NewStats: 3,262,633 , 8,177,738 topics. Date: Tuesday, 03 June 2025 at 06:10 AM p655

The Naira Thursday appreciated to N385 per dollar in the Abuja segment of the parallel market, causing panic and confusion among bureaux de change (BDC) operators.

Vanguard investigation revealed that though the exchange rate of the Naira in the Lagos segment of the parallel market stabilised between N400 per dollar and N405 per dollar yesterday, the rate in Abuja fell to a record low of N385 per dollar due to increased dollar inflows.

Confirming this development to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said that appreciation of the Naira to N385 per dollar in Abuja though a good development is causing panic among BDCs because the CBN presently sells dollars to BDCs at N381 per dollar, and expects them to sell to the public at N399 per dollar.

He said the problem now is that customers are using the Abuja parallel market rate as reference for dollar purchase. “They insist they cannot buy at N400 per dollar when the dollar is going for N385 per dollar in Abuja”, he said.

Explaining why the sharp difference between the Lagos and Abuja parallel market exchange rates, Gwadabe said: “The Abuja market is smaller in of demand than the Lagos market, and it is also dominated by civil servants. Lagos is where most of the demand is”. This situation, it was gathered has prompted some BDCs to suspend buying dollars from of the public while others insist on buying from the public at N380 per dollar.

However, speaking on condition of anonymity, an Abuja-based BDC operator, said Naira’s appreciation in the Abuja market is due to increased dollar inflow. He said besides the dollar sales by the CBN, supply has been coming from people who had hoarded the currency for speculative purposes.

He said: “When they bring such dollars, we refuse to buy from them except they agree to sell at N380 or below because we knew they had kept the dollars all this while for speculation”.

www.vanguardngr.com/2017/03/naira-watch-panic-grips-forex-dealers-naira-rises-n385/

Even when it was 160 they didnt panick so please stop all this nonsense propaganda

Bad market for mallam...in felas voice

Arm chair Economists over to you -- we are listening to your broken record of the policy not being sustainable, and how this is an artificial appreciation of the Naira, as if the driving up of the exchange rate was not artificial ab initio.

Hoarders, speculators and children of hate -- how market and what do you have to say to this good news?

*Edit

Well, I would have normally ignored the ignoramuses who mess on my mention. But just to be clear, what you guys are celeberating now is plain madness.

The injection of forex into the market was the norm until this govt. came in and messed it up with propaganda. Then foreign reserve was a bit higher than what it is now. FDI was high. And crude out put was at max capacity. APC used propaganda and dumb policies to destroy all three and created forex scarcity.

Now they are merely using reverse propaganda to enthrone the same idea they dethroned earlier out of sheer stupidity.

And although they have not returned the forex rates where they met them (talk less of making them cheaper as they hyped) yet some morons are here celeberating nonsense.

Anyway, by the time their flex stops (since they are relying on forces they cannot control) I hope you lots will still have guts to jump upandan. Bunch of jokers, celeberating incompetence.

_______
That's their only stock in trade. How else do you expect them to survive?

They have tried all they could - brutal force, pegging, threat - none worked. Now they are reverting back to their area of expertise - propaganda.

They want to sustain the Naira with propaganda.

Unfortunately, the market force gives no f^&%$

SalamRushdie:
Even when it was 160 they didnt panick so please stop all this nonsense propaganda

I'm not jumping up until prices of commodities starts crashing real fast

Good time for the hoaders to sell their dollars as naira will continue to rise

Edited:
Wow I made it to front page, I have to work harder for FTC

Shout out to all my frenemies who still holding on to their dollars

There is fire on the mountain.

still terrible judging by the standard APC set

paschu:


[s] That's their only stock in trade. How else do you expect them to survive?They have tried all they could - brutal force, pegging, threat - none worked. Now they are reverting back to their area of expertise - propaganda. They want to sustain the Naira with propaganda. ;Unfortunately, the market force gives no f^&%$ [/s]

Enemy of progress, nothing propaganda here .

CallmeGlad:
I'm not jumping up until prices of commodities starts crashing real fast

exactly

K

ok na

All the bridges in lagos should be fenced.

No one is jumping anywhere.

Good morning

Meet female hunter recruited by the Nigerian army to fight bokoharam in sambisa forest and has freed over 100 hostages. But she's paid 10,000 naira monthly


https://www.youtube.com/watch?v=2xpNjBm0OsU

Should I say kudos to speculators for finally coming out to beg people to buy their hoarded dollars or still commend CBN for their efforts?. Finally, hoarders are gradually giving in. CBN finally forced them outta their hell hole
Good morning NairaLanders

All those still hoarding their Dollars, thinking that naira will hit 1000 better go and sell it now.

Cos that panic has ed since Bubu illness

So investors don't foresee him staying beyond this present tenure.

Better go and sell it now, don't be like the dumb nd stubborn MMM peeps dat followed d corpse to the grave

booked

Ghen Ghen

a currency that moves 2 steps forward and then go 4 steps backward, is that one a currency

watching the naira.

wait make it settle

Wow

We shall rise again

God bless His Excellence, President Mohammadu Buhari!

God bless The good people of Nigeria


God bless The Federal Republic of Nigeria




Bad weekend begins for wailers!

SuperS1Panther:
Arm chair Economists over to you -- we are listening to your broken record of the policy not being sustainable, and how this is an artificial appreciation of the Naira, as if the driving up of the exchange rate was not artificial ab initio.

Hoarders, speculators and children of hate -- how market and what do you have to say to this good news?

Good for them.

They better start selling all the hoarded dollars before it gets too late

Thank GOD ooo.. Dorlla go soon get to #100 per $1. Goodbye recesion... WiNkS

SuperS1Panther:
Arm chair Economists over to you -- we are listening to your broken record of the policy not being sustainable, and how this is an artificial appreciation of the Naira, as if the driving up of the exchange rate was not artificial ab initio.

Hoarders, speculators and children of hate -- how market and what do you have to say to this good news?

I kind of still feel cautious.

We do need a more permanent source of dollars...especially if oil crashes again.

I know the Government is using both propaganda and dollar inflow to crash the price BUT

I change Naira to Dollar on a daily basis. On Tuesday, 2 of my colleagues changed dollars at 430 from me at 10am, by 1 pm, it had crashed to 420.

Dollar is crashing and it would benefit us all...why are some imbec1les sad because they hate APC?

Wail louder please



PS - Where are all those "prophets" who felt it was smart to predict it would rise to #600?

Bloggers go dey cry now.