furthermore, Gwadabe emphasized the newfound stability in the market, attributing it to the absence of speculations that previously exerted pressure on the Naira. He characterized the previous instability as a mere bubble, which has now burst due to the implementation of stringent policies aimed at market unification and convergence of exchange rates.

In conclusion, Gwadabe extended congratulations to the Presidency for their role in facilitating this achievement, signaling a positive outlook for the Nigerian economy amidst the prevailing economic challenges.

This development not only reflects a significant milestone in Nigeria's economic landscape but also serves as a testament to the effectiveness of concerted efforts aimed at stabilizing the currency and fostering economic growth.

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