Dollar Crashes To N368/$1
The dollar yesterday crashed to N368/$ in the parallel market, after
over three weeks at N382/$, representing N14 appreciation within the
period.
Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON) confirmed the exchange rate, followed nearly $5 billion sustained intervention by the Central Bank of Nigeria (CBN) in the interbank market since February.
He explained that effectiveness of the CBN’s dollar pumping in the interbank and the stability in the market involves that the regulator reviews the rate band for bureaux de change (BDCs) downwards from N360/$ to $340/$.
Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON) confirmed the exchange rate, followed nearly $5 billion sustained intervention by the Central Bank of Nigeria (CBN) in the interbank market since February.
He explained that effectiveness of the CBN’s dollar pumping in the interbank and the stability in the market involves that the regulator reviews the rate band for bureaux de change (BDCs) downwards from N360/$ to $340/$.
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