By: Bayero Ade
The Naira continued its upward trajectory in the official market on Wednesday, strengthening to N1,510.72 against the US dollar, according to data from the FMDQ Securities Exchange.
According to NAN, this marks a gain of N11.96, or a 0.78% increase, compared to Tuesday’s closing rate of N1,522.68 per dollar.
In trading on the Investors and Exporters (I&E) forex window, the Naira fluctuated between a high of N1,514.00 and a low of N1,504.00.
Since the Central Bank of Nigeria (CBN) implemented a series of reforms in December 2024, the Naira has experienced relative stability against the dollar. On Tuesday, the CBN introduced further measures to support the local currency’s continued recovery, including waivers on the 2025 annual license renewal fee for existing Bureau De Change (BDC) operators.
Additionally, the CBN launched the Nigeria Foreign Exchange Code, aimed at ensuring transparency and ethical conduct within the banking sector. The initiative, part of ongoing reforms, seeks to bring the country’s forex market in line with international best practices.
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), commended the CBN’s efforts, particularly the waiver for BDC operators. He emphasized the importance of supporting and adhering to the CBN’s reforms to ensure the sustained stability of the Naira. Gwadabe also praised the FX Code for addressing issues such as transaction opacity, rate manipulation, and delays in reporting spot transactions.
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