The naira recorded a notable appreciation against the dollar in the parallel foreign exchange market on Wednesday.
Abubakar Alhassan, a Bureau De Change operator at Wuse Zone 4, confirmed the strengthening of the naira, reporting: “We sell at N1,700 and buy at N1,690 on Wednesday compared to the N1,730 per dollar exchange rate on Tuesday. In the past two days, the naira has been appreciating.”
This marks a N30 gain from the rate of N1,730 recorded on Tuesday.
In contrast, data from FMDQ remains unchanged at N1672.69 per dollar, a rate consistently quoted since Thursday, November 29, 2024.
This currency movement coincides with recent foreign exchange policy changes announced at the end of November 2024. Notably, the Central Bank of Nigeria has instructed banks to adopt the Bloomberg BMatch system for FX trading, effective December 2, 2024.
Additionally, the Central Bank raised the minimum FX trading limit from $50,000 to $100,000, further shaping the market dynamics during this period.
