Naira appreciates to N345/$ as BDCs kick against devaluation.

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The Naira Tuesday  appreciated further to N345 per dollar in the parallel market. Meanwhile  bureaux de change BDC) operators have voiced their support for the  federal government’s position against further devaluation of the naira  kicked against further devaluation of the naira.  Vanguard investigation reveals that the parallel market exchange rate,  which had been on the downward trend since last week, fell further to  N345 per dollar at the close of business yesterday from N375 on Monday. 


 BDC operators said attributed the continued appreciation to increased  supply and sharp decline in demand for foreign exchange.  “People are coming to the market to sell but there is no demand”, said  Taiwo Ebenezer, South West Zonal Chairman, and Association of Bureaux De  Change Operators of Nigeria (ABCON).  Speaking at a press conference Tuesday, ABCON President, Alhaji Aminu  Gwadabe, dissociated BDC from the rapid depreciation of the naira from  N265 to N400 in the parallel market saying such developments is not good  for the business of BDC.  

He said, “Depreciation of the naira affects the working capital of BDCs  and by extension their turnover. BDCs are able to do more business when  the exchange rate is stable and relatively close to  the official  exchange rate.  Hence, BDCs cannot promote what is injurious to their business.  Secondly, BDCs are basically intermediaries. They buy dollars from the  public and sell to the public. Our incomes come from the margin between  the selling rate and buying rate

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