The Naira continued its upward trend on Wednesday, further appreciating in the official market to N1,510.72 per dollar.
According to data from the FMDQ Securities Exchange, the local currency gained N11.96, marking a 0.78% increase compared to Tuesday’s closing rate of N1,522.68 to the dollar.
On the Investors and Exporters forex window, the Naira traded between a high of N1,514.00 and a low of N1,504.00.
Since December 2024, the Naira has remained relatively stable against the US dollar following a series of reforms introduced by the Central Bank of Nigeria (CBN). On Tuesday, the apex bank introduced further measures that contributed to the local currency’s ongoing strength.
Among the latest interventions, the CBN waived the 2025 annual license renewal fee for all existing bureau de change (BDC) operators.
Additionally, the CBN launched the Nigeria Foreign Exchange Code to enhance market ethics and drive transparency in the banking industry. This initiative aims to promote good governance in alignment with global best practices.
Aminu Gwadabe, the president of the Association of Bureau De Change Operators of Nigeria, commended the CBN for its support of BDC operators through the waiver and stressed the importance of supporting the central bank’s reforms to maintain the Naira’s stability.
He also expressed approval of the FX Code, noting that it would address key challenges such as opacity in transactions, rate wars, and delays in submitting returns on spot transactions.
Gwadabe emphasized the need for compliance to ensure sustained success in the Naira’s recovery.