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, “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.”

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.

The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.

Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.

The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.

Source :
https://punchng.com/naira-crashes-in-value-dollar-sells-for-n420/

Saudi and Russia should reach a compromise Biko..

Coronavirus effects still there

Which way Nigeria Abi na Corona virus caused this one again I need US Visa please

Buhari has absolutely nothing nothing nothing to offer

GamalNasser:
Buhari has absolutely nothing nothing nothing to offer

Na Buhari crash oil price? You guys are the real zombie

helinues:


Na Buhari crash oil price? You guys are the real zombie

Was it not his useless employee that came out to say Nigerians should be ready for hardship, you people don't know such reckless statements harm the markets ? Tell me one thing your Buhari has achieved

helinues:


Na Buhari crash oil price? You guys are the real zombie

No.

Na GEJ and Patience Jonathan crash am.

Lol.

By the time this man is through with Nigeria eh!

Some people will chop sand.

GamalNasser:


Was it not his useless employee that came out to say Nigerians should be ready for hardship, you people don't know such reckless statements harm the markets ? Tell me one thing your Buhari has achieved

Una hatred for Buhari Don cause so many damages to you people oblaganta. I created this thread less than a week ago

https://www.nairaland.com/5723254/coronavirus-nigerians-start-saving-now

Born2Breed:
Lol.

By the time this man is true with Nigeria eh!

Some people will chop sand.

So so scary

Very soon with the way this government is going, naira & Zimbabwe dollar will be mates.

helinues:


Una hatred for Buhari Don cause so many damages to you people oblaganta. I created this thread less than a week ago

https://www.nairaland.com/5723254/coronavirus-nigerians-start-saving-now

A country where Buhari has made over 60 percent to live under a dollar a day in excruciating poverty , what do you want them to save ? Save in which currency please ?

GamalNasser:


A country where Buhari has made over 60 percent to live under a dollar a day in excruciating poverty , what do you want them to save ? Save in which currency please ?

I created the thread for record purpose.. Cos I knew you guys would eventually blame Buhari for the fall in oil price or possibly if we slide into recession.

Vindicated already

How will you allocate your name 'zombie' to people that expose your delinquent master
On this Forum you are known as the ALPHA ZOMBIE. ...

You are totally unintelligent and your views are really disgusting. Please takeout time to go for a mental evaluation...even the BBQ man though extremely Foolish is still 20000% better than you.

helinues:


Na Buhari crash oil price? You guys are the real zombie

Yaribanzaonic:
How will you allocate your name 'zombie' to people that expose your delinquent master
On this Forum you are known as the ALPHA ZOMBIE. ...You are totally unintelligent and your views are really disgusting. Please takeout time to go for a mental evaluation...even the BBQ man though, Foolish is still 20000% better than you.

Chai.. Not again

“Nigeria” be careful na express you dey go, “Nigeria” be careful na express you dey go!!!!!

Motor don jam am, e don happen

If you believed 1 Naira to 1 Dollar click share... if you didn't click like.

We have been hearing audio economy diversification, now crude oil is down Naira has fallen.

This is not surprising as I've been saying it for weeks
Hard times is coming to all Nations
But a man will be chosen to lead the world out of his mess
But this man will kill many people
KING EMMANUEL
It's time

What do you expect when A to Z of Nigeria main income source is based on oil

Be you a Buharist oh or anti-Buhari oh, this next level no funny again oh; e no dey look face oh. E just dey level everybody like like mad.





But, we go get sense las-las

Poverty increasing government smiling

Corona Virus bad news following each other back to back on Front page.

Investors losing Corona Viruse gaining.
Sad

We are our own problem in this country

Great news for the cryptocurrency market. If you know, you know.

Please,someone should tell buhari to travel to Italy

The chips are down. Recession is inevitable at this point and they is absolutely nothing on ground to show that the government of the day is willing to reduce the effect of recession on its citizens.

.

WHAT. I have some dollars that must be exchanged for naira today. Opportunity comes only once

Okay, this is good

Nigeria economy under vice president Buhari and president Kyari