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Dollar Sells For ₦420 As Naira Crashes In Value

On Thursday, the exchanged between ₦405 and ₦420 to a in the Bureau De Change segment of the market. The President, Association of Bureau De Change Operators of , Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general. He said this caused speculations in the market which were not necessary. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash. The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of () had continued to maintain support for liquidity to the BDC sub-sector.” While noting that the sold for as high as ₦400, he said sanity was gradually returning to the sector as it sold for ₦375 by the close of the day.

According to him, the had maintained stability at ₦360 in more than three years. He said in its meeting with the on Thursday, the regulator warned the BDCs against contraventions. The ABCON president disclosed that the wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over ₦5M for various offences.

Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about ₦360, but all of a sudden, because of the fall in crude oil price, people were panicky”.

The also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the was on the verge of devaluing the , and triggering panic in the FX Market.

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