The naira exchanged between 405 and 420 naira to a dollar in the Bureau De Change segment of the market late yesterday and early this morning.
The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, explained that the crude oil price which fell drastically in the international market to as low as 35 dollars 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 added that with the fall in oil crude oil prices on Monday, which witnessed a lot of foreign investor’s portfolio dropping their assets, most especially to convert to cash.
The President, while noting that the dollar sold for as high as 400 naira, said sanity was gradually returning to the sector as it sold for 375 naira by the close of the day.
According to Gwadabe, the Central Bank of Nigeria, CBN had maintained stability at 360 naira in more than three years. He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions. PENSION: KADUNA BEGINS N30,000