The naira saw a significant appreciation against the dollar in the parallel foreign exchange market on Wednesday.
According to Abubakar Alhassan, a Bureau De Change operator at Wuse Zone 4, the naira strengthened to N1700 per dollar, up from N1730 the previous day.
He stated, “On Wednesday, we sold at N1,700 and bought at N1,690, compared to Tuesday’s rate of N1,730 per dollar. The naira has been appreciating over the past two days.”
This marks a N30 gain from Tuesday’s exchange rate.
Meanwhile, FMDQ data remains unchanged at N1672.69 per dollar, consistent since November 29, 2024. This appreciation coincides with the announcement of new FX policies at the end of November 2024.
Notably, the Central Bank of Nigeria recently instructed banks to adopt the Bloomberg BMatch system for FX trading starting December 2, 2024.
Additionally, the apex bank set a new minimum FX trading limit of $100,000, up from $50,000.
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