The Naira continued its upward trend at the official market on Wednesday, appreciating by 0.78% to trade at N1,510.72 per dollar.
Data from the FMDQ Securities Exchange revealed that the local currency gained N11.96 compared to Tuesday’s closing rate of N1,522.68/$.
At the Investors and Exporters (I&E) Forex window, trading peaked at N1,514.00 and dipped to a low of N1,504.00.
Since December 2024, the Naira has shown relative stability following the Central Bank of Nigeria’s (CBN) sweeping forex reforms.
On Tuesday, the CBN introduced additional measures, including waivers on the 2025 annual license renewal fees for existing Bureau De Change (BDC) operators. The apex bank also launched the Nigeria Foreign Exchange (FX) Code to enhance transparency and ethical conduct in the banking sector.
Dr. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), commended the CBN’s decision, urging operators to support the ongoing reforms for a more stable forex market.
“The FX Code will tackle opaqueness in transactions, rate wars, and delays in submitting returns on spot transactions,” Gwadabe noted.
The CBN’s continued interventions and policy adjustments have contributed to the Naira’s steady recovery against the dollar, boosting confidence in the foreign exchange market.
