Naira gains 30%, sells for N250/dollar as BDCs back Buhari’s no devaluation stance

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Naira is now trading at N250 to a dollar at the parallel market from N364 at which it sold on Tuesday, The Sun reports. The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, said
the market was reacting to Pres. Buhari’s ‘no devaluation’ stance.

He said: “Like the President indicated recently, since the only significant thing we export is crude oil, devaluation will do more harm to the economy than good. So we also say no to further devaluation of the Naira!”

He also affirmed ABCON’s backing to ensure its members comply with the CBN’s regulation as well as operate within the approved margin of 3.5% with the hope that the demand and supply situation would improve to restore calm and stability in the market….. ds is bad…..

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