The Nigerian Naira has strengthened against the US dollar in both the official and parallel foreign exchange markets following reforms implemented by the Central Bank of Nigeria (CBN). The parallel market saw the Naira trade at N1,590 per dollar on Wednesday, up from N1,600 the previous day. The official rate also dipped slightly to N1,499.76 per dollar.
The Naira has extended appreciation against the dollar at the parallel foreign exchange market amid the Central Bank of Nigeria's reforms. A Bureau de Change operator at Wuse Zone 4 Abuja, Abubakar Alhasan, told
that the naira was traded at N1590 per dollar on Wednesday from N1,600 exchanged on Tuesday. This showed that the Naira gained N10 against the dollar on Wednesday compared to the N1,600 exchange rate the previous day. Meanwhile, the official rate dropped slightly to N1499.76 per dollar on Wednesday from N1,498.95 traded on Tuesday.
reports that in the past days, the Naira has recorded an impressive run against the dollar in the parallel FX market. Recall that on Tuesday, the Naira strengthened by N10 against the dollar at the black market. Naira appreciation at the FX market is driven by the Central Bank of Nigeria's Foreign Exchange Code unveiled last week to boost FX transparency. Also, the apex bank recently extended FX sales to BDC operators to the end of May 2025.
Finance Naira Dollar Central Bank Of Nigeria Forex Market CBN Reforms
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