On Wednesday, the naira struggled to maintain its gains against the United States dollar, ultimately falling short.
Data released by the Central Bank of Nigeria (CBN) indicated that in the Nigerian Foreign Exchange Market (NFEM), the naira traded at N1,499.14 per dollar. Read More….
This marks a slight increase from Tuesday’s rate, where it was valued at N1,497.41 per dollar.
In the parallel market, often referred to as the black market, the naira held steady at N1,590 for one dollar.
The CBN has been actively implementing measures to stabilise the naira. Most recently, the apex bank announced on Monday the extension of foreign exchange sales to Bureau de Change (BDC) operators until the end of May 2025.
Furthermore, on Wednesday, the CBN introduced new regulations restricting BDC operators to purchasing foreign exchange from a single authorised dealer each week. Continue Reading…
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