On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market.
The President, Association of Bureaux De Change Operators of Nigeria, 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,
Quote
“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 Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”
“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 Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”
While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.
According to him, the CBN had maintained stability at N360 in more than three years.
He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.
| Posted: at | |
TRENDING GISTS 
Expect Davido Someday As Governor Of Osun – Formere Senator Ben Murray-Bruce Declares
Panic In Abuja As Pastor Shoots Two Immigration Officers After Being Mistaken Them For Robbers
Retired Teacher, Mallam Kabiru Killed, Wife Abducted As Bandits Invade Zamfara School Quarters
Nigerian Student Suffers Anxiety Attack After Disappointing 2025 UTME Result; Lands In The Hospital (Video)
Army Busts Gunrunning Syndicate in Plateau, Two Arrested With AK-47 (Photos)
Ringside Rumble? Fans Hype Possible Boxing Showdown Between Small Doctor And Portable
16-Year-Old Maths Wizard, Olamide Aderibigbe Scores 336 Overall In UTME; Scores 98 in Maths